June 3, 2021

What Is Your Student Loan Balance? How to Find Out How Much You Owe

Chipper Help

Many college graduates finish their education with some form of student debt. Statistics show that in 2015, roughly 68 percent of college seniors graduating from public and private nonprofit universities took out student loans.

If a college graduate used a student loan to fund their education, it's critical to know how much they owe to devise a repayment strategy. Keeping track of your student loan balance is crucial, especially if you have multiple loans. Missing just a single due date could lead to falling behind on loan payments.

If you often find yourself asking, "what is my student balance?" or "how to find my student loan balance" keep reading! This article will discuss everything you need to know about how to check how much you owe.

Why Knowing Your Student Loan Balance Is Important

Understanding your student loan balance is critical to effectively managing and repaying your student loans. Your student loan total is made up of the principal loan amount plus interest paid over the loan's term. You can start creating a repayment plan to pay off that debt as soon as possible once you have a definite number to work with. You may create a repayment plan that fits your income and lifestyle, and it will pay off your debt quickly, saving you money in the long run.

Additionally, keeping track of your student loans is even more critical if you have many of them. Even missing one due date can cause you to fall behind on your debt payments. Payment history accounts for 35% of your FICO score, and a single late or missed payment can cause your credit score to plummet.

How to Check Your Federal Student Loan Balance

You may check your student loan balance in a few different ways if you took out a loan from the US Department of Education.

Visit the National Student Loan Data System (NSLDS)

Your federal student loan balances can be found under the National Student Loan Data System (NSLDS) in your My Federal Student Aid account, which you can view at any time. This is the main database for student aid maintained by the United States Department of Education, and it tracks all your federal student loans.

To access the site, you'll need your Federal Student Aid ID username and password. The NSLDS is extremely helpful because it provides a comprehensive view of your federal loans all at once, allowing you to see how much federal debt you owe straight away. It does not, however, contain any information regarding your private student loans.

Consult With Your School's Financial Aid Office

Another alternative is to contact your school's financial aid office if you have federal loans that do not appear on the NSLDS. The staff can dig up information about your previous loans, such as how much you borrowed and who was in charge of servicing it. Using that information, you can get in touch with the servicer to obtain the current loan balance.

How to Check Your Private Student Loan Balance

Finding information on private student loan balances is a little more complex than federal loans. Private student loans do not have a nationwide website like federal student loans do. Additionally, the financial institution that initially granted the loan may outsource loan servicing or sell your debt to a third party. There are, however, additional options for determining the balance of your private student loan.

If Your Loan Has Switched Servicers, Ask Your Original Lender

Beginning your search for your loan balance with your initial lender is always a good idea. With any luck, you haven't lost your original loan papers, which include the lender's contact details. You should be able to find your current servicer and student loan balance with only one phone call.

Request Assistance From Your School

If you're experiencing difficulties finding your private student loan balance, contact the financial aid office at your university. They can assist you with determining who is now in charge of your debt.

Look Over Your Credit Report

All your current and previous credit commitments, including student loans, are listed on your credit reports. Your credit report will show the amount you borrowed as well as the loan servicer you can contact to inquire about your account's status.

You should be able to determine how much your private student loan balance is and where you should send your monthly payments with a bit of research.

While it may seem complicated, learning how to find how much you owe in student loans is an essential first step in managing your debt. Ways to go about it differ if you have a federal student loan or a private one. However, once you have determined your student loan balance and who your loan servicers are, you can arrange a repayment plan that suits your needs.

Use Chipper for Lower Payments

Chipper can help you find a student loan repayment plan that actually fits into your budget. You simply fill out your information and link your student loan account for us to generate your options in seconds. We help the average student loan borrower save over $300 a month off their student loan monthly payment. Lowering your monthly payment plan can game changing for your personal finance and can be done in minutes! Sign up for Chipper today to get on track with your student loans.

Use Chipper for The Best Path to Forgiveness

Finding your path to student loan forgiveness is easier than ever before. Chipper helps members find better Income-Driven Repayment (IDR) plans every day. Once enrolled in an eligible repayment plan, we can help you explore your forgiveness options and understand your path towards forgiveness. Sign up with Chipper today and get on track with your student loans.

Use Chipper for Round-Ups

Paying off your student loans doesn’t have to be a long and painful journey. Round-Ups are a way to directly pay off your loans with your everyday spending! By tracking your linked spending account(s), we will calculate the rounded up amount from each transaction in a week (IE spending $4.28 would add $0.72 to the weekly amount). We then initiate a payment towards your student loan for the weekly amount. Get chipping away on your student loans with Chipper today.

Use Chipper for Public Service Loan Forgiveness (PSLF)

The Public Service Loan Forgiveness (PSLF) program was created to provide relief to borrowers aiding the public sector. Unfortunately, 30% of applicants are denied due to incorrect paperwork. We can help! Chipper was created to solve this issue by assisting borrowers in understanding their options as well as allowing forgiveness eligible users enroll into the best forgiveness program available. Sign up for Chipper today to see your student loan forgiveness options and get the forgiveness you deserve.

Use Chipper for Teacher Loan Forgiveness (TLF)

The Teacher Loan Forgiveness (TLF) program was created to enable teachers working in Title 1 schools to receive student loan forgiveness of up to $17,500 (depending on their teaching subject). Chipper has helped teachers from all over the country qualify for TLF program and can help you get the forgiveness you deserve today. Find out if you qualify for forgiveness in minutes with our employer search tool.

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