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04-24-2008, 11:08 AM
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#1 |
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Registered User
Join Date: Jan 2007
Posts: 104
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Loan Repayment Strategy....please advise
I have a student loan of about 8k. The loan is through sallie mae and its interest rate is locked at about 3.5%. Each month I pay 200 dollars on this loan this is approx 53 dollars more than the minimum payment. I have not advised the company to apply this 53 'extra' dollars towards principal only. I should start to do this though correct???? If yes......is there a way through sallie mae to have them automaticaly know to put each penny over the minimum towards the principal? I pay with on-line bill pay through my bank. Thanks.
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04-24-2008, 02:06 PM
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#2 |
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No Disclaimer Necessary
Join Date: Feb 2005
Posts: 1,772
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Chris,
I've been told that if you write, "towards principal only" on the check, it will be processed in that manner. You could contact Sallie Mae directly to verify this. Of course, at 3.5% fixed, I personally would only pay the minimum and invest the rest. Good Luck, Dingo
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