Comments for The Sallie Mae Trap http://www.slmtrap.com Disscussion on a vile company Sat, 12 Nov 2011 23:59:23 +0000 hourly 1 http://wordpress.org/?v=3.3 Comment on Sallie Mae Payment Guide by Mary http://www.slmtrap.com/sallie-mae-payment-guide/comment-page-1#comment-3657 Mary Sat, 12 Nov 2011 23:59:23 +0000 http://www.slmtrap.com/sallie-mae-payment-guide#comment-3657 When I called and asked about applying additional payments toward principal they told me it was automatic. So I tested them by paying $50 and guess what - it wasn't applied toward principal. Too bad it's Saturday. I'll be calling them Monday, hopefully find someone who speaks English and demand they apply it to princiapl. When I called and asked about applying additional payments toward principal they told me it was automatic. So I tested them by paying $50 and guess what – it wasn’t applied toward principal. Too bad it’s Saturday. I’ll be calling them Monday, hopefully find someone who speaks English and demand they apply it to princiapl.

]]> Comment on Sallie Mae Payment Guide by Jeff http://www.slmtrap.com/sallie-mae-payment-guide/comment-page-1#comment-3482 Jeff Tue, 18 Oct 2011 18:42:28 +0000 http://www.slmtrap.com/sallie-mae-payment-guide#comment-3482 I am looking at using the debt snowball approach where you pay your smaller debts first. I can truly say it does feel great when you do pay something off whether it is a 1,000$ debt or a 8,000$ debt. I would recommend following Dave Ramsey steps for getting out of debt as there are other things to take into consideration like an emergency fund. I am looking at using the debt snowball approach where you pay your smaller debts first. I can truly say it does feel great when you do pay something off whether it is a 1,000$ debt or a 8,000$ debt. I would recommend following Dave Ramsey steps for getting out of debt as there are other things to take into consideration like an emergency fund.

]]> Comment on Sallie Mae Payment Guide by Aideen http://www.slmtrap.com/sallie-mae-payment-guide/comment-page-1#comment-3080 Aideen Fri, 26 Aug 2011 00:21:12 +0000 http://www.slmtrap.com/sallie-mae-payment-guide#comment-3080 I have 2 loans from Citibank that are getting transferred to Sallie Mae soon. Details: 8,000 at 4.75% 13,000 at 4.75% Questions: How much extra can I apply to the principal of a Sallie Mae loan and what is the best way to do it? Would you suggest continuing to pay down the minimum while saving up to pay off the $8k loan in full, then tackling the 13k? Can I pay one off in full or do I have to pay off the entirety. I have 2 loans from Citibank that are getting transferred to Sallie Mae soon.

Details:
8,000 at 4.75%
13,000 at 4.75%

Questions:
How much extra can I apply to the principal of a Sallie Mae loan and what is the best way to do it?
Would you suggest continuing to pay down the minimum while saving up to pay off the $8k loan in full, then tackling the 13k?
Can I pay one off in full or do I have to pay off the entirety.

]]> Comment on They finally made me change my email address. by C in debt http://www.slmtrap.com/Posts/they-finally-made-me-change-my-email-address/comment-page-1#comment-2458 C in debt Wed, 25 May 2011 21:30:52 +0000 http://www.slmtrap.com/Posts/they-finally-made-me-change-my-email-address#comment-2458 It is obviously 2 years since your last post, but I wanted to tell you how much I enjoyed reading your blogs about this subject. It was hilarious and sad at the same time. I am just now starting to make my payments on my 4 year old loan. I was really surprised they didn't already start garnishing my wages.. hopefully this will stop it. How is the loan payment going?? Best regards, C It is obviously 2 years since your last post, but I wanted to tell you how much I enjoyed reading your blogs about this subject. It was hilarious and sad at the same time. I am just now starting to make my payments on my 4 year old loan. I was really surprised they didn’t already start garnishing my wages.. hopefully this will stop it. How is the loan payment going?? Best regards, C

]]> Comment on Incompetent billing people lead to a past due amount of $.26 by Michael Olsen http://www.slmtrap.com/Posts/incompetent-billing-people-lead-to-a-past-due-amount-of-26/comment-page-1#comment-1544 Michael Olsen Mon, 17 Jan 2011 17:35:14 +0000 http://www.slmtrap.com/Posts/incompetent-billing-people-lead-to-a-past-due-amount-of-26#comment-1544 You are correct. Somehting is going on here. Do you know if there are any lawsuits pending against Sallie Mae? You are correct. Somehting is going on here. Do you know if there are any lawsuits pending against Sallie Mae?

