Latest Posts
Home > Ask The Get Out of Debt Experts > How is Sallie Mae Calculating My Interest?

How is Sallie Mae Calculating My Interest?

“Dear Steve,

Sallie Mae recently changed payment ‘firms’ that process automatic debit. I’ve noticed in my new online statements that it shows interest being charged from the 16th to the 15th of each month, even thou my payments are shown on the 10th. Like it’s totally there on the form with payment dates listed 5 days before interest accrued dates. I’ve attached a screenshot of this from my statement. Thanks!

Is Sallie Mae collecting 5 days extra interest after I’ve made my payment?

How is Sallie Mae Calculating My Interest?

Mary”

Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here

The Answer

Dear Mary,

From the information you provided it is unclear if the 15th is simply the date the previous months worth of interest is applied/posted to your account or there is some delay in posting.

I would urge you to discuss the situation with the current loan servicer to get some clarity on the situation or to forward me an entire statement so I can see everything on the statement.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

How is Sallie Mae Calculating My Interest?
Get Out of Debt Guy – Twitter, G+, Facebook

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

How is Sallie Mae Calculating My Interest? by

Share This and Spread the Word

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.