repay student loan early

Debruns
Sat, 09 Jan 2010 08:24:53 +0000

My son paid back about 1/2 to 3/4 of his earlier freshman loan. There are limits to what you can get yearly, but they aren’t effected by what you took out or paid back the year before. I pay the interest on his unsubsidized until he graduates and he has put some extra income on his loan principal to bring it down a bit. Over a few years, just a little bit helps. Sallie Mae made it easy with online payments, you can add what you want to whatever loan you want to pay and it shows you what went where.
I have a parent loan that isn’t online and it’s frustrating to hope they apply it correctly and have to keep much more meticulous records. The rate was very attractive though. (NJClass)