Interest on Sallie Mae
Date: Thu, 03/26/2009 - 15:50
Interest on Sallie Mae
In 5/2000 I had a balance of 22,000 since then I have paid 21,250 yet balance is still at 19,500 anyone got any answers
The only reason I can think of is if you had a lot of accrued un
The only reason I can think of is if you had a lot of accrued unpaid interest, and your payments were going towards back interest before touching the principal.
You should be able to request an accounting of your balance, and see how they applied your payments to principal vs interest.
What is your interest rate? By running numbers thru the student
What is your interest rate? By running numbers thru the student loan calculator, with a 10% interest rate your interest charge alone would be about $185 per month...an 8% loan would be $145. If your payments were only around $200 per month, you were not paying off much on the principal balance each month.
