I shouldn't have done the math!

[nursepower]

Hubby has Sallie Mae and we've been paying for what seems like FOREVER. Out of curiosity I did some math. He originally took out $48K in loans. We've paid over $20K for the past 6 years. Still owed is $49K. I'm just baffled. Will we never see the end of these darn loans? 

[SCF]

What type of loans?  What interest rate?  What payment plan are you on?

It is possible with federal student loans to make payments that are less than the monthly interest, the only reason to do this for any length of time other than absolute neccessity is because you're making qualifying payments for some type of forgiveness.  Is your husband a teacher or employed in a public service profession?  If so, there are forgiveness programs out there he might be able to use that would pay off the balance of the loans after a set number of payments are made - even if interest accrues and the balance grows in the meantime.

[DrZoidberg]

It sound like you are on the 25 year plan. You need to get off ASAP. Don't substitute lower monthly payments because it costs you in 4x the interest. My loans are $79k and I am on a 7 year plan and I pay $1100 per month. A small sacrifice to pay it off now is best. In 7 years I will be enjoying that $1.1k and the saved interest. 

[Anonymous]

Stop paying the minimum amount due each month if that is financially possible because that is why you feel like you are getting nowhere. When I pull up my SL accounts, I can see how much goes towards interest and how much will go towards principal. You might be shocked to see that you are paying something like $20 in interest and $20 to the principal. So, your $40 payment is really only reducing your debt by $20. However, if you pay $60, $40 will go towards reducing debt and the rest towards interest. If you are trying to save interest, google "snow ball debt payment method". Essentially, you are attacking the highest interest debts first with the higher than minimum payments. You are still above the original amount lent because it sounds like he didn't pay the interest while taking courses. This, balloons the principal because essentially you are then letting interest compond on top of interest and so on.

Good luck with it, and while it is a tough situation you swallowed by doing the math, be glad that you did it so you can tackle it now rather than later.