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Matching Navient Loan Download with Banking Download

New to Quicken for Mac but a 15 year Quicken for Windows user. Just set up my accounts.

I have a Commerce Banking Account which is set up for automatic downloads into Quicken.

I have 2 student debt consolidation loans from Navient which are automatically downloaded into Quicken.

I have an automatic payment set up from by bank to Navient.

So the first payment happened yesterday. Just updated all accounts. Bank Account showed a transfer for the correct amount with a category of student loan. Navient downloaded a payment and some adjustments (accrued interest or something). The Navient web amounts EXACTLY match what is shown in Quicken. I guess I should be happy, but it is not clear to me if everything worked correctly, as I didn't set up a payment schedule or anything like that. I expected to so a split category in my commerce account with some payments going to interest and some to the Navient loan and so on.

Did everything work correctly?
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Best Answer

  • John_in_NC
    John_in_NC SuperUser, Mac Beta Beta
    Accepted Answer
    Yes, it is correct if all you care to see is the cash transfer between accounts.

    But, no, it isn't correct if want to see a split transaction showing the P&I out of your banking account. That is up to you, (and I think the source of your concern.) It would be a good candidate for a scheduled (split) transaction-even if you have to manually enter the correct split amounts for each payment.

    There is now the ability to set up loans with amortization schedule in Quicken for Mac.  I am less familiar with them as I don't track any loans in this way. I guess those work OK if Navient calculates the interest in the exact same way as Quicken does. (I don't know.) Or, you could just do it manually and have your Navient account be a old fashioned liability account. Then you would have complete control. Up to you.

Answers

  • John_in_NC
    John_in_NC SuperUser, Mac Beta Beta
    Accepted Answer
    Yes, it is correct if all you care to see is the cash transfer between accounts.

    But, no, it isn't correct if want to see a split transaction showing the P&I out of your banking account. That is up to you, (and I think the source of your concern.) It would be a good candidate for a scheduled (split) transaction-even if you have to manually enter the correct split amounts for each payment.

    There is now the ability to set up loans with amortization schedule in Quicken for Mac.  I am less familiar with them as I don't track any loans in this way. I guess those work OK if Navient calculates the interest in the exact same way as Quicken does. (I don't know.) Or, you could just do it manually and have your Navient account be a old fashioned liability account. Then you would have complete control. Up to you.
  • John, thank you for your answer. I do understand this now. I have noticed that in general if I enter a split transaction ahead of time (scheduled or just manually) and the amount is correct then the downloads match up. If the amounts are not correct then they do not. This happens with credit card payments.

    With the loans I would like to have the P&I match correctly but really it is probably good enough if the overall amounts are correct. I will just let it work the way it does for now, and I can go try to change it later.

    Thank you for the response.
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