Student loans are creating a difficult time for many American homes today. Student loan debt is the second-largest source of household debt. According to the New York Federal Reserve, outstanding student loans totaled over $1.4 trillion in the first quarter of 2017. The average college student owes $28,000 in student loan debt. This issue is only expected to continue getting worse.
How to Check Your Student Loan Balance
Many people are not even sure how much they owe in student loans and do not know where to go to find their student loan balance. Many times, this information is sent to an email address to reduce paper mail. However, email addresses change, emails get lost in spam folders, and some people do not know the difference between student loan spam and the legitimate emails that contain student loan balances and due dates.
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- 12-month forbearance period as well as academic and military deferment
Where Can You Find Your Student Loan Balance Online?
Federal Student Loans
For federal student loans, you will want to check the National Student Loan Data System (NSLDS). You will need your Federal Student Aid (FSA) ID to log in and view your information. This was created when you applied for financial aid. Loan servicers keep track of student loan balances and share this information with the NSLDS.
The NSLDS will also collect information from a variety of additional sources, including the university, to update all information about your loans, including when you requested the loan, when you received it, the grace period end date, and even when you paid off the loan balance. It gives a total picture of your federal student loan balance. Your federal student loan payments will need to be made online through the loan servicers.
Private Student Loans
If you have additional private student loans, the NSLDS will not reflect this balance. To find your private student loan balance, you will need to do additional research. First, check with the original lender. If you do not remember who the original lender was, you may need to contact your federal aid office. If you do not find the information you need from these sources, you can try looking into a soft credit pull. Your credit report will show all your debt including your student loans. Just remember that a soft credit pull will not impact your credit while a hard credit pull may drop your score a few points.
Author: Jeff Gitlen
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