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.