who eats the missing money paid back to the government for student loans?


I want this question in "Politics & Government" so don't send it elsewhere.

I took out loans for $8000 32 years ago, still paying on them because my school closed and govt defaulted them. I owed with 9% interest just $15,200 but to date they've taken out $29,065.18. Last year I paid them over $2,000 (SS garnished), they told me interest was taken out FIRST, so the $2,000 should have gone to principal, yet I just checked and only $1,342.51 was credited. Who is eating the balance of my money?

Update 2:

I just found out that Sallie Mae is now called Navient (and Navient just moved into leased space for 7 years in Delaware). Sallie Mae was part of the government so it's the government that's eating my money, the money I didn't owe them.

Thanks all responders.

2 Answers

  • 5 years ago
    Favorite Answer

    That goes into the petty cash box.

  • Anonymous
    5 years ago

    Small business owners and their employees

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