Regular Contributor
Posts: 200
Registered: ‎11-07-2007
Pay off a Specific Sallie Mae Loan?

Sorry if it's been asked before but I haven't been able to find out.


Basically over the course of my undergrad degree, I took out loans each semester.


When I'm logged into Sallie Mae, it lists them as 1-01 through 1-09.  The interest rates on them vary from 3.4% to 6.8% (6 out of 9 are 6.0% or higher).


When I click to make a payment, it just gives me an option to pay towards Billing Group 1-01 which appears to be all 9 loans clumped into one (it shows the "4-day payoff" as the sum total of all 9 loans as well as the accrued interest).


Obviously it would be much wiser and save more money on interest in the long run if I could specifically pay down the 6.8% loans, then the 6.0% loans, then the 5.6%, 4.5%, 3.4% loans but the website doesn't seem to be set up in such a way that I can do this.


Am I blind and not seeing a way to do so?  Or would I have to call in and speak to someone or maybe write on the memo of my checks that I send to them that I'd like to apply the payment to the principal amount of the loan I want it to?  I can use checks but doing it electronically online would be preferable.




Also, are minimum payments each month determined based on the amount of principal left on the loan?  (ie. can I pay off extra every month for 1-2 years and then completely slow down and pay only the minimum towards the end when I have like $1-2k left on my loans?  This would be done so that accrued interest at this point would be neglible and the installment loan would remain open and continue to age thus not bringing down my AAoA.)  Or is this pointless since I've read that installment loans have very little to no impact on FICO scores?


Thanks for reading my novel and any help is greatly appreciated.

Walmart Discover TU08 FICO 12/07/15: 767 PSECU EX V2 FICO 12/05/15: 735
AMEX EX08 FICO 12/19/15: 778 PenFed EQ NG2 FICO 12/01/15: 717