Knowing your student loan balance is a critical part of properly managing and paying off your student loans. Your student loan balance includes your principal loan amount and any unpaid interest.
There are several ways to access your student loan amount and any other financial aid information you may need. Here’s what you need to know about checking your student loan balance and how the process differs between federal and personal loans.
How to Check Your Federal Student Loan Balance
When it comes to your federal student loans, there are ways to check your balance.
Commonwealth Student Union website
The easiest way to check your federal student loan balance is to log on to the Federal Student Aid website. This website contains all relevant information about your government student loans, including who your servicer is and how much you owe.
To check your balance, you need to log in with your FSA ID. If you don’t already have an FSA ID, you can create one on the website. Once logged in, you can access the dashboard to view your current balance, original principal amount, interest rates, and more.
Borrowers may have multiple loans from multiple lenders, so the Federal Student Aid website is a great one-stop shop. However, if you need more details about your loan – for example, your payment history, linked bank accounts for direct withdrawal, etc. – you should visit the respective servicer website.
Your school’s tax office
You can also check your federal loan balance through your school’s aid office. They can give you the information you need to start making payments, such as: B. Your loan balance and who your servicer is.
The myStudentAid app
The US Department of Education app myStudentAid is available for iOS and Android. Using the app, you can not only view your credit information, but also track your repayment progress and request further assistance.
How to Check Your Personal Student Loan Balance
Your private student loan balance will not appear on the federal student aid website because private student loans are administered by private lenders, not the government. The easiest way to check your personal loan balance is to log into your lender’s website or app, where you should be able to view all the details of your loan. If you’re not sure who your lender is, you can also check your credit report to access any loans made in your name. You currently have free weekly access to any of your credit reports through AnnualCreditReport.com.
If you decide to check your credit report, keep in mind that the credit report does not list any deferral, forbearance or hardship payment options, and it may take several months before the total amount due is shown.
Your college’s financial aid administrator may also tell you about any private student loans you take out, as most private student loans are certified by the school.
Why is my student loan balance at zero?
You may feel relieved when you log into your student loan account and see a zero balance. However, that doesn’t necessarily mean your loan is gone. There are several reasons why your account may show a zero balance unexpectedly:
- You have a new loan servicer. Loan administrator changes are common, so if your loan amount has been transferred to another administrator, your old administrator account may be zero. You should be notified by your service provider before making any such transition.
- You are eligible for Public Service Loan Forgiveness (PSLF). Student loan borrowers who rely on PSLF have faced a number of issues when applying for loan forgiveness that the U.S. Department of Education has attempted to address. If you have previously applied for forgiveness and were denied, your application may have been re-reviewed and approved. In this case, you should receive an approval notification.
- You have completed another loan forgiveness program. PSLF is not the only federal student loan forgiveness program. You may also be eligible for forgiveness programs such as teacher loan forgiveness, school closure dropout, or total and permanent disability dropout. If you apply for any of these and are approved, your student loan balance may go to zero.
- Your student loan has been forgiven or cancelled. In January 2022, student loan administrator Navient agreed to forgive $1.7 billion in student loan debt. Your loan may be part of a debt forgiveness or similar lawsuit. If your balance is zero, please contact your service provider and think this may be happening to you.
Ways to Pay Off Your Student Loans
Once you know your student loan balance, you can create a student loan repayment plan. Try these ways to pay off your student loans:
- Benefit from 0% interest. In response to the COVID-19 pandemic, the 0% interest payment requirement on federal student loans has been suspended until August 31, 2022. If you’re not currently running a loan forgiveness program, it might make sense to pay off a small loan without incurring interest.
- Set up automatic payments. When you set up automatic payments on your student loan account, you won’t miss a payment, and you may get a discount on your interest rate.
- Enroll in the AmeriCorps or serve in the military. Those who complete one year of AmeriCorps service are eligible for the Siegel Education Award to help pay off federal student loans. Members of the U.S. military may also qualify for lower rates on student loans and special forgiveness programs.
- Payments are made every two weeks. While not everyone can pay more than the minimum student loan payment, making bi-weekly rather than monthly payments can help you drain your balance faster. Paying 26 instalments throughout the year means you end up paying an additional full repayment.
- Use an income-based amortization plan. Federal student loans qualify for an income-based repayment plan, where you make monthly payments based on your income. After a certain number of payments or a certain period of time, your remaining student loan balance will be forfeited. These plans won’t help you pay off your loan faster, but lower monthly payments can make repayments more manageable.
- Consider refinancing. Refinancing your student loans with a private lender may result in lower interest rates or lower monthly payments. While it’s not always advisable to refinance federal student loans, it’s a good option for making private student loan repayments easier.
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