Reply
Member
southfloridalease
Posts: 9
Registered: ‎08-26-2012
0

Sallie Mae and Extra Student Loan Payments

Currently, I have a loan with Sallie Mae with a balance of $2365.45.  My minimum payment due is $189.69, which I am on automatic bill pay, and I have been consistent for the past 3 years.  Over the past 6 months, I have made an additional payment of $111.31 every month to Sallie Mae to try and pay off my student loan early...I have noticed that Sallie Mae isn't reporting me making additional payments to the CR agencies.  Does anyone know why?  When I contacted Sallie Mae, I was told that they are only responsible to report that I am making payments on time, and that the minimum amount is being paid. 

 

 

Fico Scores :  TRW 689, EQ 693, EX 733

Regular Contributor
apandabear
Posts: 200
Registered: ‎03-15-2012
0

Re: Sallie Mae and Extra Student Loan Payments

I don't think there is a way to report extra payments...

 

Is it that you don't see your balances decreasing?

 

You can check the National Student Loan Database (nsld.ed.gov) to see your loan balances and accrued interest.

 

I'm not sure what you're expecting to see on your CR, could you please clarify?

2009-10 - C/Os
2011 - Debts paid, no open credit
2012 - Rebuilding started, secured cards opened, SL rehabbed - EQ myFICO 636
2014 - 10k Discover, 3.5k Freedom, AmEx Green, SL, Auto Loan - EQ myFICO 695
Community Leader<br> Valued Contributor</br>
Community Leader
Valued Contributor
SCF
Posts: 1,104
Registered: ‎06-09-2008
0

Re: Sallie Mae and Extra Student Loan Payments

Sallie Mae is correct, and that's true of pretty much every installment loan account I've seen.  Each month, they report if you made your payment and it was at least the amount due, that's all you need to maintain a "good" credit history with that loan.  There's nowhere in the loan history for them to reflect extra payments, each month is either "OK" or past-due.

 

The only way your extra payments will reflect is that your balance should go down substantially faster, which may help your debt-to-income ratio when you look for credit, a loan that's very close to being paid off may not count against you at all when buying a vehicle or home.  It may also benefit you if a bank does a manual review of your file for some other reason, and you can point out to them that you paid off the loan in X years, when the term was actually 10 years.

Valued Member
algorithmslave
Posts: 68
Registered: ‎09-10-2012
0

Re: Sallie Mae and Extra Student Loan Payments


southfloridalease wrote:

Currently, I have a loan with Sallie Mae with a balance of $2365.45.  My minimum payment due is $189.69, which I am on automatic bill pay, and I have been consistent for the past 3 years.  Over the past 6 months, I have made an additional payment of $111.31 every month to Sallie Mae to try and pay off my student loan early...I have noticed that Sallie Mae isn't reporting me making additional payments to the CR agencies.  Does anyone know why?  When I contacted Sallie Mae, I was told that they are only responsible to report that I am making payments on time, and that the minimum amount is being paid. 

 

 

Fico Scores :  TRW 689, EQ 693, EX 733


Sooooo....you want Sallie Mae to show that you are not paying them all thier profits? What I would be concerned about is the origninal amount owed, current amount owed, when the loan was opened, status of the loan, scheduled monthly payment, and being in the 'green' meaning, on-time....thats just me though....

You can wrap me in your flag, make me say a praise to your creator and make me spend your currency, but remember this, I am a loyal servant to Justice and a Patriot to none. I am free...

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}