I overpaid my student loan payment by $2000 (typo), do you think I can get it back?
I pay my student loan online and it looks like I a week ago I paid $2230 instead of $230 by mistake.
I will have to wait until tuesday to talk to the company (Sallie Mae) but does anyone know if payment mistakes like that can be reversed?
I did the same thing once with SallieMae. I had scheduled a payment twice on accident, and so they took it out of my account twice. When I noticed the error and talked to them, they said that it was MY mistake, not theirs, and therefore there was nothing they could do. They were not sympathetic to my error at all and were actually quite rude about it, so I wouldn’t hold my breath.
If I were you I would go through the bank instead to have them stop payment. If you don’t have enough money in your account to cover it, the payment will bounce and you will be penalized. However, if you do have enough money to cover it, it’s really not that bad of an option. Paying down $2000 extra will be taken directly off the loan’s principal, which will in the long run save you several thousand dollars and reduce your payment time by a couple of years.
