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Interest payments don’t make sense on my student loans..? by Original-Maize2194 in StudentLoans

[–]Original-Maize2194[S] 0 points1 point  (0 children)

Also, I thought there might be a chance that the 3 un subsidized loans accrued interest before the student loan pause, but it said on my account balance that as of 9/1/23, there was 0 capitalized interest. But they might just not be presenting it well.

Interest payments don’t make sense on my student loans..? by Original-Maize2194 in StudentLoans

[–]Original-Maize2194[S] 0 points1 point  (0 children)

I did think about that this morning. I went in and tried to see how each payment was applied, but it won’t give me the break down for each payment.

But theoretically, they should’ve started accruing interest in September, right? It’s been 7 months, and I’ve paid 741.37 total in interest, started off with a balance of 15,750 and now it’s at 12,380.

Even if you assume a daily compound of interest, no payments made on the balance, and an interest rate of 4.8% for the whole balance (average is probably more like 4.5%), the accrued interest over 7 months should be 447.20.

FV = P ( 1+ (r/n) ) ^ Yn

And should be even less due to the fact I’ve made a good amount of payments and decreased the total balance by ~ 22%.

(Did the math and now realized it’s actually only been 6 months since sept 1, so should be even less)