How do I Find Out My Student Loan Debt? Quick Loan Tips

Whether you’re still enrolled or have graduated, keeping track of your student loan balance will help you plan your payment schedule and only take out loans you can afford to repay. Whether you have federal or private student loan debt, how do you find out? Continue reading for additional information on determining your debt obligations and repayment options.

How do I find out my student loan debt?

The first thing you should do if you’re wondering is, how do I find out how much I owe in student loans? It is to determine how many and what kinds of loans you currently have outstanding.

If you took out several different sorts of loans from numerous lenders, you might need help to examine your total loan balance in one location.

You may owe one of two different sorts of loans:

• The Federal Department of Education makes student loans available under Stafford loans, direct unsubsidized financial aid, and direct PLUS loans.
• Private student loans: A variety of private lenders, including banks, colleges, and credit unions, may offer these loans.

If you have debt from both kinds of loans, you will need help to locate it all in one spot. If you borrowed money for graduate school, this is more typical.

How to Find Loan Balances for Each Type of Loan?

You must look for the loan amounts for every loan you’ve ever taken out to determine how much or if you owe any student loans.

All loans, except federally subsidized loans, accrue interest while you are enrolled in school.

As a result, even when you have just graduated, your loan debt may already be much more than the sum you borrowed initially.

Federal Student Loans Balance

Checking how much you owe in federal student loans is simple because the Department of Education maintains a central database of all student loan debt.

All you have to do is go to the website for Federal Student Aid.

You can check your outstanding balances on any federal student loans through this link.

You require your Federal Student Aid ID to log in to your account and check the progress of your federal student loans.

As the federal database is only sometimes updated with the most recent loan information, double-check this with your loan servicer.

The same Federal Student Aid portal will allow you to see information about your loan servicer, including any updates.

Private Student Loans Balance

Finding out how much you owe in private student loans becomes more difficult. You’ll need to contact the lender to determine how much you owe on each loan.

You can’t use a central database or website to check your private loan amount.

Your original lender may have sold your debt to another company or outsourced the servicing of your loan to another servicer, complicating matters even further.

Contacting your first student loan lender—or lenders if you took out multiple private student loans—is the best approach to determine the total of your loans.

Ask your lenders to confirm your current outstanding loan balance by contacting them via phone or email.

There are a few alternative options you can pursue if you can’t recall the names of your lenders, don’t know who is now servicing your loans, or find it difficult to get in touch with them:

• Ask Experian, TransUnion, or Equifax, the three major credit reporting companies, for a free credit report. This will list every debt you may have, including any school loans and the services for each.
• Speak with the financial assistance staff at your institution. They ought to be able to provide you with the name of your present loan servicer.

How to Find Your Loan Balance With the NSLD?

The NSLD contains all federal student loans. To access the database, visit the Federal Student Aid website or contact your loan servicer.

This website replaced the National Student Loan Data System (NSCDS) in 2020.

The steps to check your loan amount on the NSLD are as follows:

• Locate and save your Federal Student Aid ID number. After completing the FAFSA, this is the special identification number you created for the federal student aid program.
• Enter your ID and password at https://studentaid.gov.
• After logging in, you may view your federal student loan balances, payment statuses, current loan servicer, and interest.
• If you believe any information needs to be corrected or want to be sure you receive the most recent information, contact your loan servicer immediately. They will be able to provide you with the most recent information regarding the amount of your loan and anything else you require.

How Much You Really Owe on Student Loans?

Your current student loan balance and the total amount you will have to pay back throughout your loans’ lives are probably different.

You will continue paying interest on your debt if you intend to pay off a portion immediately. Fees may also be required of you at this time.

This can significantly affect the difference between your loan amount and the total amount you’ll have to pay over time.

If the interest rates on your student loans are relatively low, you shouldn’t need to do this.

For instance, it might make more sense to pay off other debt with a higher interest rate or begin saving for retirement before paying off your student loans if the interest rate is 3% or less.

Additionally, make only the minimal payments on your student loans for the time being if you hope to have them canceled in the future.

Why did my student loan balance go to zero?

You can feel reassured if you check your student loan account and realize nothing is owed. Your loans, however, are still permanently lost.

Your account may suddenly display a value of zero for several reasons:

• A new loan servicer has been hired. Loan servicers frequently change; thus, your account with your former servicer can be empty if your loan amount is transferred to the new servicer. A modification like this should be disclosed to you in advance by your service provider.
• You may qualify for Public Service Loan Forgiveness (PSLF). The US Department of Education has been working to make loan forgiveness applications easier for PSLF-dependent student loan borrowers. If you had previously applied for forgiveness but were denied, your request might have been reviewed and approved this time. If so, you ought to receive a letter.
• You’ve completed a different loan repayment scheme. There are other ways for the government to erase student loans besides PSLF. Additionally, you might be eligible for student loan forgiveness programs like Teacher Loan Forgiveness, Closed School Discharge, or Total and Permanent Disability Discharge. If you qualify for one of these and are accepted, you can have your student loan debt forgiven.
• You’ve had your student loan canceled or cleared. A corporation called Navient, which aids in student loan repayment, decided to eliminate $1.7 billion in student loan debt in January 2022. This forgiven debt may have included your loan or a similar situation. You should contact your servicer if your account balance is $0 and you suspect this might have happened to you.

How to Pay Off Student Loans Faster?

You’ll pay less interest throughout the loan if you repay your student loans sooner than expected.

Additionally, it may help you raise your credit score and reduce the proportion of your debt to your income.

Here are some suggestions for paying off your student loans more quickly:

• Obtain a loan refinance. If you’re paying a lot of interest currently, refinancing is an excellent strategy to reduce your interest rates and pay off your student debt more quickly. You may learn about the advantages and disadvantages of refinancing your student loans here.
• Increase your payments. When paying off debt rapidly, it is logical to make a larger payment than the required minimum. Making lump-sum payments for your student loans anytime you receive more funds, such as a tax refund, a gift, or a bonus from work, can be challenging. Even modest payments might be beneficial, especially if you get going immediately.
• Find out whether your employer provides financing assistance. Some employers include student debt repayment assistance in their list of benefits. Find out whether they do by asking your HR department, and if they do, how you can use it.
• Apply for a career-based loan repayment plan. Among other professions, nurses, doctors, teachers, lawyers, and dentists may be qualified for career-based loan payback programs. A professional association or the state government will partially settle your obligation through these initiatives.
• Determine your eligibility for loan forgiveness. If, among other things, you have taught in select public schools or worked in public service for a predetermined period, your federal student debts may be erased.

Conclusion:

To find out student loan debt is now easy for you! Knowing your student loan balance can enable you to make prompt payments to safeguard your credit and pay off your debt more quickly.

This can be quite advantageous in lowering your interest payments and the overall amount of student debt you must pay.

To avoid paying considerably more than what is indicated on your loan balance, remember that the longer you wait to pay off your student loans, the more interest you’ll accrue.

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