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Posted in Student Loans
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55joshua55

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Pay off all at once?
I am in a position where i can completely pay back my student loans. My question is would it be better to pay it off all at once or should i let it drag out to show that i can consistently make the payments. Bear in mind i had previously missed payments but i am currently caught up.

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If you are worried most about credit scores, pay off 90% of the principal remaining. This way you keep the loan open and show a great utilization rate on the loan, maximizing the score value of the loan. Just make sure that you can't save a ton of money by paying it all off, saving a large sum may be worth paying it off.

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