Community Leader
Senior Contributor
Posts: 4,336
Registered: ‎09-06-2008
Re: What is the best way to pay off my Sallie Mae loan?

Welcome to the forums!  :smileyhappy:


It's up to you.  Is it more important to you to have that money in savings, or to have your loan paid off?  Installment accounts are a very small portion of your overall credit score, so it's not going to make a drastic difference either way.  Personally, I would just keep making my small payments.


If you paid a big chunk, you would reduce the principal owed, not your interest rate.  It should not affect your interest rate at all.


I have yet to pay off any of my student loans, so I can't tell you what the most "hassle-free" way to pay one off would be :smileyhappy:

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.