Re: What is the best way to pay off my Sallie Mae loan?
08-13-2012 07:11 PM
Here's what you do:
1. Send them a seperate check that has account number, loan group, and "Apply to princple" in the memo area.
2. They'll ignore all instructions and apply it to future interest and make it so there are no payments for a while, LOL!
3. Call and have them apply your payment to principle over the phone.
Sallie-Mae may loses money when paid early and will always make it difficult.
So basically without calling them the first two steps you suggested won't do anything? Sigh..such a process. Sallie mae sucks. But thanks for explaning it makes the process or procedure and what I need to do clearer .
Last question: Do you think I should save up my money until I have the total principal I borrowed before sending them a check or should I send them what I have right now and then pay the rest off in time?