Money Matters

Sallie Mae student loan vent

Sallie Mae recently bought my student loans.  Fine, whatever, I have no say in the matter.  But their online account management is terrible.  You cannot make a "principal only" payment from its Web site.  You can make an extra payment beyond the minimum, but it will apply part of it to interest no matter what.  I called customer service and spoke to someone for whom English is clearly a second language and was advised (I think) that there was no way to make a principal only payment other than to send a check (people still use checks?) with a letter "on bond paper" requesting that the payment be applied to principal only, or unenroll from auto-debit, which would make me ineligible for the interest rate reduction I receive for being enrolled in auto-debit.

Is it so hard to have a function on the Web site that every other lender I have ever dealt with has?  I just want to make my extra "principal only" payment after my regular payment is drafted, like I have been doing for five years now with the prior loan servicer.

Re: Sallie Mae student loan vent

  • Whaaaat?  I've done extra payments to principal through Sallie Mae.
  • Sallie Mae was my PITA loan servicer.I ended up consolidating my loans with another company. I HATE sallie mae. (I remember paying more on the principal being that way when I was with them.) With my new company, the extra automatically goes onto the principal assuming there is no interest due, i.e. I pay an extra$50 on the day my loan is due and that extra $50 goes towards my principal.
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  • I'm sorry. We are unable to do that with our AES loans also. But why don't you want to pay the interest that is due? Or is it being applied to future interest somehow.
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  • image attybride2:
    Whaaaat?  I've done extra payments to principal through Sallie Mae.

    How?? I have the same issue as OP, but have been with SM for 9 years.

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  • image attybride2:
    Whaaaat?  I've done extra payments to principal through Sallie Mae.

    Do you have auto-debit?  They said the only way to do that was un-enroll in auto-debit, but I am getting a .25 interest rate reduction for being enrolled in auto-debit.  I am able to make an extra payment, but of the $100 extra payment I made, they applied $9 and change to "accrued interest."   Or, of course, I can send a check by snail mail. 

  • While it is true that you cannot select a box to make such a payment on their website, you can still make the payment on their website and contact them via the webform on their website or fax a letter requesting the payment be applied towards principal.  The best fax is 570-200-6259, but they have a toll free line on their website, I believe.  You can mail a letter, but the other methods are much faster.

    I do not represent or work for them.

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  • All my SL do this. Keep in mind that if you are paying it right after your regular payment is made, there is probably very minimal interest accrued at that point, so it's probably not making much of a difference anyway.
  • image munkii:

    While it is true that you cannot select a box to make such a payment on their website, you can still make the payment on their website and contact them via the webform on their website or fax a letter requesting the payment be applied towards principal.  The best fax is 570-200-6259, but they have a toll free line on their website, I believe.  You can mail a letter, but the other methods are much faster.

    I do not represent or work for them.

    This.

     I make the payment, then I email them...it's even an option in the drop-down box for 'subjects' when you email them if I recall (it's been awhile). 

  • image attybride2:
    image munkii:

    While it is true that you cannot select a box to make such a payment on their website, you can still make the payment on their website and contact them via the webform on their website or fax a letter requesting the payment be applied towards principal.  The best fax is 570-200-6259, but they have a toll free line on their website, I believe.  You can mail a letter, but the other methods are much faster.

    I do not represent or work for them.

    This.

     I make the payment, then I email them...it's even an option in the drop-down box for 'subjects' when you email them if I recall (it's been awhile). 

    I will try this.  However, when I tried to e-mail them about this issue, the "contact us" page would not load. 

    I'm curious how I have $9 in accrued interest making a payment 24 hours after my regular payment was drafted.

  • I mail my check with a letter stating that I want everything above the minimum monthly payment to go to principal. I have tried the email/electronic payment thing before and it always gets screwed up somehow. I will be so happy when Sallie Mae is no longer part of my life. 
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  • I've been paying my student loans using auto-debit with Sallie Mae for 8 years. I pay extra towards my principal every month. I filled out a form years ago saying I wanted overpayments to go to principal, and it does it properly every month.
  • SM's website was always bad, but they recently changed it and made it 10x worse. That said, they suck. Not long after my loans went into repayment, I adjusted my payment amount to pay the loans of sooner. I changed it from say $200 a month to $350. Every time I logged in to check it, it was a different number. At one point, they had me paying over $800 a month so I called up complaining and they said they would fix it - they changed the payments to be over $4000 a month! Being just out of college, I nearly died. It took far too long to get that mess straightened out.
    image image image
  • Normally a lurker but I just logged in to pay my Sallie Mae loan yesterday.  I was already a "month ahead".  However, when I went to make my payment (after filling in checking acct #) I was re-directed (instead of the normal confirmation page) to an intermediate page asking if I wanted to pay interest and principal vs. paying ahead. I was thrilled- they made it easy to pay extra principal!
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