Private College Student Loan

Student Loans from Sallie Mae and payment?

I got a payment plans from Student loans Sallie Mae with details. Basically, I am owned about $14,000 in principal balance and $8,000 for just interested alone. The payment to be made in 173 payments in amount of $134. My question is what if I pay off $14,000 right now. Would I still be responsible for $8,000 or any interest at all? Thanks

Public Comments

1. no. interest accumualtes over time. the sooner you pay it off the less interest you have to pay. so if you pay 14k all in full now, they cant get you with the interest. so if you have then money i would do it. if not just pay as much as possible every month. so if the payments are 134 a month, paying 500 a month can pay it off in no time. good luck.
2. If you currently owe no interest, then you could pay off $14,000 and not owe the interest. When you receive your first statement, it should include a "pay-off" amount. If you increase your payments, then you'll pay the loan off quicker and pay less interest. Basically, if you can pay the $14,000 off right now, that's your best option. If you can't, try to pay more than the minimum each month. If you could double the payment each month, you would save a lot in interest over the life of the loan. If this is an unsubsidized loan, interest started accumulating the day you borrowed the first amount. If you didn't make interest payments while you were in school, you already owe a great deal of interest. If this is a subsidized loan, the government paid the interest while you were in school, so you wouldn't have accumulated any yet.