You can find out your student loan balance by logging into your loan account on the website of your loan servicer or by calling them to request the information.
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If you’re wondering how to find out your student loan balance, there are a few simple ways to get the information you need. The easiest way to check your balance is to log into your loan account on the website of your loan servicer. Simply enter your username and password, and you’ll be directed to your account dashboard where you should be able to view your current loan balance.
If you don’t have online access, you can call your loan servicer to request the information. Be prepared to verify your identity, as loan servicers are required to protect your personal information.
In addition to checking your loan balance, it’s a good idea to review your account regularly to ensure that your payments are being applied correctly and that there are no errors or discrepancies.
According to Forbes, as of the fourth quarter of 2020, outstanding student loan debt in the United States reached a staggering $1.56 trillion, with approximately 42.9 million borrowers owing an average of $36,520. This highlights the importance of staying informed about the details of your own student loans.
If you’re struggling to keep up with your student loan payments, it may be worth looking into options such as income-driven repayment plans, deferment, or forbearance. Remember, ignoring your student loan debt will not make it go away, so be proactive in managing your loans and seeking assistance if needed.
To make it easier to compare and understand student loan options, here’s a table of common terms you should know:
| Term | Definition |
|---|---|
| Principal | The amount borrowed, not including interest |
| Interest | The cost of borrowing the money, expressed as a percentage of the principal |
| APR | Annual percentage rate, which includes both the interest rate and any fees associated with the loan |
| Repayment period | The length of time you have to repay the loan |
| Grace period | A period after graduation or leaving school when you are not required to make payments |
| Deferment | A period when you can temporarily postpone payments |
| Forbearance | A period when you can temporarily reduce or pause payments |
| Consolidation | Combining multiple student loans into one loan with a single payment |
| Default | Failing to repay the loan according to the terms of the agreement |
As Martin Lewis from MoneySavingExpert once said, “Debt isn’t bad, bad debt is bad.” Being informed about your student loans will empower you to make smart financial decisions and stay on top of your debt.
See a video about the subject.
A student loan lawyer explains that borrowers can view their federal student loans using a website called the National Student Loan Data System (NSLDS), which is owned by the Department of Education. Once logged in, borrowers can see all their federal student loans and borrowing history. To determine which entity holds the defaulted loans, they need to click on each loan and scroll to the bottom of the page. Borrowers can then contact the entity to figure out the process of getting their tax refunds back as a financial hardship, which could be a lender guarantee agency or a loan servicer.
Other responses to your question
You can find your federal student loan balances by logging into your account at StudentAid.gov. For private student loan balances, you can contact your loan servicer or check your credit report.
To find any private student loan balances (or check who your lender is):
- Get your credit report from each of the three credit reporting agencies — Experian, Equifax, and TransUnion — at AnnualCreditReport.com (you can do this once a year for free).
- Check your credit report to see a list all of your current obligations, including student loans.
- Contact the loan servicer to start making payments or start the student loan refinancing process.