Student loan payment comes out as one, gets applied to two accounts

When I added my Nelnet account, YNAB imported my student loans as two accounts. My payment comes out of my checking account as one transaction; when imported from my Nelnet account it appears as two separate payments to the two accounts. The interest in Nelnet doesn't appear as a transaction so the balance becomes off as well.

How would you recommend entering my payment to the two accounts?

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  • Hi Sky Blue Sound !

    I think the easiest way to fix this would be to change the payment in your checking account, to a Split Transaction. You can split the payment for the amount applied to each loan (change the payee to "Transfer: [Name of Loan Account]"), which should then match up with the payments entered in the individual loan accounts.

    As for the interest, do you have the loans as on budget accounts or tracking accounts? If they're tracking accounts, you can reconcile the account or manually enter a balance adjustment to make up for the difference caused by interest. If they're on budget accounts, you'll want to manually enter a transaction for the interest and categorize it to the interest and fees category. 

    This article is for Credit Card Interest, but can work for loans as well. :)

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  • Sky Blue Sound

    It's been a few days, so I'm going to mark this as answered. If you still have questions, just mention me in a comment and I'll get back to you! :)

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  • Hi,

    I'm pretty new to YNAB and was struggling with the same situation, where my monthly loan payment is applied to 8 separate accounts (which I have successfully linked). I found this and some other help on the forums, but couldn't figure out how I was supposed to make this work with a split transaction, because the basic instructions for a split transaction say you can assign it to multiple budgeting categories, not necessarily multiple payees, which was the key to making this work. 

    Faness You may wish to make that key element of split transactions more visible in basic instruction, or have dedicated instruction on handling student loans easier to find. A lot of the student loan posts I came across on the forum say that applying the payment to each separate loan account is a hurdle or they find it easier to not even track the loan amount. The main reason I wanted to use YNAB was to manage my student loans, so I'd love for some simple instructions to be easy to find. Also, it doesn't look like the mobile app version of split transactions supports split/multiple payees as is needed for student loans - I only see the split option for categories.

    Thanks,

    Deziree

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    • Hi Deziree , 
      I just wanted to mention that you can change the payee in the mobile app once you tap Split and then tap into each category. Hope that helps!

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      • Deziree
      • Magenta_Piranha.1
      • 3 yrs ago
      • Reported - view

      Janelle Thanks!

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