Payments and billing

Category
Payments & Billing
Question
Can I change my Current Amount Due Date?
Answer

Yes, so long as your loan(s) are current and you choose a date between the 4th and the 22nd of the month. You can request to change your due date online or call us at 800-472-5543. Keep in mind that if your request is processed, the Current Amount Due Date change may not take effect until your next billing period.

Question
Why is my payoff amount different than my Current Balance?
Answer

There may be a difference because the Current Balance doesn’t include Unpaid Interest and Fees. When paying your loan balance in full, you need to satisfy any Unpaid Interest and Fees. To find out your payoff amount, visit our Make a payment page or call us at 800-472-5543.

Question
What are the most common fees charged?
Answer
  1. If your payment doesn’t make it to us in time, you may be charged a late fee (refer to the front of the billing statement for the dates to avoid late fees).
  2. A returned check fee may be charged if a payment doesn’t clear the bank or if it’s missing information.
Question
Why isn't my payment showing up online?
Answer

The time it takes for a payment to post to your loan(s) depends on how we receive the payment—see the general guidelines below for common payment methods. 

By phone or salliemae.com: Payments submitted at or before 11:59 p.m. PT will be effective for the day you schedule, but they may not be reflected in your online loan history for 2 to 4 days after the effective date.

By mail or third-party bill-pay service: Be sure to mail or submit your payment at least 7-10 days before your due date so your payment will be credited in time.

If you're using a method that's not listed above, call us at 800-472-5543.

Question
Can I make payments on my loan(s) while I am in an in-school, grace, or deferred status?
Answer

Yes, it's a great idea to make payments while your loan is in an in-school, grace, or deferred status to help save you money over the life of the loan and there’s no penalty for doing so. The quickest and easiest way to make a payment is online.

If you want to mail us a payment, be sure to include your remittance slip with your payment and write your 16-digit Loan Group Number on your check or money order. You can find the 16-digit Loan Group Number at the top right-hand corner of your billing statement.

Question
If I have more than one loan, how do you allocate my payment?
Answer

If you have multiple Sallie Mae loans, those loans may be placed in a loan group (borrowers only). Each loan group has its own billing statement and a 16-digit Loan Group Number. If we receive your payment with the remittance slip from your statement, we’ll automatically allocate your payment to all the loans in your loan group as follows:

If your payment satisfies both the Past Due Amount and Current Amount Due, the remaining payment amount will be allocated to the loan with the highest interest rate. If you have multiple loans with the same interest rate, the remaining payment amount will be allocated to the loan with the highest Current Balance. If no payment is due, your payment will be allocated to the loan with the highest interest rate. If you have multiple loans with the same interest rate, the payment amount will be allocated to the loan with the highest Current Balance.

If your payment is less than the Past Due Amount, loans at the oldest delinquency level will be paid first until all loans are at the same delinquency level. Once all of the loans are at the same delinquency level, the remaining payment amount will be allocated according to each loan's Past Due Amount from lowest to highest within that group delinquency level. 

If your payment satisfies the Past Due Amount, the remaining payment amount will be allocated according to each loan's Current Amount Due from lowest to highest.

Be sure to include your 16-digit Loan Group Number with your payment to ensure it’s allocated to your loans properly. If you don’t pay the Total Amount Due on the billing statement, every loan in the loan group may become delinquent, may be reported to the consumer reporting agencies, and may be subject to a late fee.

Question
How can I be sure my payments are allocated correctly and on a timely basis?
Answer

To ensure your payment is processed accurately and on-time, send your payment with your remittance slip, enroll in auto debit, or pay online.

You can instruct us to allocate payments differently. Clearly write your instructions on a separate piece of paper included with your check. Once we allocate a payment to a specific loan or loans, payments are applied based on the terms of each loan's Promissory Note, usually first to Unpaid Fees, then to Unpaid Interest, and then to Current Principal. You can’t designate a different method for applying payments and we can’t process instructions written on the check or remittance slip.

You can also update or change your payment allocation online.

Keep in mind that third-party bill-pay services don’t allow you to provide instructions. If you’re using a third-party bill-pay service and would like to ungroup your loans to allocate your payments differently, change your allocation options online or call us at 800-472-5543.

