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I have two current student loans with Chase, both with very similar balances. Here are the details.
Loan 70
Balance to date: $14,129.62 (according to account online)
Original principle: $12,000
Accrued interest to date: $2,129.62
APR: 2.52%
Payment History
4/14/2012
Principle: $28.71
Interest: $ 48.64
Total: $77.35
5/14/2012
Principle: $48.59
Interest: $29.31
Total: $77.9
Loan 71
Balance to data according to online: $14738.33
Original principle: $12,369.86
Accrued interest to date: $2,368.47
APR: 5.0%
Payment History
4/14/2012
Principle: $2.12
Interest: $97.91
Total: 100.03
5/14/2012
Principle: $40.13
Interest: $60.56
Total: $100.69
What's sticky about this entire thing is that I have to FFFFFFFing calculate all these numbers each month, Chase can't lay it out nicely for me. Online they display cumulative interest and principles paid on a loan, and that is it. Additionally, I am not paying as if it were a $100 and $77 loan (even though this is the reality). I am paying a single compiled $177 amount each month. Therefore, I cannot see how much principle goes to 70 vs 71, and how much interest goes to 70 vs 71. This would ordinarily be fine, however, one loan is double the interest rate as the other. I want to ensure Chase isn't swaying the distribution of the payments in their favor, i.e. putting more towards interest rather than principle, and or putting more towards loan 70 than loan 71 than what should be fair (more $ going to the higher interest rate loan).
I am looking for comments on the overall operation of my loan through Chase, along with the existing distributions of the payments as shown above. Thank you so much.
Loan 70
Balance to date: $14,129.62 (according to account online)
Original principle: $12,000
Accrued interest to date: $2,129.62
APR: 2.52%
Payment History
4/14/2012
Principle: $28.71
Interest: $ 48.64
Total: $77.35
5/14/2012
Principle: $48.59
Interest: $29.31
Total: $77.9
Loan 71
Balance to data according to online: $14738.33
Original principle: $12,369.86
Accrued interest to date: $2,368.47
APR: 5.0%
Payment History
4/14/2012
Principle: $2.12
Interest: $97.91
Total: 100.03
5/14/2012
Principle: $40.13
Interest: $60.56
Total: $100.69
What's sticky about this entire thing is that I have to FFFFFFFing calculate all these numbers each month, Chase can't lay it out nicely for me. Online they display cumulative interest and principles paid on a loan, and that is it. Additionally, I am not paying as if it were a $100 and $77 loan (even though this is the reality). I am paying a single compiled $177 amount each month. Therefore, I cannot see how much principle goes to 70 vs 71, and how much interest goes to 70 vs 71. This would ordinarily be fine, however, one loan is double the interest rate as the other. I want to ensure Chase isn't swaying the distribution of the payments in their favor, i.e. putting more towards interest rather than principle, and or putting more towards loan 70 than loan 71 than what should be fair (more $ going to the higher interest rate loan).
I am looking for comments on the overall operation of my loan through Chase, along with the existing distributions of the payments as shown above. Thank you so much.
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