Sallie Mae
Loan balance not decreasing and extra payments misapplied
- 04-26-2010
- 41
I have been paying my student loans for 3 years now and the amount has not changed. If anything the amount I owe has increased. I pay an extra on average $500 every month to put toward the principle. One would think you would see the amount decrease. Something isn't right. I have called and called and called with no reasonable explanations. I get people who have no clue what they are talking about and just tell you what you want to hear and don't care. Being a post graduate student, I have multiple private loans. All are reasonable interest rates except 1 which is 9%!!! I asked Sallie Mae to apply the extra money to this loan obviously. Every month they apply it to the loan with the lowest interest rate. EVERY month I have to contact them to reapply it to the loan with the higher interest. It's unbelievable. They obviously are trying to make the most money out of me. Why do I have to ask every month to apply the additional money to the loan with the higher interest?
Company: Sallie Mae
Country: USA