Question
What happens if I pay more than my Total Amount Due?
Answer

All payments are applied to your loan(s) when we receive them. Unless you make your payments through auto debit, the overpayment amount will also reduce the Current Amount Due on your next billing statement(s).

For example, if your Total Amount Due is $100 and you pay $150, the Total Amount Due on your next billing statement will be reduced by $50. If the overpayment amount is more than the Current Amount Due, your billing statement(s) will show no Total Amount Due. Even if you have no required Total Amount Due on your billing statement, continuing to make payments will reduce your Total Loan Cost.

Question
I applied for auto debit through my Sallie Mae online account. Why hasn't my payment been withdrawn yet?
Answer

It may take up to three business days for us to review and process your auto debit enrollment application. Please refer to the copy of your Automatic Debit Terms and Conditions Authorization you were given during your enrollment to view your first auto debit payment date.

Question
Is there a fee when I sign up for auto debit?
Answer

There is no fee for signing up for auto debit.

Question
How can I pay more than the Current Amount Due using auto debit?
Answer

You can choose a Designated Amount to pay through auto debit, which allows you to pay more than the Current Amount Due.

If the Designated Amount is less than the Current Amount Due in any month, we’ll withdraw the Current Amount Due instead so that your loan doesn’t fall past due.

If your loan becomes past due paying a Designated Amount, we'll withdraw both the Current Amount Due and the Past Due Amount if that amount is more than your Designated Amount.

If you’d like to pay more than the Current Amount Due, you can also make an additional payment by logging in to your account, calling, or mailing a check. For more information on how overpayments are allocated and applied, click here.

Repayment Options

Category
Repayment Options
Question
I'm currently in school. Why is my Sallie Mae loan(s) not deferred?
Answer

Depending on the student loan product and the repayment option you selected during the application process (Fixed or Interest Repayment), you may be required to make in-school payments. 

If your loan(s) is eligible for in-school deferment, your school may not have notified us yet that you're attending school. If your school reports enrollment data to the National Student Clearinghouse, we should receive your information automatically.

For more information, head over to our Deferring Payments page.

Question
What is the maximum amount of forbearance available for my loan?
Answer

Each loan program has a different amount of forbearance available. To find out your loan-specific eligibility, please call 800-472-5543.

Question
Will my payment increase after my forbearance period ends?
Answer

Yes, you're responsible for the interest that accrues during the forbearance period. If you choose not to pay the interest during this time, the Unpaid Interest will be capitalized (added to the Current Principal) as frequently as quarterly and at the end of this period. As a result, more interest may accrue over the life of the loan, the Current Amount Due may be higher, and more payments may be required. We encourage you to consider paying at least the interest as it accrues, which will save you money over the life of the loan.

Question
Why does it take longer to pay off my loan(s) if I go into deferment or forbearance?
Answer

Postponing payments on your loan(s) through deferment or forbearance doesn’t count towards your repayment term.

For example, if your repayment term is 10 years (say, 2000-2010), but you postpone payments for 2 years (say, 2000-2002), you'll still be making payments for 10 years, though it will take a total of 12 years to do it (now 2000-2012).

Question
I applied for forbearance and it was processed. Why does my credit report still show delinquencies?
Answer

Your forbearance may have been processed to bring your account current, but it won’t remove any previous delinquencies that were reported to the consumer reporting agencies or any late fees assessed before your forbearance was processed.

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Death and Disability

Category
Death and Disability
Question
What if the borrower or cosigner dies or is disabled?
Answer

We're always here for our customers and their families, especially during difficult times. For more information, visit our Life Changes page. We can also discuss your situation and how we can help by calling 800-472-5543.

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Military Benefit

Category
Military Benefit
Question
What is the Servicemembers Civil Relief Act (SCRA) interest rate benefit and who qualifies?
Answer

Please visit salliemae.com/military for information on the SCRA interest rate benefit and special resources available to our service members. You can also get more information by calling us at 855-534-2668.

Question
How do I request the Servicemembers Civil Relief Act (SCRA) interest rate benefit?
Answer

Servicemembers who believe they qualify for the SCRA interest rate benefit can fill out our online form. You can also notify us by fax, mail, or phone at 855-534-2668.

