Hello everyone, I’m about a month away from finishing off my loans early and had some logistics questions.
– Will I receive some kind of loans are paid off letter once they’re done? I’m through Nelnet.
– If so, what kind of delay should I expect?
– If not, how can I ensure I don’t get some bs coming my way in ten years asking about debt?
– Any other minutiae due to the early payoff?
– For those with a similar situation, how long did the payoff take to hit your credit report?
– Any other pieces of advice?
Thanks to everyone here for the help, I’m stoked! 80k in three years!
Posted by Schmit-faced
1 Comment
So I paid my loans off a month ago. About three weeks later, I got a message in my Nelnet inbox with the letter saying it was paid in full. This should avoid any BS.
I called Nelnet to get the payoff amount. They said if you pay before 3pm, you avoid the next days interest, so I did that.
It doesn’t seem to have hit my credit report yet. It depends on when they report to the credit bureaus in the month and when you paid it off. Could take 30-60 days based on a search. My guess is because it’s longstanding debt (12 years), I’ll see a small drop since it’s so old but it should bounce back, but it should show up as a positive closed account for up to 10 years after.
Celebrate your big payoff! Congrats on being done!