How Much Student Loans Do I Have? Organize Your Repayment Schedules
It is easy to get overwhelmed with student loan payments, especially if you have taken out a loan with different providers. Student loan debt weighs American homes down and is the second largest source of household debt, with the average student owing almost $30,000 in student debt. Knowing your student loans balance is a crucial first step to reorganizing yourself and making a payment plan. Your loan service provider is legally mandated to send you a free statement to your mail at least once a year, but this may not suffice especially if you have to keep up to date with regular payments. Remember that defaulting on your loan payments may lead to interest accruals and may even get you blacklisted by the IRS. How to view student loans is a major challenge because you may have three or four payments running concurrently.
The type of loan you have taken may vary, although the broad categories are federal loans and private loans. To view federal student loans, you need to log-in to the National Student Loan Data System or NSLDS. You need your Federal Student Aid ID to log in. The NSLDS is a central database that keeps track of all your information and loan balances including request dates, the receipt date, pay-off dates and any other information pertaining to the loan.
To get information about other loans, for example, private loans, you need to check with your other providers or your federal aid office. The other option would be to do a soft credit pull, which basically generates a credit report for you.
How to View My Federal Student Loans: Start With the NSLDS
The NSDLS doesn’t allow you to view all student loans that you have taken with different providers. However, you can view all your federal and state loans and can also do the following:
- View grants and other overpayments
- Update your mailing and contact information.
- View your current enrollment status
- Provide authorization to other service providers to view your information on NSLDS’ federal aid website.
The information on the NSLDS is almost always accurate, although it can be up to 120 days old. You should contact your service providers to confirm the exact amounts that you owe in case you need more accurate figures. You’ll use the information on the NSLDS to find information about your loan’s original principle, the remaining balance, interest, payment status and servicing group. The major drawback of the system is that it doesn’t report information on older loans.
How and Where To View Student Loans
Getting information on private loans is quite difficult because there isn’t a single database that collects all the information from different providers you might be looking for. This is also compounded by the fact that private lenders may not actually do the loan provisions themselves, rather they may outsource the service to third-party companies or state groups that provide student loans.
To get your student loans status for private loans, you may do the following:
- Consult your lender directly. These have their own loan databases, and they will usually send you information on your loan to your email. These lenders might also not report to the same credit agency, so it would be prudent to check with all the three major providers, e., Experian, Equifax and TransUnion. annualcreditreport.com also provides yearly credit reports for these three agencies annually.
- Your school’s financial aid office. They will always have all the information about your loan and whatever other scholarships or grants you have received.
- Credit reports, which are always sent You need to check your emails and mail regularly to ensure you don’t miss or spam anything.
There isn’t a single website that shows all student loans on a single dashboard. Therefore you have to commit time to do your due diligence and find out all the loans and interests you need to pay. The worst thing would be to find a lien or a garnishment of your tax refund because of a loan you didn’t even remember existed. Also, remember that non-payment of loans will lead to capital accumulation based on interest accruals, which means you might end up paying more than you had originally borrowed.
It is also advised to create your own loan book on an Excel or spreadsheet program to keep track of all your student loans. How do I find out how many student loans I have? Just have a sheet for all your loan providers, with federal on one side and private lenders on the other, and the interest rates and other deductibles. That way, you’ll always have a rough idea of what you need to pay and what or who you owe. How do I see my student loans on a single interface?
There might be a need to create a central database that incorporates all your loan information, both private and federal into a single, comprehensible format. That way, it becomes easy to view your student loans in a single go, and even makes it easier if you need to consolidate those loans or do refinancing. For the meantime, however, you need to put in the effort yourself so as to have all your info organized.
The First Step Is To Check Federal Student Loans
What student loans do I have? Once you have answered that question, it becomes necessary to start organizing your debt and repayment. The best advice you’d be given is to pay more than just the bare minimum, which means you clear more interest within a shorter period. Remember to view total student loans that you owe by maintaining your own spreadsheet and updating any changes arising.