Tonight I'm LIVID!!! I really shouldn't be but I'm really disgusted that Sallie Mae doesn't have a principal only payment option on its website. Before I blow up, let me give you some context. Since I'm finally wrapping my head around my student loan debt, I want to be smart about everything I do with regard to them so I can pay them off and do things like, oh, let's see - afford to have another baby, help the economy out by buying more than 1 pair of brown and 1 pair of black shoes each winter and you know, generally, HAVE A LIFE. So I was trying to figure out how to make principal only payments to pay down the loan quicker.
I decided to conduct my own taste test. Tomorrow my bank will mail a principal only payment in the amount of $75.00 to Sallie Mae. The memo section of the check will clearly state "FOR PRINCIPAL ONLY" and my account number. I'll see 1) how long it takes them to apply the payment and 2) if the payment is applied correctly. I'll post a follow up entry on the results.
I want to know why Sallie Mae doesn't have a "principal only" payment option to allow customers to make principal only payments electronically. I find it truly antiquated that a multi-billion dollar company requires consumers to MAIL IN a principal only payment along with a letter. THIS PRACTICE IS TRULY RIDICULOUS. Additionally, there are MANY reports of customers doing as Sallie Mae instructed and their payments are REPEATEDLY misapplied.
It is clear that Sallie Mae is abusing its consumers and is deliberately trying to keep people in debt. I request that Sallie Mae include a Principal Only electronic payment option on its website. I am aware that this is not the first nor the last request consumers have made regarding this functionality. The question is WHEN will Sallie Mae listen to its consumers and provide this functionality. Thank you.
I realize its not the most legally sound letter, but hey, I was caught up in the heat of the moment. I'm not going to stop here either. I am going to write a letter to each member of Sallie Mae's management team and I hope you do the same as well. I'm working a draft letter now and will post it for you all to use if you want. I am also soliciting content for the letter should you care to contribute. I'm going to channel this anger towards change (either that or a drinking habit).