This is the smallest loan I have with Sallie Mae. When I first started paying this back the interest was over 18% now it is at the incredibly low (sarcastic) rate of 13.125. I have not been paying much more than the minimum, maybe a little here and there but I have recently found that that did absolutely nothing due to how Sallie Mae handles the payments.
This is a sub loan as they are grouped together and disbursed when I pay them. They call them billing groups. So after a few years I have made no dent in the principal. What really gets me is looking at the payment history and seeing 0’s in the applied to principal column (which includes the capitalized interest I believe so that seems a little misleading). So kids… this is what happens then you get a private unsubsidized loan and don’t make the payments when you are going to school.
