If you feel overwhelmed by student loan debt, you’re not alone. Americans owe approximately $1.75 trillion in outstanding student loan debt, with an average of $37,853 per borrower.
Not to mention, student loans can be confusing. While it’s not always easy to keep track of your balance and servicer information, you must do so to manage the debt effectively and make informed financial decisions.
This comprehensive guide outlines steps to find your balance, regardless of your type of loan.
Different Types of Loans You May Owe
To start the process of finding your balance, you’ll need to figure out what type (or types, if you have multiple loans) of student loans you have. There are two main kinds: federal student loans and private student loans.
- Federal student loans are provided through the U.S. Department of Education (DOE).
- Private student loans: These are loans provided through private lenders, such as banks, universities, or credit unions.
Note: If you have multiple loans or a mix of federal and private debt, you may need to check balances in several places.
Steps to Find Your Federal Student Loan Debt
The Department of Education keeps a central database of federal student debt owed, making it straightforward to check how much you owe in federal student loans. You can find detailed information about your federal student loan through two primary resources: the Federal Student Aid (FSA) website and the National Student Loan Data System (NSLDS). We’ll guide you through both options.
Checking Your Student Aid Federal Student Aid (FSA) Account
The Federal Student Aid (FSA) website offers a convenient way to access your federal student loan information.
Step-by-step instructions:
- Create an FSA ID: If you don’t already have one, create a free FSA ID. This will be your secure login for various DOE online services. You’ll need your social security number (if applicable) and email address to create an account.
- Log Into Your FSA Account: Visit StudentAid.gov and log in using your FSA ID and password.
- Review Your Loan Information: Navigate to the “My Aid” section once logged in. This section will display an overview of your federal student loans, including:
- Loan amount and outstanding balance: The total amount borrowed and the remaining amount owed.
- Loan servicer(s): The company(s) responsible for handling your loan payments and managing your account.
- Loan type: For example, there are direct subsidized loans and direct unsubsidized loans. Different types of loans have varying interest rates and repayment terms.
- Repayment status: Whether your loan is currently in repayment, deferment, or forbearance.
Using the National Student Loan Data System (NSLDS)
The National Student Loan Data System (NSLDS) is a database from the DOE that tracks all student loans. It shows a complete picture of your federal student loans, including how much is owed, loan status, and payment history. NSLDS provides a single view of your federal student loan debt, no matter how many different loan servicers you have. You’ll need an FSA ID to access the NSLDS.
Step-by-step instructions:
- Visit the National Student Loan Data System website.
- Click “Log in” on the homepage.
- Log in using your FSA ID and password.
- Once logged in, you’ll be able to view details about your federal student loan, such as:
- Loan servicer(s)
- Loan type(s) and disbursement date
- Original loan amount and current outstanding balance
- Repayment status
- Grant history (if applicable)
Steps to Find Your Private Student Loan Debt
Tracking down how much you have in private student loans may be a bit more complex. There’s no central database or website that you can use to check your private loan balance, so you’ll need to check with the lender for each of your loans to find out how much you owe.
To make things even trickier, your original lender may have outsourced your loan to another servicer or sold your debt to another company. Fortunately, we know of two ways you can find your current servicer and current balance.
Reviewing Your Credit Report
Credit reports offer a detailed record of your borrowing history. They show all past and present debts, including your student loans and the loan servicer for each one. Every year, you are entitled to a free credit report from the three major credit bureaus: Experian, TransUnion, and Equifax. Here are the steps to obtaining your free credit report:
- Visit AnnualCreditReport.com. This is the official website for requesting your free credit reports.
- Choose to receive reports from all three bureaus at once or one at a time.
- Review your credit report and look for accounts listed as “student loans” or other similar terms.
- Under those accounts, you’ll be able to find:
- The name of the original lender of your private student loan.
- The current servicer handling your loan payments and account management.
- The outstanding balance of the loan.
- Your payment history.
Note: If your loan has recently been sold to a new company, your credit report might not be current. If this is the case, you can contact your original lender to find out where your loan was transferred.
Contacting Your Loan Servicer Directly
Contacting your current loan servicer directly is another way to find out your private student loan balance. If you’re unsure who your current lender is, you can look for them on your credit report or find them by reviewing old student loan documents (such as loan agreements, bills, or other correspondence). Once you find your current servicer, follow these step-by-step instructions to contact them:
- Have your information ready. This includes:
- Your full name
- Social Security number
- Date of birth
- Student loan account numbers (if known)
- Any previous correspondence with the lender or servicer
- Contact your loan servicer:
- Your servicer’s contact information can be found through an online search, on your credit report, or on paperwork from the company.
- Inform the representative that you’re trying to locate your private student loan balance information.
- Ask questions:
- Ask for your current loan balance, interest rate, monthly payment amount, repayment plan options, and contact information for customer service.
- Document the date, time, and name of the representative you spoke with and any other information provided about your loan.
- If you have trouble, follow up:
- If you can’t reach the loan servicer or if the information you receive isn’t clear, try contacting them again. It may take multiple attempts to get the information you need.
- You can request information by sending a formal letter or email. Be sure to keep a copy for your records.
- If you have difficulty getting the information you need after multiple attempts, consider contacting a credit counseling agency or seeking legal advice.
Additional Resources for Loan Information
In addition to the methods outlined above, there are other resources where you can gather information about your student loan balances. These may be able to provide supplementary details or additional assistance.
Using Loan Servicer Websites
Many loan servicers have online portals where you can access your account information and find out your current loan balance. Check the loan servicer’s website for information about creating an account on their portal and login instructions.
Contacting Your School’s Financial Aid Office
Your school’s financial aid office may have records of your private student loans. If you are having trouble finding your servicer, they might be able to provide you with lender information or contact details.
Knowing your student loan balance is the first step in taking control of your financial future. Once you know how to check your balance, you can track your repayment progress, better manage your finances, make informed financial decisions, avoid late fees, explore different repayment options, and look into refinancing or consolidating your loans. This information allows you to plan for the future and create a strategic plan for achieving your financial goals. You’ve got this!
Frequently Asked Questions (FAQs)
Do student loans come off after seven years?
Your student debt can stay on your credit report for up to seven years, even if the statute of limitations has passed. Most private student loans have a statute of limitations of around six years, while federal student loans have no statute of limitations. However, you’ll still need to repay your loans unless you’re eligible for loan forgiveness.
Do student loans ever go away?
Federal student loans can be forgiven under specific circumstances, such as for public servants and certain teachers, after a set number of years of service, depending on the type of loan. If your school closed down while you were enrolled or soon after you withdrew, you may also be eligible for debt forgiveness, and similar rules apply if your school acted fraudulently.
Finally, federal loans can be discharged if the student borrower dies or experiences a severe and permanent disability or if the parent who took out a loan for a dependent student dies.
Private loans are not eligible for forgiveness, so your best option is to pay them off quickly.
Do student loans hurt your credit score?
Like any loan, the impact of your student loans on your credit score will depend on how quickly you pay them off. If you make timely payments on your student loans, this will help strengthen your credit, especially if you pay off your student debt early. On the other hand, if you default on your loans or are late with payments, this will hurt your credit.
