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/
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Does this still apply now that Sallie Mae is Navient?
I had it work for last 49.99 of one of mine. But the second attempt of doing this seems to be taking longer than a month and half to trigger. Perhaps this is something like a per-person total of 50 is willing to be dropped? Unless someone else can confirm taking advantage of the perk more than once.
Did the other one end up being credited? I am finally ready to pay off my last two loans.
No idea, sorry.