Sallie Mae Scumbags - How to Pay Down Sig Loans

[danaf]

First - thanks to the owner/moderators for giving student loans its own category on the board. Good move!

Everytime I try to pay towards the principal of my sallie mae loan - they do crazy things like extend out payments and put the extra money towards interest. I wrote them a letter and told them not to extend out my min. payment due date anymore. They responded with, sorry - we can't help you.

Their tactics are truly unbelievable.

So what I'm going to do is just continue paying the min. payments for now - and also open up a new savings account and put anything extra I might have paid Sallie Mae into it - until I save up enough to pay them off completely.

I know it will be hard not to touch it for other things that may come up but I am so damn determined to get rid of this loan and Sallie Mae forever.

[Gauche1967]

Good luck dealing with Scammie Mae. You may be better off letting the loan go into default and then trying to negotiate a settlement. They will not as a matter of policy negotiate on a loan that is current.

[lrprn]

First - thanks to the owner/moderators for giving student loans its own category on the board. Good move!

Lazar will be glad to hear you like it!

Everytime I try to pay towards the principal of my sallie mae loan - they do crazy things like extend out payments and put the extra money towards interest. I wrote them a letter and told them not to extend out my min. payment due date anymore. They responded with, sorry - we can't help you. Their tactics are truly unbelievable.

Contact each of your congresspersons in your state. Tell them your story. Our representatives need to understand how out of control the student loan arena has become. And who knows....sometimes a representative will take up a good cause in an election year or apply pressure in your behalf. Nothing to lose, right?

You've got a good plan in place - we'll all be celebrating with you when you finally beat SallieScumbag at her own game!

[danaf]

They are a public company now not backed at all by gov't or non-for profit. They should not be allowed the same status as gov't student loans.

I did write to my congressman about it. What we need is one of those national orgs to start petitions everywhere in order to start change.

[CindyLou]

Danaf,
Are you sending the extra money in the same check with your regular payment? If so then they will apply to interest. If you want it applied to principle you need to send an extra check along with a letter asking them to apply it to principle. You also need to make sure that your monthly payment has posted, but that your next statement has not generated.