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I checked my balance today and I'm not sure I understand this. The interest portion of my student loan payments have been jumping all over the place.
My payments used to be $400, I paid off a loan and now its $370. I always make extra payments, but lately my interest amounts seem to be getting higher. Shouldn't they be going down each month if I'm lowering the balance? My rates are fixed.
2/5/17 - $30 payment $14.75 interest
2/24/17 - $370 payment $83.55 interest... so Feb was $400 payments and $98.30 interest
3/1/17 - $39 payment $4.56 interest
3/24/17 - $370 payment $87.75 interest... so March was $409 payments and $92.31 interest
4/3/17 - $100 payment $4.68 interest
4/24/17 - $370 payment $94.14 interest... so April was $470 payments and $98.82 interest
Why did my interest payment go from $98.30 to $92.31 back to $98.82 when the balance has dropped like $1,000. I feel like I'm missing something here.
Rate over time x debt. February is a short month. Less time. Less interest paid in March. Can't really tell you any more than that. You may be prepaying on interest in the months you pay extra causing fluctuation as well.
All my additional payments are right around the same time each month, the 5th the 1st and the 3rd. My other payments are the automatic payments.. I might just give them a call to try to understand why when I made an extra payment on the 5th for $30 almost half went to interest and when I made a $100 payment on the 3rd two months later only $4.68 went to interest.. I'd really like to understand this.
All my additional payments are right around the same time each month, the 5th the 1st and the 3rd. My other payments are the automatic payments.. I might just give them a call to try to understand why when I made an extra payment on the 5th for $30 almost half went to interest and when I made a $100 payment on the 3rd two months later only $4.68 went to interest.. I'd really like to understand this.
Any additional random payments will go towards outstanding interest for the month first not directly to princ. If you added more to your monthly payment all of it would go to princ
All my additional payments are right around the same time each month, the 5th the 1st and the 3rd. My other payments are the automatic payments.. I might just give them a call to try to understand why when I made an extra payment on the 5th for $30 almost half went to interest and when I made a $100 payment on the 3rd two months later only $4.68 went to interest.. I'd really like to understand this.
Organize your statements, call the loan holder, and go over each one with them, don't hang-up till you understand completely. If you have someone who understands finance a little better, have him/her go over them with you. It is not out of the realm of possibilities that they made a mistake.
I paid off my student loan on April 30th. (thank god! Now i have more money to save and invest)
My balance was 0.47 cents. The company would not write it off so i had to sent a payment of 1.25. They have not refunded me 0.78 cents that i over-paid. LOL...
I paid off my student loan on April 30th. (thank god! Now i have more money to save and invest)
My balance was 0.47 cents. The company would not write it off so i had to sent a payment of 1.25. They have not refunded me 0.78 cents that i over-paid. LOL...
Why did you send them 1.25?
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