I am looking for a Sallie Mae student loan expert. Who should I talk to?
I owed $35k in 1997. I have paid $62k to date. She says I still owe $41k. Does not sound legal/correct to me.
9 percent. And I did the maximum amount of deferment when I started my business.
Is there some simple website / spreadsheet / formula I could use to double check Sallie's math?
Apparently, you can view your payment history on the Sallie Mae web site. It requires a log in. I think that interest rates on outstanding student loans can be reduced, but I don't know how that's accomplished. Your university's student loan department may have someone who can help. It's worth a phone call.
Certainly, the balance growing even with substantial repayments doesn't make sense.
You can find a lot of mortgage calculators on the net. Most of them will assume regular and equal payments.
I cooked up a simple spreadsheet to demonstrate the method and let you enter a payment history. You will have to change dates, and maybe add more lines. It presently assumes annual compounding.
Notice that if you didn't start paying right away, the interest could easily add up to leave you owing more than $41k.
I would check if you can get a 20-25 year loan forgiveness.
Hi Brad there's a bunch 'o stuff here:
http://www.ehow.com/how_7409532_sallie-federal-student-loans-forgiven.html
B-)