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