I recently (A few months ago) bumped up my loan repayment. My repayment just started this year.
So, I took a look at how nelnet is allocating my auto debit, and my payment history looks like this:
Date Payment Principle Interest 05/11/2018 $500.00 $340.05 $159.95 04/11/2018 $500.00 $491.90 $8.10 03/11/2018 $500.00 $420.77 $79.23 02/11/2018 $350.00 $256.31 $93.69
Why would the amount allocated to principal and interest fluctuate so much? It seems rather random when looking at how much was allocated to each loan in a more detailed statement.
The month with the low applied interest payment was all thrown to 1 loan and the others are spread out quite a bit.
For more detail, I have around 25k in loans and it is spread across 8 loans with an average interest rate around 4%.