My school loans were held by Sallie Mae. The entire first year of payments(569/month) went to interest. Then for about 5 years about 50-100$ of this payment per month went to principal and the rest to interest(my payments went up to 622/month). Any extra money sent in was always applied first to the interest that had accrued for that month and then the principal (interest would accrued daily then a payment would be made and interest amount would go down to 0$ and start accruing again, so much per day-does this make sense?). I finally paid them off this last year but ended up paying about 65,000 dollars in interest (in addition to a 77,000 for the principal). I have been paying more towards my car and have noticed that they have not sent me a bill for February. I am still sending in a payment though. Student loans suck
