Re: Pay off a Specific Sallie Mae Loan?
09-09-2012 01:57 PM
You'll have to call Sallie Mae about applying extra payment amounts to a specific loan account. I've never found a way to do that on their website either. I would probably pay my regular payment online (with auto-debit for the interest benefit and the peace of mind), and then call in every month or two with the extra payment to apply to the loan you're working on.
Your minimum payment is determined based on the payment schedule you're currently using, figured when the loan starts re-payment. So, if you're on the 10 year plan, they figure the minimum payment at what you need to be done in 120 payments. That minimum does not go down as the balance of the loan goes down, but it DOES go down as you pay off the internal loan accounts. So, if you have 9 loans, and pay off 1, and the portion of the minimum payment going to that 1 loan was $20, your new minimum payment goes down $20.
Hope that helps!