Student Loans and Lines of Credit

My wife's student loans are spread out in several groups when imported into YNAB.  When I make payments, I make one payment to her account in Nelnet which is automatically spread across the groups.  Will YNAB be able to reconcile the single payment from my checking account when it will come through the other end as several smaller payments into each student loan?

Second question:  My wife also has a "checking line of credit," which should be treated like a credit card but appears to be treated like a savings or checking account.  When I try to create a transaction to pay the balance, it give's me "no category needed" and the paid amount is still available to budget.  How do I fix this?

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  • Hi Dean Gillespie !

    Those student loans may give you some trouble. Do you have each of her loans entered as separate accounts in your budget? If so, you can enter the payment as a Split transaction and split each portion of the payment into a transfer to the individual loan account it goes to for payment. When you import those transactions, as long as the imported payment on the loan matches the entered split you can match it in the account.

    As for that "checking line of credit" it sounds like it needs to be entered as a line of credit account (which is essentially treated the same as a credit card).

    Right now you can't change an account type - but you can create a new account and move over the history. Here are the steps to do that:

    1. Create a new account to replace the current one by clicking on Add Account > Enter Name & Type > Skip. Do this first! You'll have to give it a slightly different name. Enter a $0 starting balance for now.

    2. Go to the original account, select all of the transactions, and move them to the new account using the Edit menu. *For credit card accounts, you may also want to copy over any notes or goals you had in the corresponding Credit Card payment category.

    3. Refresh your browser.

    4. Delete the original account.

    5. Now, you can edit the name of the new account and/or set up Direct Import if you'd like.

    That should do it for you!

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