How to best track FedLoans?

nothingclever
nothingclever Member ✭✭
I have been able to add MyFedLoans to Quicken. I have total of 6 separate student loans. Quicken is able to auto-populate the principle, but does not add the accrued interest, no matter what I try. I have tried dummy entries, adjustment balances, new test file, and none of them work to track accrued interest. I have also tried to add loan details, including interest rates and date of loan, but again, no way to track accrued interest.

Also, I usually make one single payment to my FedLoan, but have to individually add how much is going to each loan.

Is there a better way to track FedLoans?

Thanks.

Comments

  • Quicken Francisco
    Quicken Francisco Alumni ✭✭✭✭

    Hello @nothingclever

    Thank you for reaching out to the Community regarding your issue, although I am sorry to hear that you are experiencing issues with your loan accounts. Downloaded loan accounts in Quicken are unable to be adjusted fully. What comes in from the FI is what will be reported inside Quicken. 

    Another way to manage your loans would be manually but would require a bit more work. You should be able to direct your payments from your bank directly to a manual account. This will allow a split to break it down to adjust it according to what you're looking for. The base level of the split would be directing the principal to the account as the payment and then the rest to an interest category. This option should allow you to break down your student loans how you would like.

    If you have any questions please let us know.

    Thanks,

    Quicken Francisco


  • nothingclever
    nothingclever Member ✭✭
    Thank you, yes you are correct that manually is the only way to track this. I am still having trouble with the amortization table since fed loans have forbearance and different interest capitalization, which is too complex for quicken.