Increasing Daily Interest Rate - Sallie Mae

[BrokeStudent2010]

Hi,

I have a loan with Sallie Mae that I took out while I was studying for the bar.  The loan accrued interest while it was deferred, and that interest was capitalized. Now the loan is accruing interest, but the interest it is accruing seems to be increasing even though I pay more than the regular payment each month. My payment is $219, and I regularly pay $250, plus $10 micropayments weekly.

My accrued interest was about $18 on my July statement, then I paid $250 on the due date. My August statement showed my accrued interest was about $37.  So, I called them and no one could explain why the accrued interest had increased so much. They said they would sent me a letter. I'm waiting for that.  In the meantime I checked online today and it now says my accrued interest is $114. I am so confused about why this number keeps increasing.

Help please!

[Tazman81]

I am wondering if that is telling your the total amount of interest that has accrued over the course of the year.  Many student loan companies will show you the amount of interest you have accrued starting from January 1 of a year as that info can be used for a tax deduction when you file taxes.  I am wondering if that is what you are seeing?