Sallie Mae Makes it Hard to Pay Loans Off Early

Sallie Mae Makes it Difficult to Pay Off Loans Early

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If you follow me on Twitter, then you probably heard that I paid off one of my many student loans. This is the first student loan I’ve paid off in full, so it’s a pretty big deal. I probably could have paid it off a few years ago, but the focus was on credit cards back then. Even now, I have credit card debt, but I felt the need for a quick win. The Sallie Mae loan was small, and I felt that paying it off before some of the credit cards would give Mike and me a much needed boost in motivation.

It’s an exciting moment, but that’s not the purpose of this post. I want you to know that Sallie Mae makes paying your loan off unnecessarily difficult – specifically when paying it off online. 

Sallie Mae Makes it Difficult to Pay Off Loans Early
If you have multiple Sallie Mae loans, their website will show each one with their respective amounts on one page. The set-up is actually really nice. If you want more in-depth information about a specific loan, you can click on it and see the interest rate, etc. You would think with such a clean and organized system – it would be easy to find the total pay-off amount for each loan. Many loan websites will show how much you owe from your last statement and the full amount you owe if you want to pay off the total loan that day. The latter amount includes the interest incurred since your last payment.

Sallie Mae Does Not Show Your Full Loan Pay-Off Amount

Don’t try to find it because it isn’t there. I looked everywhere. Then I went into the FAQs and found the answer to all my woes. In order to find out your full pay-off amount, you must call a Sallie Mae representative. I don’t know about you, but I’m a millennial. I don’t have time to call someone, nor do I want to. Millennials hate talking on the phone, so why make us if we don’t have to?

Numerous loans I have show their full pay-off amounts on the website. Why must I call? My only answer is that Sallie Mae doesn’t really want us to get out of student loan debt. That’s their money. The interest and fees are their bread and butter. I found this irritating. For a moment, I almost said forget it. I can pay it off later.

Then I realized their game and did what any phone-fearing millennial would do.

I made two payments. 

I paid off the amount shown on the site – $1740! Then, I monitored my balance until the new amount popped up – a whopping $2.40. Then I paid it with a vengeful fire in my eyes. It doesn’t seem like much, but I had been paying on that loan since 2013, and would have continued to pay on it until 2019! Can you imagine!?

In conclusion to this tale – if you want to rid yourself of Sallie Mae and avoid making a phone call and talking to numerous computer-generated SIRIs and possibly someone you won’t understand, just make two payments. After making the second payment, that loan balance is officially gone. It hasn’t shown up with anymore unpaid interest or fees, so I know it’s out of my life forever.

Now to work on credit cards again.

Have you ever had any issues paying off student loans? I’ve heard horror stories about Navient. What about Sallie Mae?

*Part of Financially Savvy Saturdays on brokeGIRLrich, Disease Called Debt and I Am the Future Me

12 thoughts on “Sallie Mae Makes it Hard to Pay Loans Off Early

  1. My loans are through FedLoan Servicing and although I haven’t personally tried to pay them off yet, I’ve heard pretty good reviews from others who have paid theirs off.

    1. I haven’t heard much about that company, so that’s probably a good thing. I pray when the time comes for me to pay off my Navient loans, it will be less stressful than other people’s situations.

  2. Congrats on paying it off! I have loans through Navient(formerly with Sallie Mae), FedLoan Servicing, and ACS. Though right now I’m focusing on my car loan, I’m not looking forward to the hassle the student loan servicers will surely provide once I start to focus on paying them off, good to know two payments will make my life easier.

    1. Yes, I had one through ACS but I consolidated it with the rest of my federal loans about 3 years ago. Sallie Mae and AES are the only private loans I have left, besides the federal ones. Navient is in charge of my federal loans, so I dread the day that I really turn focus on that. I’m sure it will be a nightmare. Good luck on your loans!

  3. Congrats on paying off the loan!I had Sallie Mae loans, but it was so long ago that calling was not unexpected. My last loan was through NC College Fund, and they were easy to work with. Fortunately I was able to pay it off within a month or two of graduation, before they sold it off to someone else.

    1. Wow! I wish I had paid mine off right after college. I had a lot of stuff going on. Hopefully I’ll have them paid off in just a few more years. That’s the goal.

  4. I’m pretty sure I did the exact same thing you did with Sallie Mae, I just stalked the heck out of it online. They sure don’t make it easy to completely repay them.

    1. That’s what you have to do! Nobody wants to make a call to pay off their loan when they already have their online payments set up!

  5. First, congrats on paying that loan off it must feel amazing. Second, my wife has a loan through Navient (formerly Sallie Mae) and I am now terrified of paying them off. We are currently working on credit cards (using the avalanche method to pay off our debt) so it’s at least a year before we need to worry about paying off the loans, I really hope it’s simpler by then.

    1. Thanks! I think the biggest thing with Navient is staying on top of them and watching your account like a hawk. I’ve heard that sometimes you have to call and allot payments towards the principal to really make headway. I have two large loans with them that are not a priority right now, but I’m sure it will be an all out battle when the time comes. (Hopefully not).

      Good luck on your avalanche! I’m sure you’ll make serious headway in the coming year!

  6. I am currently trying to pay off my Sallie Mae loan. I’ve already paid the ‘current amount’ and I now owe $0.06- that’s it! I have tried to submit a payment 5 times over the past few days. Each time, I immediately get an email that my bank has ‘rejected’ the transaction. After talking to my bank, it has been determined that there is no reason that those transactions wouldn’t have gone through on their behalf (ie: sufficient funds, I know the acct # is entered correctly, because my payment of $790 a few hours earlier went through fine). I am getting so frustrated. I might just send them a check for $1.00 to cover any interest and let them send me a $0.90 check back.

    1. I know!!! Isn’t it totally ridiculous? They make it so difficult when it doesn’t have to be! Glad to hear you’re ridding yourself of those loans once and for all, though! Congrats on killing that debt!

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