Sallie Mae
Payments Not Reducing Principal Balance on Student Loan

Business & Finance

I've been paying more than the principal balance each month for over a year ($2,550 so far) on my $22,500 Sallie Mae Signature Student loan. My balance is still MORE than the principal balance combined with the capitalized interest totaling over $24,000.

For two months in a row, the entire payment was posted only to interest. This amount included MORE than the payment due. The money I paid in addition to the monthly payment was inaccurately recorded to interest. It doesn't matter how much I pay this company, it's not affecting the balance!

When I've tried to talk to representatives from the company, I've been told multiple times that prime is at 8.25%. (Which has nothing to do with the price of tea in China), nor why the balance isn't going down.

I know that what they are doing is unethical and illegal. If you don't already have a Sallie Mae loan... Don't do it! Their representatives are rude and uneducated. Any helpful information on how to deal with this heinous loan would be greatly appreciated.


Company: Sallie Mae
Country: USA
State: Nationwide
Site: salliemae.com
SUBMIT A COMPLAINT
  <     >  

RELATED COMPLAINTS

Sallie Mae
Two Years of Payments Went Only to Interest, Principal Unchanged

Sallie Mae
Charged $500 Interest in One Year, Loan Denied and Balance Not Dropping

Sallie Mae Servicing
Charged excessive interest, even charged interest on loan portion paid

Sallie Mae Student Loans
Principal/Interest Scam

Sallie Mae Servicing
Sallie Mae rip off of $47,000 in interest lost because I reduced my loan from 30yr to 10yr

Sallie Maie Student Loan Company
Sallie mae corp sallie mae fraud, accounting errors, usning all payments for interest insted of loan balance and deceitful help with incompetent customer service reps

Sallie Mae
Balance Went Up After Two Years of Payments and Info Withheld

Clc
Etrade Have been withholding my loan information. Stop me from paying the principal amount. Take the extra payment and use to pay the interest of the loan or credit it not use it for several month. I have

Sallie Mae
Paid Student Loan Still on Credit Reports After 22 Years

Sallie Mae
No Previous or Current Balance Shown in Loan Statements

SUBMIT A COMPLAINT