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Who here is knowledgeable about student loans?

radcen

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Let's say I have 4 student loans... or at least 4 listed separately on my credit reports... and right now their balances are $1K, $2K, $3K, and $4K. Everything is in good standing.

I have a $2K windfall and desire to wipe one of the credit lines down to zero, showing as paid in full and done. IOW, I want to take that $2K and have it applied solely to the $2K balance and none of the others.

Anyone know if this is doable?
 
Let's say I have 4 student loans... or at least 4 listed separately on my credit reports... and right now their balances are $1K, $2K, $3K, and $4K. Everything is in good standing.

I have a $2K windfall and desire to wipe one of the credit lines down to zero, showing as paid in full and done. IOW, I want to take that $2K and have it applied solely to the $2K balance and none of the others.

Anyone know if this is doable?

I don't know about the covenants of your loans. But you must check the ranking, if there is one. Some loans have priority Ana must be payed down before others may be.
 
Let's say I have 4 student loans... or at least 4 listed separately on my credit reports... and right now their balances are $1K, $2K, $3K, and $4K. Everything is in good standing.

I have a $2K windfall and desire to wipe one of the credit lines down to zero, showing as paid in full and done. IOW, I want to take that $2K and have it applied solely to the $2K balance and none of the others.

Anyone know if this is doable?

If the loans or the specific $2k loan is a federal loan, then yes, you can do that.
 
Let's say I have 4 student loans... or at least 4 listed separately on my credit reports... and right now their balances are $1K, $2K, $3K, and $4K. Everything is in good standing.

I have a $2K windfall and desire to wipe one of the credit lines down to zero, showing as paid in full and done. IOW, I want to take that $2K and have it applied solely to the $2K balance and none of the others.

Anyone know if this is doable?

Quite doable, but I'd put it towards whichever has the higher interest rate.
 
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