Sallie Mae has a policy where if your remaining balance is $50 or less on a student loan, the system will automatically write it off. $50 might not seem like a lot (especially considering that the average student loan was $29,400 in 2013) but for those nearing the end of their payments it’s a relief to get them finished that much sooner.
If possible, you’ll want to try to make sure your last balance is $49.99 or as close as this as possible to get the maximum benefit.
Hat tip to LavernicaDeLuca of http://www.reddit.com/r/personalfinance/
