I have voiced frustrations before regarding FedLoan payment processing system. They are hired by the federal government to do one thing, which is to service student loans, and they frankly suck at it. They take an entire week to process a payment and they don’t accept payments on weekends. What are we, living in the stone ages?
Well, with my brand new refinance, which feels like buying a new car, I made my first payment. Guess what, the payment is processed right away and I feel some immediate gratification. Beautiful!
Check it out:
It actually tells me how much is applied to principal and how much applied to interest. Well, that feels really great. FedLoan servicing never did such a thing. I think I just like to know where my money is going. Remember I have the plan of making bimonthly payments, so this is my first half of the total payment due. If you would like to hear more regarding bimonthly payments see my previous blog post here.
I bet you are wondering about the juicy details of my new student loan? I plan to dive into that information soon. For now, happy Friday!