<prompt> Human: Due to the death of a close family member, I have enough money to pay off my 30,000 student loan with sallie mae and still have savings. Is this a smart thing to do? Are there any drawbacks to this? After paying off the loan, I will have 20,000 in savings. I am still a senior in college graduating this May with a job lined up that pays about 35,000 per year.  <response>: You should apply that money the same way you would any other income. If you havent already, check out the flow chart and make a plan for your finances. Whats your next goal in that plan? Use the money for that. 