https://ficoforums.myfico.com/t5/Student-Loans/Will-I-get-a-discount-for-paying-all-my-debt-at-once-If-this-is/m-p/1865207#M10722 <BLOCKQUOTE><HR />@Anonymous wrote:<BR /><P>1. Is this even possible? That is, to get a discount if I pay all the sum (rather, close to it) at once?&nbsp;</P><P>&nbsp;</P><P>- I own 23,500 dollars. I would like to pay at once, but I don't have all the sum. Rather, I have close to it. All my loans are government loans. Will they flex?&nbsp;</P><P>&nbsp;</P><P>Thank you!&nbsp;</P><HR /></BLOCKQUOTE><P>No. &nbsp;And if they did, you would have a black mark on your report of "settled for less than full amount". &nbsp;You don't want that.</P><P>&nbsp;</P><P>When you pay in full early, your savings comes from the interest you don't have to pay. &nbsp;Say, for example you took ten years to pay it off. &nbsp;At three percent, you would pay a total of 3,700 in interest. &nbsp;So, paying now saves you several thousand dollars. &nbsp;Minus the tax deduction from sl interest, of course.</P><P>&nbsp;</P><P>If you have most of that amount, take a hard look... &nbsp;Pay off any other debt with equal or higher interest, and then start looking at the student loans. &nbsp;Pay in full the highest interest ones first, and make principal payments to the remaining. &nbsp;Even if you can't pay them completely off, getting it down to a manageable amount will reduce your overall interest paid over time.</P><P>&nbsp;</P><P>And don't forget to set aside savings. &nbsp;</P><P>&nbsp;</P><P>&nbsp;</P> Sat, 09 Feb 2013 15:37:53 GMT p- 2013-02-09T15:37:53Z https://ficoforums.myfico.com/t5/Student-Loans/Will-I-get-a-discount-for-paying-all-my-debt-at-once-If-this-is/m-p/1865153#M10721 <P>1. Is this even possible? That is, to get a discount if I pay all the sum (rather, close to it) at once?&nbsp;</P><P>&nbsp;</P><P>- I own 23,500 dollars. I would like to pay at once, but I don't have all the sum. Rather, I have close to it. All my loans are government loans. Will they flex?&nbsp;</P><P>&nbsp;</P><P>Thank you!&nbsp;</P> Sat, 09 Feb 2013 15:16:33 GMT https://ficoforums.myfico.com/t5/Student-Loans/Will-I-get-a-discount-for-paying-all-my-debt-at-once-If-this-is/m-p/1865153#M10721 Anonymous 2013-02-09T15:16:33Z https://ficoforums.myfico.com/t5/Student-Loans/Will-I-get-a-discount-for-paying-all-my-debt-at-once-If-this-is/m-p/1865207#M10722 <BLOCKQUOTE><HR />@Anonymous wrote:<BR /><P>1. Is this even possible? That is, to get a discount if I pay all the sum (rather, close to it) at once?&nbsp;</P><P>&nbsp;</P><P>- I own 23,500 dollars. I would like to pay at once, but I don't have all the sum. Rather, I have close to it. All my loans are government loans. Will they flex?&nbsp;</P><P>&nbsp;</P><P>Thank you!&nbsp;</P><HR /></BLOCKQUOTE><P>No. &nbsp;And if they did, you would have a black mark on your report of "settled for less than full amount". &nbsp;You don't want that.</P><P>&nbsp;</P><P>When you pay in full early, your savings comes from the interest you don't have to pay. &nbsp;Say, for example you took ten years to pay it off. &nbsp;At three percent, you would pay a total of 3,700 in interest. &nbsp;So, paying now saves you several thousand dollars. &nbsp;Minus the tax deduction from sl interest, of course.</P><P>&nbsp;</P><P>If you have most of that amount, take a hard look... &nbsp;Pay off any other debt with equal or higher interest, and then start looking at the student loans. &nbsp;Pay in full the highest interest ones first, and make principal payments to the remaining. &nbsp;Even if you can't pay them completely off, getting it down to a manageable amount will reduce your overall interest paid over time.</P><P>&nbsp;</P><P>And don't forget to set aside savings. &nbsp;</P><P>&nbsp;</P><P>&nbsp;</P> Sat, 09 Feb 2013 15:37:53 GMT https://ficoforums.myfico.com/t5/Student-Loans/Will-I-get-a-discount-for-paying-all-my-debt-at-once-If-this-is/m-p/1865207#M10722 p- 2013-02-09T15:37:53Z