Re: What is the best way to pay off my Sallie Mae loan?
08-14-2012 02:03 PM
I have my loans set up for automatic debit, so my checking account is linked to my Sallie Mae account. When I want to pay extra, I just go to pay now; select the loan, amount, and payment date; then it asks if I want to apply the payment to principal or future payments. Choose principal and it will apply the payment to accrued interest first, then the principal amount. I don't know if $25 is the lowest minimum payment, but they may lower your minimum payment when they review the account balance, which happens about every 3 months for me.