omg, I think we are paying off a debt today! - Mothering Forums

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#1 of 9 Old 04-24-2008, 09:29 AM - Thread Starter
 
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We got our tax returns and we are using them to do away with a Sallie Mae loan we've been paying over 15% interest on!!!!! after paying on it for years we still haven't gotten back down to the original loan amount. We were still $300 above it! It has been ridiculous and I will be so glad to be rid of the debt! Now if we can just make sure we actually get them to put the money to pay our debt in full... we'll be good! I have heard horror stories of Sallie Mae just taking whatever you send them and applying the $$ to "future payments" like, oh, this will cover the next 1,000 months! While interest still keeps piling up!

Please just let this work right. I want this debt GONE.

But I am trying to believe it will just work and not worry about it.

So Yay! Debt Paid! :
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#2 of 9 Old 04-24-2008, 09:31 AM
 
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Woohooo, good for you! Way to go!
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#3 of 9 Old 04-24-2008, 09:36 AM - Thread Starter
 
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Thank you!

I can hardly believe we can really do this... for so long we were just STRUGGLING to stay barely afloat. Progress is just so strange for us. But I would like to get used to it.
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#4 of 9 Old 04-24-2008, 11:53 AM
 
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Congrats!

There is a trick to getting them to apply it to principal. I know my coupons have a check-box that says something to the effect of "apply full amount to principal" or something like that. I've spoken with student loan companies before and they indicated that unless your payment comes with written instructions to pay principal, it will automatically be applied to future interest. So if you don't have a check-box, write on the face of the slip AND the check "principal payment".

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#5 of 9 Old 04-24-2008, 03:44 PM - Thread Starter
 
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Thank you for that advice! I think my husband has been on the phone with them today and hopefull it is all set. I am sure I'll find out.
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#6 of 9 Old 04-24-2008, 04:21 PM
 
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I also paid down my debt today, so I know how terrific it feels. Good for you and congratulations and I hope for you that they don't give you any trouble about it.

When I paid off my sallie mae student debt, they continued to send me bills for $0 every month. In duplicate. For a whole year, before I finally managed to get them to take me out of their computer.

Do don't freak out if you get a bill as usual next time!

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#7 of 9 Old 04-24-2008, 04:30 PM
 
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Yay, you! That is so exciting. Good riddance!!

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#8 of 9 Old 04-24-2008, 05:12 PM
 
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Did you call them to get the pay off amount? That could be different than whatever the current balance was showing.
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#9 of 9 Old 04-24-2008, 07:05 PM
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15% on a student loan?!


Congrats on throwing old Aunt Sallie out of the house!!! :
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