My wife and I recently paid off her student loans. We had heard rumors about processors, Nelnet for us, taking days to process the pay off and accruing interest during this time.
We figured we would pay a bit more than the estimated payoff to account for this. Nelnet would not allow us to pay more… So we crossed our fingers and paid the estimate. After 3 days of waiting it processed. But it said we owed $.07. That is right, not even a dime.
We don’t know how it came up with this number because we accrue dollars a day in interest. We thought about calling them and complaining, but decided to submit another payment of $.07.
It went through and we are paid in full.
It is amazing to me that these services are incapable of processing a payoff accurately. Btw Nelnet does not have a payoff button. You have to use the estimator and then pay that amount exactly. It feels like they just want to make it difficult.