How Much Do I Owe in Student Loans?
Whether you’re in college or entering repayment, you may wonder “how much do I owe in student loans?” You’re not alone! According to the Institute for College Access and Success, 62% of college seniors graduated with debt in 2019. Your loan balance has likely increased due to interest. It’s important to know exactly how much you owe so you can start making a repayment plan. Continue reading to learn how much you owe in student loans!
Log in to The National Student Loan Data System
If you have federal student loans, you can track them on the National Student Loan Data System (NSLDS).
Log into the NSLDS using your FSA ID. If you have completed the FAFSA before, you likely already have one. If you don’t have an FSA ID, you can create one at the login page of the NSLDS. The process of setting up your FSA ID includes selecting a username and password. You will also have to provide personal information such as your date of birth and social security number. It can take 1 – 3 days to have this information and your FSA ID confirmed.
The NSLDS provides the following information:
- Loan type(s) such as Direct, FFEL, or Perkins loans
- The original loan balance for each loan
- The current loan balance, or how much you still owe
- The loan status such as good standing, default, deferment, or forbearance
- The servicer of your loan(s)
It’s important to note that not all loans appear on the NSLDS. It only shows Title IV loans, meaning loans that you received from the Department of Education through the FAFSA. Private nursing school loans, for example, would not be shown. Additionally, any federal loans you’ve refinanced will not appear because they are now private loans.
The NSLDS is not always up-to-date. The information shown can be up to 120 days old. If you feel the information may be old, talk to your loan servicer for more updated numbers.
Check your credit report
The NSLDS only shows information about federal student loans. If you have private loans, you can check your debt by viewing your credit report. This can be done for free online.
The credit report combines information from the three major credit reporting agencies: Experian, Equifax, and TransUnion. It contains information about all of your debts, including student loans.
Talk to your school
It can be difficult to track all your student loans. Your loans can change hands if your lender sells or transfers them to another servicer. If you’re unsure who your servicer is, contact your school’s financial aid office. The school can contact your lenders and get the information you need.
Your school can also give you information about student loans that don’t appear on the NSLDS or private student loans.
Other tools and advice
The servicer of your student loans is always a good place to start when determining how much you owe. Additionally, if you feel your loan balance is incorrect, you can talk to your loan servicer. It’s important that you keep all documents related to your student loans, such as the promissory note. This will contain information about your loan balance, interest rate, repayment plan, and servicer.
If you want to calculate your monthly payments, you can do so using tools such as the Sallie Mae monthly payment calculator. This tool will ask you to input your loan balance, interest, and repayment period. A simple Google Spreadsheet can also do the trick and help you stay on track. It can be useful to know your monthly payments if you want to plan ahead or change your repayment plan.
It can take some time to calculate how much you truly owe in student loans. There are many factors such as interest, the type of loan, and your loan servicer. However, with some searching, you can find out how much you owe and plan for how you will get debt free!
See also: How to pay off student loans