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How to Check Your Federal Student Loan Balance
Federal student loans, such as direct loans and direct PLUS loans, are provided by the government. Here are two ways to check your federal loan balances:
The Federal Student Aid Website
Visit StudentAid.gov to apply for loans and review your federal loan balances. Log in with your email, phone, or FSA ID username and password to check your balances and see which companies are servicing your loans. Note that the balance on your account might not be the most up-to-date, so it’s a good idea to follow up with your loan servicer.
Your School’s Financial Aid Office
Contact a counselor at your school’s financial aid office to get information about the funds used to cover your tuition and school costs.
Your Credit Report
Student loan balances and payments are reported to the three credit bureaus—Experian, TransUnion, and Equifax—every month. Pulling your credit report can help you see how much you owe. Keep in mind that loan servicers typically update credit report information once per month.
How to Check Your Private Student Loan Balance
Private student loans come from private lenders like banks and education institutions. Here are three ways to check your private loan balances:
Your Loan Servicer
Contact your lender to find out who your loan servicer is. Once you have the servicer’s name, you can set up an online account to review your balance, payment history, and payment options.
Your School’s Financial Aid Office
Your school’s financial aid office can provide the balance on institutional loans awarded by the school. For other private loans, you may need to contact the lender directly.
Your Credit Report
Private student loans are typically reported to all three credit bureaus. Reviewing your credit reports from all three bureaus can give you a complete picture of your student loan balances. Visit AnnualCreditReport.com to access them for free.
How to Pay Down Your Student Loan Balances
If your loans are in repayment, here are some strategies to help you pay down your debt:
Create a Budget
Planning your monthly income can help you allocate more funds to paying down your student loan balances.
Take Advantage of the Federal Loan Pause
If you’re struggling to make payments, the temporary student loan payment pause can provide financial relief. After payments resume, consider applying for forbearance or deferment.
Get Help from Your Employer
Some employers offer to pay a portion of your student loan debt as an employee benefit. Extra payments can help you reduce your balances faster.
Increase Your Income
Seeking higher positions or side hustles can increase your cash flow, allowing you to pay off debt more quickly.
Look for Forgiveness Options
Programs like the Teacher Loan Forgiveness and Public Service Loan Forgiveness (PSLF) can help you get a portion of your loans forgiven if you meet certain criteria.
Apply for Income-Driven Repayment
Income-driven repayment plans can lower your monthly payments. Pairing an IDR with strict budgeting can help you pay off your loans more effectively.
Make Payments While You’re in School
Making payments on your student loans while you’re still in school, even if it’s just the interest, can reduce the amount you’ll owe after graduation.
The Bottom Line
Keeping track of your student loan balances is crucial for managing your debt. If you have questions about your loans or repayment options, financial aid counselors and loan servicers can provide assistance. The StudentAid.gov website also offers resources for reviewing payment plans and debt consolidation options.
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