Ask The Get Out of Debt Experts Sallie Mae

How is Sallie Mae Calculating My Interest?

Written by Steve Rhode

“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?

payment_dates

Mary”

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.

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About the author

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.

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