# Sallie Mae Loan Balance

## I have a Sallie Mae loan balance that never seems to go down! What can I do about the amount I pay?

I have a Sallie Mae loan I am behind on by two months. Now it is paid up. The total never seems to go down. What can i do about the interest rate and the amount I am paying?

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#### By Daniel Cohen Published: Feb 18, 2015

Highlights

• Learn the specific interest rate, balance, and terms of your Sallie Mae loan.
• See how increasing your monthly payments will affect the your interest expense.

Before you take any action in regard to this loan, you should learn the specific interest rate, balance, and loan terms, to put numbers to your observation that your monthly payments are not effectively reducing the balance of the debt.

For almost all student loans, including Sallie Mae loans, you can do a one-time consolidation and significantly lower the monthly payment. See the Bills.com resource Everything You Need to Know About Student Loans to learn more about all aspects of student loans. See the Bills.com article about student loan consolidation to see if your loan qualifies for consolidation.

You should also calculate how long it will take you to repay the loan and how much it will cost you. Go to the Sallie Mae loan consolidation calculator. Plug in the remaining balance on your student loan, the interest rate, and the monthly payment amount.

Check the "show amortization schedule" box, hit calculate, and the calculator will show you the cumulative interest you will pay on the loan. You can then play around with different monthly payment amounts to see how much paying extra each month will reduce the interest paid on the loan. For example, on a \$10,000 loan at 8%, if you pay \$300 per month, it will take 38 months to repay the loan at a cost of \$1,350 in interest. However, if you double your payment to \$600, it would only take 18 months to pay off the loan and the interest would only be \$645.

By analyzing different payment amounts, you can see how increasing your monthly payments will affect the amount of interest you will pay on the loan.

If you are able to find a lender willing to offer you more favorable loan terms, you may be able to significantly reduce the time and cost required to repay this loan. As mentioned above, it is almost always in your best interest to pay more than the minimum payment, as it can significantly reduce the cost of the loan. Best of luck with resolving this debt.

I hope this information helps you Find. Learn & Save.

Best,

Bill

Bills.com

Get Debt Help!
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• BA
Apr, 2010
Bill
A person in financial distress caused by student loans has several options. If the student loan is federal, contact the Federal Student Aid Information Center by calling (800) 433-3243, or visit the Dept. of Education Student Aid Web site. It may be possible to consolidate or negotiate a private student loan. See the Bills.com articles How Do I Consolidate My Student Loans? and Student Loan Bankruptcy to learn about these options.

• JB
Apr, 2010
joe
My girlfriend has a balance of \$80,000 on her Sally Mae loan, and paying an amount acceptable to SM, but not enough to cover the annual interest. I can't believe they lent her that money, and she did not graduate. Is there any help for her?

• Apr, 2008
Parker
Sure - you can get a loan for your first home. In fact, FHA has many first time homebuyer loan programs to help people with a smaller down payment still buy a home. I'd recommend that you check out the FHA Loan Center: http://www.bills.com/fha-loans/ Or apply for a new loan: https://www.bills.com/homeloan/mortgage_refinance

• Apr, 2008
lindakedigh
I was wanting to know if it is possible to get a loan to buy your first home or if you can only get second mortgage loans.