Reddit Student Loans

Why isn’t my daily interest going down?

Hey. A few days ago I was looking at $5,225 unpaid principal at 4.7% APR and $5,237 total balance with about $13 unpaid interest through Great Lakes (10 days before payment due date). I made a payment then of $55 and while my current balance and unpaid principal went down, my daily rate of $0.66 did not. I would have thought it would go down to $0.65 or $0.64 per day at least.. am I not understanding how interest works? What is *principal balance*? I’m trying to lower this daily interest fast so I don’t pay an extra $20 a month for nothing. Is it going to be like this for the rest of the loan? I thought the more I pay it down the less interest I would owe? Also, I have two loans within this; one is at 4.5% and the other at 5%. This means I’m paying 4.7% now, right? Also I thought the more I pay it down I would chip away at the 5% portion of it, which is why I’m expecting to see a daily interest difference rather quickly. Would anyone care to educate me here please? Thank you..

Why isn’t my daily interest going down? – RobinHood – Reddit Feed

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