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General

Category
General
Question
When can a cosigner be released or removed from a loan and how long does it take to process that request?
Answer

Please see salliemae.com/cosignerrelease for information about applying to release a cosigner. Once a borrower submits a cosigner release application, it may take up to 30 days for us to process the request. We’ll contact you once the request is processed or if we need additional information.

If you have any questions, please call 800-472-5543. If you’re dialing from outside the U.S., please call 302-451-0546.

Question
What options do I have if I’m experiencing payment difficulties?
Answer

If you’re having trouble making payments, please refer to payment difficulties. You can also check your eligibility and apply for repayment programs online.

Question
When will my loan be disbursed? Can I change the date?
Answer

To see your projected disbursement date(s), log in to your account, select View Application details and reference the Disbursement Information tab. You can also find this information on the cover letter of your Final Disclosure.

You can’t change your disbursement date(s) because they are chosen and provided by your school based on your Right to Cancel period (which cannot be waved due to Federal law) and your school’s internal processing requirements.

If you applied for a Bar Study or Residency and Relocation loan, you may be eligible to change your disbursement date by calling 800-472-5543.

Question
How do I add or update my contact information (mailing address, phone number, and email address)?
Answer

Log into your account, click the Profile icon, select My profile, then Edit contact information for email and phone numbers or Edit address for mailing address. Update your information and click save.

Question
Why is my loan(s) still appearing on my credit report if it was paid in full, consolidated, or was sold/transferred to another lender/servicer?
Answer

Once a loan(s) is paid, consolidated, sold, or transferred, we report the loan(s) to the consumer reporting agencies as paid in full or transferred. Once reported as paid in full or transferred, we no longer report the loan(s) unless an update is required. The loan(s) will remain on your credit report with a paid in full or transferred status for a period determined by the consumer reporting agencies.

Question
How do I update my information if my name is listed wrong or was changed?
Answer

Please fax two forms of identification (listed below) to 855-756-0011 or mail them to Sallie Mae, ATTN: Correspondence, P.O. Box 3319, Wilmington, DE 19804-4319.

Acceptable documentation:

  • Current driver's license
  • Social Security card
  • Current W-2 Form
  • Birth Certificate
  • Unexpired Government issued ID (such as a Military ID)
  • Certificate of Naturalization (Form N-550 or N-570)
  • U.S. Certificate of Citizenship (Form N-560 or N-561)
  • Alien Registration Card (Form I-551 or I-151)
  • State ID
  • Court Order
  • Passport
  • U.S. military discharge papers
  • Legal document certifying the name change (marriage certificate, divorce decree, etc.)
Question
Can I make changes to my account online?
Answer

Yes! We’ve made it easy to manage your loan(s) and make requests online—you can also manage your payment allocation options, change your due date, and more.

Question
How do I let you know if I’ve graduated, left school, or returned to school?
Answer

The easiest way is to update your enrollment status online. You can also call us at 800-472-5543.

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Loan Interest Rate

Category
Loan Interest Rate
Question
Does Sallie Mae offer private student loans with a fixed interest rate?
Answer

Yes, we offer fixed interest rates. To learn more, visit salliemae.com.

Question
What is Annual Percentage Rate (APR)?
Answer

The APR represents the annual cost of borrowing money, including all interest, fees, and premiums expressed as an annualized percentage rate based on the expected term of your loan(s).

Question
How is the variable interest rate on my private student loan(s) calculated?
Answer

A variable interest rate is the sum of the loan's index and its margin. 

Private student loan programs use various indexes to calculate the interest rate—please refer to your loan agreement for the specific index used for your loan. 

The margin on your private student loan(s) is determined by your creditworthiness, the creditworthiness of your cosigner, if applicable, and other factors.

For more information on how private student loan interest rates are determined, visit salliemae.com.

Question
Why is the Annual Percentage Rate (APR) different from the interest rate on my loan(s)?
Answer

The Interest Rate may be higher or lower than your APR because the APR considers certain fees you may pay to obtain this loan, the Interest Rate, and whether you defer (postpone) payments while in school.

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