I asked why they refuse to apply my payment as I request (as they insist I do each time I make a payment and I send them a form email a few times a week).
This is the response I got.
Here is my recent payment history
Loan Summary 1-03 (clearly showing nothing from the monthly payment on 10/27)
These people are a complete joke… Looks pretty obvious to me that they are full of it.
Interesting that 370 payment, 283 went to interest, but only 86 into principle? Now look at the ratio of interest and principle for the $10 payments. And Sallie Mae wonders why its stock is going down the drain.
There is no ratio.
Your interest accrues daily and whenever you pay your bill it will pay the accrued interest first then whatever is left over goes towards principal. There is a calculator to see what the dollar amount per day is for all you different loan #rs.
My loan that I was doing the 10$ “micro payments” is actually paid off now . Paying early and often is really the key. For a simple example if your payment was 300$ a month and your loans accrued interest at 10$ per day and you waited 30 days between payments you would have 0$ applied to principal and be in debt forever. This is of course using BS numbers but it seems how it is designed to work.