Looking for Student Loan Amortization schedule

Seeking Advice
1

Hi everyone,

I need some advice on effectively paying off my student loan. I’m used to standard loan amortization schedules, but my student loan calculations are confusing.

Here are the details:

  • Loan Origination: 08/25/2023
  • Loan Amount: $18,500
  • Interest Rate: 7.25%
  • Payment Application Order: Interest then Principal
  • Loan Status: Deferment

I paid $500 on 12/21/2023. $433.60 went to interest and $66.40 to principal. It seems the $433.60 was accumulated interest since August, but I’m unsure how to predict future payments.

The website shows $18.30 unpaid interest. Does interest accrue daily? If I pay $100 today, will it reduce the principal by $100 or $81.70 after covering unpaid interest?

Does anyone have a spreadsheet to map payments for these loans? Would refinancing to a standard loan with principal and interest payments be better? The current calculations don’t match what I’m used to, so any help would be appreciated.

Thanks!

2

You need a student loan amortization schedule. Interest accrues daily, and payments go towards interest and fees before the loan principal. Adjustments to monthly interest payments may be necessary due to processing delays. Unlike mortgages, student loans can accrue extra interest for late payments.