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Posted in Student Loans
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MChase26

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what if i pay the due balance at once?
hi my name is melissa and i was wondering would it be better if i made smaller payments to take care of my due balance or would it be better to pay it all off at once ?

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Depends what you value more, your score or your income. If you stay the course and continue to pay monthly installments, you'll pay a lot more than if you paiy it in full now. If you pay in full your score will drop. Take your pick.

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It depends. If you are applying for another loan soon, paying off your student loans in full would, stupidly, cause your credit score to drop.

However, every month your loan is not paid in full, you are paying a bank addtional money in interest in addtion to the amount of principal you will have to pay back. It also frees up the money you would otherwise be paying on your loan so that you can do anything else with it.

Paying off a loan does not cause much of a drop in your credit score, and it should recover in a few months.

My preference is to always pay a loan off as quickly as possible and disregard the credit bureaus' scores because banks have an interest in keeping me in debt and paying interest to them.

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Student Loan

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when disability is approved and have paper work sent in to clear debit.

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