The 2nd and final (hopefully) update to my original post Sallie Mae The Billion Dollar Scammer! No Online Principal Only Payment Option! and the 1st update Round 2: Sallie Mae's the Bitch.
Well, I'm happy to report (indifferent really) that Sallie Mae responded via snail mail 2 weeks after I sent my email. I have to scan and upload the letter, but basically it stated that I couldn't make principal only payments online because per my loan docs accrued interest had to be paid first. Then, Sallie Mae enclosed a copy of my loan docs for reference (THANKS!). Now, my question is, if accrued interest gets paid first when I make my monthly payment anyway, why the hell can't I make a principal only payments online in between payment dates???? Its not like I'm paying the loan off so there will be another monthly payment (and another and another) so the interest can continue to accrue - just less of it since I paid down some of the principal. Seriously, am I being unreasonable or is the level of corporate greed here just ridiculous and undeniable? I have to say it again, THE BORROWER IS SLAVE TO THE LENDER!!!
My other issue is if you can make a principal only payment via the mail why doesn't Sallie Mae offer the a corresponding online option? I already know the answer - because the interest will accrue while the payment is in the mail increasing the amount from your payment that would be applied to interest and decreasing the amount that would be applied to principal. Geez - is this not the definition of SCAM or ASSHOLE?!!