I just took my tax refund, along with a bunch of other money I've been saving up, and paid off an $8,360 student loan with a 7.75% interest rate! This saves me $5015.38 in interest payments. Now, I've got another 10 loans to pay off, but this was a big chunk of what I had remaining and lowers my minimum monthly payment by $83.21! I'm very excited and felt the need to let it out.