Platform: Money 99
I was lucky (!?!?) enough to collect 4 different student loans to put me
through school. Two of these loans come from the same lender and are
billed at the same time. However they both have different terms and
interests. I haven't found a particularly good way to handle payments.
I came up with two options:
- Dump both loans into one loan account, and every time I pay I manually
enter interest and principal. Of course the debt planner doesn't make
much sense, since it doesn't know that one loand finishes in 5 years and
the other in 10. I can get it to come up with decent approximations of
interest by switching the interest rate once in a while so that the
interest _payment_ matches what I'm actually paying.
- Alternatively I can set up two different loan accounts, one for each
loan. In addition I set up a dummy cash fund. When I make the check
payment, I first transfer the entire amount to the dummy cash account,
and then make the two separate payments from the dummy account.
Drawback with this is the huge amount of time invested to get it to
Any other suggestions?