Hello! After a quick glance at my two Nelnet accounts, I'm curious how they determine how to split the payments...
Loan 1 Balance $3,542.77 Rate 3.15%
Loan 2 Balance $3,498.29 Rate 6.55%
I pay $55 month, a couple bucks over my minimum payment of $51.xx. Not only does Nelnet apply those extra dollars to the lower interest loan but the payment on loan 2 is going to interest only.
Group Total Applied Applied to Principal Applied to Interest Applied to Fees*Total
| A | $46.56 | $27.80 | $18.76 | $0.00 |
| B | $8.44 | $0.00 | $8.44 | $0.00 |
| $55.00 | $27.80 | $27.20 | $0.00 |
If I increase my payment, can I have it applied to the higher interest loan in some way? Loan 2 was originally for $2,700 in 2012 so the balance is clearly going the wrong way but I just began making payments last fall.
