- Report: #568165
Complaint Review: Sallie Mae, Inc
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| Sallie Mae, Inc po box 9532
wilkes-barre, Pennsylvania United States of America |
|
Sallie Mae, Inc since paying balance in 2009 up to date they have charged over $5000.00 interest total of over $8000.00 wilkes-barre, Pennsylvania
*Consumer Comment: Interest..
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This report was posted on Ripoff Report on 02/11/2010 03:06 PM and is a permanent record located here: http://www.ripoffreport.com/r/Sallie-Mae-Inc/wilkes-barre-Pennsylvania-18773-9553/Sallie-Mae-Inc-since-paying-balance-in-2009-up-to-date-they-have-charged-over-500000-i-568165. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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Search TipsIt is a bit confusing as to what you are actually trying to say, but this appears more of a lack of understanding on your part of how loans work.
Interest is the "cost" of getting the loan. You can not just pay back the amount "borrowed", during the loan you were assessed interest and must pay that back IN ADDITION to the original loan amount.
Loan interest calculations depend on several factors, so for simplicity lets say you borrowed $10,000. If you pay $500 a month, let's say that $400 goes to principal(original amount) the other $100 is for interest. So even though after 20 months you have paid the original $10,000 back your loan balance is still $2,000 because only $8,000 has gone to the principal. So you are going to have to make an additional 5 payments to pay off that last $2,000. If you do not pay that back they can continue to assess interest on that balance until paid.
Now, one part that you do need to check on is the amount of interest they are claiming. If you are saying in 2008/2009 your balance was only $2,000 and now 1-2 years later is $8,000 that seems excessive and something you need to look into. Since language seems to be a barrier for you, I would suggest you find someone you trust who can help you and possibly act on your behalf.