]]> Comment on Digital Panhandling: http://twohundredthou.com/ by Steven http://www.slmtrap.com/Posts/digital-panhandling-httptwohundredthou-com/comment-page-1#comment-1268 Steven Tue, 07 Dec 2010 20:16:27 +0000 http://www.slmtrap.com/Posts/digital-panhandling-httptwohundredthou-com#comment-1268 This was my responce to her You are such an idiot, you went to Northeastern? I can understand Northwestern but Northeastern? What is that some kind of online college? On top of that you went to a second rate community college and racked up 200k in debt???? I am in the same boat but the big difference is I went to Penn State, my loan balance is 170k and you dont see me asking for donations, I work and pay 1k a month to my loans. Here is an idea.. maybe you shouldnt have got a useless degree from a useless school, not to mention i bet you were not working while in school and just partying. You make me sick. This was my responce to her

You are such an idiot, you went to Northeastern? I can understand Northwestern but Northeastern? What is that some kind of online college? On top of that you went to a second rate community college and racked up 200k in debt???? I am in the same boat but the big difference is I went to Penn State, my loan balance is 170k and you dont see me asking for donations, I work and pay 1k a month to my loans. Here is an idea.. maybe you shouldnt have got a useless degree from a useless school, not to mention i bet you were not working while in school and just partying. You make me sick.

]]> Comment on Digital Panhandling: http://twohundredthou.com/ by Jeff http://www.slmtrap.com/Posts/digital-panhandling-httptwohundredthou-com/comment-page-1#comment-1261 Jeff Mon, 06 Dec 2010 15:13:10 +0000 http://www.slmtrap.com/Posts/digital-panhandling-httptwohundredthou-com#comment-1261 Nick I agree with you, I have believed for a long time that part of the agenda is to put policies in place that wreck the systems such as healthcare and education so they can point to it and say its messed up and we need to "fix" it (disregarding the fact that they were the ones who broke it). I would argue that the government giving and lending allot of money out could contribute to the cost of education. I know online schools are counting on this gravy train of federal dollars that keep on rolling in. Since they don't have to manage the risk of not being able to pay the loan back (thanks to the bankruptcy laws around student loan debt) why would they care that you are taking out a 200,000$ loan for a worthless degree? However a definite role in the rising cost of education is people that blindly take out 200,000$ loans to go to school because society says that is what we have to do to get ahead. Colleges know this and keep on extracting more from the "suckers" and enslaving them afterwards. I have fallen for this trap as well. Nick I agree with you, I have believed for a long time that part of the agenda is to put policies in place that wreck the systems such as healthcare and education so they can point to it and say its messed up and we need to “fix” it (disregarding the fact that they were the ones who broke it). I would argue that the government giving and lending allot of money out could contribute to the cost of education. I know online schools are counting on this gravy train of federal dollars that keep on rolling in. Since they don’t have to manage the risk of not being able to pay the loan back (thanks to the bankruptcy laws around student loan debt) why would they care that you are taking out a 200,000$ loan for a worthless degree?

However a definite role in the rising cost of education is people that blindly take out 200,000$ loans to go to school because society says that is what we have to do to get ahead. Colleges know this and keep on extracting more from the “suckers” and enslaving them afterwards. I have fallen for this trap as well.

]]> Comment on Digital Panhandling: http://twohundredthou.com/ by Nik http://www.slmtrap.com/Posts/digital-panhandling-httptwohundredthou-com/comment-page-1#comment-1258 Nik Sun, 05 Dec 2010 20:41:14 +0000 http://www.slmtrap.com/Posts/digital-panhandling-httptwohundredthou-com#comment-1258 If she doesn't pay back the loan, tax payers will as they were forced to co-sign her loan. This is the problem with government do-gooders, they end up leaving the very people they are trying to help in worse shape after all the unintended consequences unravel. Anyway, we can criticize this young woman all we want, but only morons would co-sign 200000 in loans to a 19-20 year old who got a degree in sociology, but hey, don't dare oppose this and other policies as you will be branded "anti education". Good luck to her and the thousands of others who are in her situation. If she doesn’t pay back the loan, tax payers will as they were forced to co-sign her loan. This is the problem with government do-gooders, they end up leaving the very people they are trying to help in worse shape after all the unintended consequences unravel. Anyway, we can criticize this young woman all we want, but only morons would co-sign 200000 in loans to a 19-20 year old who got a degree in sociology, but hey, don’t dare oppose this and other policies as you will be branded “anti education”. Good luck to her and the thousands of others who are in her situation.

]]> Comment on Sallie Mae Lies? by Jeff http://www.slmtrap.com/Posts/sallie-mae-lies/comment-page-1#comment-1180 Jeff Wed, 17 Nov 2010 05:10:11 +0000 http://www.slmtrap.com/Posts/sallie-mae-lies#comment-1180 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. 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.

]]> Comment on Sallie Mae Lies? by SallieMae Hell http://www.slmtrap.com/Posts/sallie-mae-lies/comment-page-1#comment-1171 SallieMae Hell Fri, 12 Nov 2010 14:31:43 +0000 http://www.slmtrap.com/Posts/sallie-mae-lies#comment-1171 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. 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.

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