Sallie Mae Doesn’t Like Students.

I took out my first loan for my last semester in College. (numbers are just made up, but reflect a similar situation.)

Principle Interest What I Paid
Initial Loan $5,000.00 N/A N/A
First Statement $5,000.00 $350.00 $2,000.00
Second Statement $3,350.00 $200.00 $3,550.00
Third Statement $70.00 N/A WTF?!

Ok, maybe the interest accrued over time goes toward the principle…understandable.
Or, maybe there’s a penalty for paying all of it early…understandable.

BUT…Before I made my second payment in full, called up Sallie Mae to ask that if I paid ALL of it, I’d be done. The guy said yes, the next thing I should be receiving is a statement that my account will be closed since I paid in FULL.

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