Does anyone have experience with Sallie Mae?

iVillage Member
Registered: 07-27-2009
Does anyone have experience with Sallie Mae?
9
Thu, 03-08-2012 - 1:16pm

I am almost to the point of targeting my student loan debt. All of the 10ish loans that I took out during school have been lumped under a "loan group." The problem is that several of them have different interest rates and I would like to target the highest ones first. When I make a payment online, however, they always split the *extra* principal payments in a weighted manor to EVERY loan instead of targeting the higher interest portions. Is there a way around this for online payments, or should I just send in the old fashion regular check with the memo line filled out with the sub-group acct # and a note to specify how it should be applied? I LOATH writing out checks and wasting a stamp...

I also have doubts that the payment will be applied accurately, because I have a friend here at work who

JenAaron.jpg picture by jen2075


iVillage Member
Registered: 05-09-2002
Mon, 03-12-2012 - 11:18pm
You can't consolidate through ACS anymore. Only through Direct Loan program which is the government program which was "snuck in" with Obamacare. Half of my loans are now the Direct Loan program now.
iVillage Member
Registered: 12-31-2010
Mon, 03-12-2012 - 12:59pm
My loans for my MBA were at 5.3 and 5.6 when I combined them to a 4% rate with ACS back in 2006. I got a better rate, they are super easy to deal with and it is simple interest. I still get a statement for the taxes on the interest, but this year did not since my interest was less than $600 (the loan is under $10k now.)
#Marie
iVillage Member
Registered: 05-09-2002
Mon, 03-12-2012 - 8:00am

I'm in the same boat with Sallie Me - some of mine are 6.4, others a re 8.2 though.

iVillage Member
Registered: 07-27-2009
Sun, 03-11-2012 - 10:26pm

I have not looked into other loan companies, but I think I will see what is available. It would make it a little less worrisome to have it be a single loan with a single interest rate. Thanks for the idea!

JenAaron.jpg picture by jen2075


iVillage Member
Registered: 12-31-2010
Sun, 03-11-2012 - 6:41pm
I combined my student loans with ACS at a rate of 4%. I pay one single payment, and it is simple interest.
Have you looked at loan companies that have offered to do that for you?
#Marie
iVillage Member
Registered: 07-27-2009
Fri, 03-09-2012 - 11:00pm

Ok, this really helps a lot. I prefer to do it electronically because I know how backwards they are even with explicit directions included in an envelope with the payment checks. My work friend actually found out that it is done by an automated system, so it just picks out the first payment coupon and applies all checks in the envelope to that account...her loans and her husbands are constantly having payments applied to the wrong account.

Yes, I was meaning that I was planning to make principal payments ABOVE the monthly amount due but every time I tried to in the past they were applied incorrectly

JenAaron.jpg picture by jen2075


iVillage Member
Registered: 05-09-2002
Fri, 03-09-2012 - 8:10pm

I think if you are just paying the amount due for the month, then they are splitting payment to pay each loan the minimum payment amount for that particular one...?

Daisypath Anniversary tickers
iVillage Member
Registered: 11-15-2011
Fri, 03-09-2012 - 5:20pm

Yep, I think by check is the only way you can do this, too, but how old are your loans?

iVillage Member
Registered: 09-26-2007
Fri, 03-09-2012 - 1:54pm

If I understand your question correctly then you can't choose how your payment is applied. If your loans are in repayment status and you are only paying the amount due then Sallie Mae will split the payment amongst the loan groups to keep them all current. If you wanted to pay extra or you wanted to make a payment even if the loan was in deferment then you could choose the loan to pay on. Even then the simplest way to do so would be by check. HTH.