How Do I Find My Student Loans
If you’re a student, you know the importance of having your loans paid on time. But sometimes life gets in the way and it’s hard to keep up with your payments.
The good news is that there are ways to make sure you never miss a payment—and that’s what we’re here for!
Here’s how to check your student loans:
1) Log into My Student Loan Hero, or MSLH, which is a free service that allows you to track your debt and make sure it’s being taken care of properly. (If you don’t have an account yet, sign up here.)
2) Click on “Loan Details” under “My Accounts.” This will take you directly to your loan information page where all the details about your current loan balance will be displayed along with any past due amounts if applicable.
3) If there are any issues with your account such as missing payments or late fees then these will also be displayed here as well so that you can address them immediately if needed!
How Do I Find My Student Loans
Whether you are in the midst of your college career, just graduated or have been out of school for a while, knowing the most up-to-date information on the total amount of student loans you borrowed and how much you now owe is important for many reasons.
Knowing your student loan balances and payment obligations – such as due dates and the minimum amount due every month – will play a big part in your overall financial wellness. For example, it is important to understand that the loan amounts originally borrowed are likely not the same amount owed over time due to the type, length and terms of your loans, particularly federal student loans where unpaid interest accrued and was added to the principal, called capitalization.
For recent graduates, depending on your specific financial situation, knowing current information about grace period policies gives you time to develop an overall financial plan that works for your budget. For borrowers who are several years out of school and into a career, keeping documentation about each student loan’s balance and repayment schedule can help you manage monthly payments along with other debt and expenses.
Additionally, getting a clear understanding of the makeup of your student loan portfolio is beneficial if you have taken out a mix of federal student loans and private student loans through the years.
For borrowers looking to keep track of how much they owe and who to contact about their student loan balances, as well as other critical information, here are some helpful resources.
Where to Find How Much You Owe in Federal Student Loans
For federal student loans, the best place for borrowers to start is the U.S. Department of Education’s National Student Loan Data System, or NSLDS. Once you create a Federal Student Aid ID – or log in using your existing FSA ID – you get secure access to this national database of information about federal student loans and grants awarded to you under Title IV of the federal Higher Education Act.
Due to the sensitivity of personal information on the site, keep your username and password in a safe location, such as a secure password file.
The NSLDS centralized listing is a one-stop resource for the complete life cycle of all federal student loans you took out, from approval through disbursement, repayment, deferment, delinquency and payoff, when applicable.
The portal will display how much you borrowed, the type of each loan and interest rate, payment history and the current servicer or holder for each loan, meaning the company that currently administers your account and receives your payments. The database also provides information about any federal grants you received while in school.
The system receives data from schools, agencies that guarantee the loans, the federal direct loan program and other Department of Education programs.
Where to Find Out What You Owe in Private Student Loans
While there is no centralized website for private student loan information, there are resources that can help these borrowers understand how much they owe.
Start with your credit report, which tracks current and past credit obligations including private and federal student loans. At AnnualCreditReport.com, you can get a free copy of your credit report once a year from each of the three national credit reporting agencies: Equifax, Experian and TransUnion. Each report will list the amounts you borrowed and the loan servicers or holders, as well as your credit score calculated by that bureau.
student loan forgiveness
In certain situations, you can have your federal student loans forgiven, canceled, or discharged. Learn more about the types of forgiveness and whether you qualify due to your job or other circumstances.
Understanding Loan Forgiveness
Forgiveness, cancellation, or discharge of your loan means that you are no longer required to repay some or all of your loan. Find out more using the links below.
Differences Between Forgiveness, Cancellation, and Discharge
The terms forgiveness, cancellation, and discharge mean nearly the same thing, but they’re used in different ways. If you’re no longer required to make payments on your loans due to your job, this is generally called forgiveness or cancellation. If you’re no longer required to make payments on your loans due to other circumstances, such as a total and permanent disability or the closure of the school where you received your loans, this is generally called discharge.
It’s important to remember that outside of the circumstances that may qualify you to have your loans forgiven, canceled, or discharged, you remain responsible for repaying your loan—whether or not you complete your education, find a job related to your program of study, or are happy with the education you paid for with your loan. Even if you were a minor (under the age of 18) when you signed your promissory note or received the loan, you are still responsible for repaying your loan.
Types of Forgiveness, Cancellation, and Discharge
The summaries below offer a quick view of the types of forgiveness, cancellation, and discharge available for the different types of federal student loans.
Public Service Loan Forgiveness
Available for Direct Loans.*
If you are employed by a government or not-for-profit organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness (PSLF) Program.
PSLF forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
Learn more about the PSLF Program to see whether you might qualify.
Teacher Loan Forgiveness
Available for Direct Loans and FFEL Program loans.
If you teach full-time for five complete and consecutive academic years in a low-income elementary school, secondary school, or educational service agency, you may be eligible for forgiveness of up to $17,500 on your Direct Loan or FFEL Program loans.
Learn more about the Teacher Loan Forgiveness Program, eligibility requirements, and how to apply.
Note: You may not receive a benefit for the same qualifying payments or period of service for Teacher Loan Forgiveness and Public Service Loan Forgiveness.
Note: The limited PSLF waiver temporarily waives this restriction for individuals who previously received Teacher Loan Forgiveness. Learn more about the limited PSLF waiver.