Sallie Mae Student Loan Complaint

Sallie Mae Student loan department,

Non-federal student loan Dealing with my lender or servicer Trouble with how payments are handled New Jersey

The lender Sallie Mae stated that they were unable / unwilling to follow my written payment allocation instructions. I used the CFPB guidelines for my instructions found at http - Dear Sallie Mae , Inc. , I am writing to provide you instructions on how to apply payments when I send an amount greater than the minimum amount due. Please apply payments as follows : 1. After applying the minimum amount due for each loan, any additional amount should be applied to the principal of the loan that is accruing the highest interest rate. 2. If there are multiple loans with the same interest rate, please apply the additional amount to the principal of the loan with the lowest outstanding principal balance. 3. If any additional amount above the minimum amount due ends up paying off an individual loan, please then apply any remaining part of my payment to the principal of the loan with the next highest interest rate. It is possible that I may find an option to refinance my loans to a lower rate with another lender. If this lender or any third party makes payments to my account on my behalf, you should use the instructions outlined above. Retain these instructions. Please apply these instructions to all future overpayments. Please confirm that these payments will be processed as specified, or provide an explanation as to why you are unable to follow these instructions.