Is Sallie Mae front-loaded with interest? Or can I pay it all off now? Student Loans |
- Is Sallie Mae front-loaded with interest? Or can I pay it all off now?
- Auto pay vs Early payments
- Interest deduction question
| Is Sallie Mae front-loaded with interest? Or can I pay it all off now? Posted: 01 Jan 2018 10:21 PM PST I have $15k in Sallie Mae on a 15 year plan with 10% interest. I'm not making any dents in it by paying monthly. It's been three years. Can I just pay off all $15k? Or will I still be slammed with 15 years worth of interest? I realize it's advised to make monthly payments to boost credit, but I have several smaller federal loans I am keeping at, and am not in a financial position to be paying 10% interest for 15 years on this loan. [link] [comments]  |
| Posted: 01 Jan 2018 10:55 PM PST Is auto pay (and interest rate reduction) worth it if I have funds to make additional payments now? While the option for auto pay reduces interest rate, my question is if this reduction in interest rate offsets the additional interest I would have by not paying ahead. Should I pay what I can now or take the interest rate reduction and pay later letting interest on the current principal accumulate (at a lower rate)? [link] [comments]  |
| Posted: 01 Jan 2018 10:34 PM PST Does anyone know of any tables of the interest rate phase out above the 65k mark? I'm not sure but I looked at last year's income and it was about 70k I don't know if the deduction increase this year will affect that amount? (12k standard deduction) But I know income above 65k the student loan interest rate deduction begins phase out, anyone know the phase out amount at around 70k? [link] [comments]  |
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