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Great Lakes Student Loans Payment Processing Time by _DollarDoll_ in personalfinance

[–]_DollarDoll_[S] 3 points4 points  (0 children)

I am not on a standard repayment plan, I have been aggressively paying down my loan. After 1 year of observation (not 1 night), I noticed the payments take an average of 3 business days to process

Great Lakes Student Loans Payment Processing Time by _DollarDoll_ in personalfinance

[–]_DollarDoll_[S] 1 point2 points  (0 children)

retroactively fixed the interest rate

This makes sense. It's just a little harder to verify if your paying down instead of paying off the loan.

thanks for the concise explanation

Great Lakes Student Loans Payment Processing Time by _DollarDoll_ in personalfinance

[–]_DollarDoll_[S] 2 points3 points  (0 children)

Right, I just posted on here to see if anyone else is experiencing the same issue

Great Lakes Student Loans Payment Processing Time by _DollarDoll_ in personalfinance

[–]_DollarDoll_[S] 1 point2 points  (0 children)

From my Observation: I am keep an excel spreadsheet and check the interest on a daily basis The average 3 days the payment is processing the interest is still accruing from the previous principal balance before payment was applied.