Okay I know that interest accruing daily is normal but whyyy are they changing my balance daily instead of adding my accrued interest to the balance of my loans at the end of the statement cycle like a normal loan?
That being said, Aidvantage literally doesn't send me statements at all! It all just seems fishy to me. Anyway else have this experience with their loan provider or Aidvantage specifically?
Posted by TheMcstepherson
3 Comments
Student loans accrue interest daily, so they update it daily. It doesn’t affect you either way with how the interest accrues, and I’ll bet it is part of some regulation.
As far as statements… are you in active repayment right now, with payments due each month?
The interest owed is the same whether they add it daily or monthly.
You should have an inbox on your servicer portal that has the statements.
It’s not “fishy.” It’s just the way their system is set up. You bank account also accrues interest daily, even though most banks only post it to your account once a month.