I have a stupid loan question

The principal wasn't growing. My payment was going through later than when I thought it was. So on my account the principal looked bigger than the information I had kept track of, but my info was wrong:

Let's say I have a loan for $1000 with 10% interest.

And let's say I have:

Principal = $1000

Interest = $20

If I schedule a payment of $30 for April 3, I expect that my principal on April 3 will be $990.

Well, Nelnet was applying it a day later, every time. They would apply my payment on April 4. So, while I thought I was paying $20 in interest and $10 in principal, I was actually paying $20.27 toward interest and $9.73 toward principal, because the payment didn't get applied until 1 more day worth of interest (27 cents) was added. Basically my bookkeeping was wrong because I didn't realize they weren't applying it on the day I had my payment scheduled. I'm assuming what Nelnet is doing is totally normal, but I didn't realize what was happening.

 
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So the difference was being caused by a day's worth of interest. I'd say that makes me 100% right but I'll settle for 90% since the difference was not that the payment was being applied late but rather just a day later than you thought it was.

 
Pretty important to call the loan company for any payment than the standard one. They're are too many ways for things to get screwed up, or misunderstood.

 
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