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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.
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?