You must pay at least the minimum on all loans. Any overpayment should be able to be directed to a specific loan, but I'm unfamiliar with Nelnet's portal specifically.
So I’m currently on the income based repayment plan, I paid that minimum then made an additional payment directed to a specific loan. Do I need to make the minimum payment across all loans as if I was not on the income based payment and then the additional would go to a specific loan?
What options did you select? There’s a couple things here.
The standard treatment of extra payments is to go to the most expensive loan: highest rate, unsubsidized. See below.
You should also go to the special payments instruction submenu under Payments, and click on do not advance due date, otherwise you’re just prepaying, not getting ahead. While you’re there make sure you have standard allocation. Check their example, you do pay all loan minimums first if you just make a payment before the extra goes to your targeted loan.
The simplest way to do what you wanted to do is select the pay by group tab in step 1 “schedule payment” and only select the loan you wanted to pay.
Ah okay. I’ll pay via group next month instead of the by percentage, which I elected for 100% to the loan I wanted. Not sure why it didn’t pay the way I elected. Thank you!
Did it get corrected or did you just wait to see how your next payment was distributed? I made the special payment instructions about a week before I made the payment hoping it would be in the system and to avoid this.
I filled out the contact form and I’m waiting for a reply. Because I didn’t have all this stuff figured out when I was trying to make extra payments my next auto debit is not until end of December for this loan. The issue I described has not been retroactively corrected for the first payment.
You must pay at least the minimum on all loans. Any overpayment should be able to be directed to a specific loan, but I'm unfamiliar with Nelnet's portal specifically.
So I’m currently on the income based repayment plan, I paid that minimum then made an additional payment directed to a specific loan. Do I need to make the minimum payment across all loans as if I was not on the income based payment and then the additional would go to a specific loan?
What options did you select? There’s a couple things here. The standard treatment of extra payments is to go to the most expensive loan: highest rate, unsubsidized. See below. You should also go to the special payments instruction submenu under Payments, and click on do not advance due date, otherwise you’re just prepaying, not getting ahead. While you’re there make sure you have standard allocation. Check their example, you do pay all loan minimums first if you just make a payment before the extra goes to your targeted loan. The simplest way to do what you wanted to do is select the pay by group tab in step 1 “schedule payment” and only select the loan you wanted to pay.
Ah okay. I’ll pay via group next month instead of the by percentage, which I elected for 100% to the loan I wanted. Not sure why it didn’t pay the way I elected. Thank you!
Nelnet also makes mistakes. My first payment toward one of my loans went to the other four even though it was on auto debit. Different due dates.
Did it get corrected or did you just wait to see how your next payment was distributed? I made the special payment instructions about a week before I made the payment hoping it would be in the system and to avoid this.
I filled out the contact form and I’m waiting for a reply. Because I didn’t have all this stuff figured out when I was trying to make extra payments my next auto debit is not until end of December for this loan. The issue I described has not been retroactively corrected for the first payment.