I took out my first loan for my last semester in College. (numbers are just made up, but reflect a similar situation.)
|Principle||Interest||What I Paid|
Ok, maybe the interest accrued over time goes toward the principle…understandable.
Or, maybe there’s a penalty for paying all of it early…understandable.
BUT…Before I made my second payment in full, called up Sallie Mae to ask that if I paid ALL of it, I’d be done. The guy said yes, the next thing I should be receiving is a statement that my account will be closed since I paid in FULL.