If I send Sallie Mae 2 payments a month will it lower my principal for sending the payment in early? Will both payments be applied to the monthly total the day I send them in to reduce the monthly interest?
This will not help you if you are planning on skipping the … This will not help you if you are planning on skipping the payment the following month’s payment. If you want to reduce the interest you are paying, you need to send them more then the minimum required EACH month. Paying “early” doesn’t really help. Also, you will need to be careful because most student loan companies do not consider it paying early. For example, if your monthly payment is $50 and you send them $100 in March, you will still be expected to make your $50 payment in April. The best advice, is to call Sallie Mae directly to discuss your options with them. Good luck, and it is very smart that you are trying to pay down the principal of your loan!!!
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