Tracking your balance and other vital information about your student loan debt empowers you to make informed financial decisions and develop a budget that works for you. However, you need to know where to look. There are several tools available to help you access information about your student loan debt.
How to check your student loan balance
Checking your federal student loan balance is often a straightforward process. The easiest tool for you to use may depend on your circumstances. Consider the following options:
- The Student Aid website.The Federal Student Aid website provides a comprehensive overview of your federal student loan details, including balances, interest rates, payment history, and repayment options. You need an account to access your information. Fortunately, if you completed the Free Application for Federal Student Aid (FAFSA) or took out federal loans, you likely already have an account. To create a new account, you must provide your Social Security number, birthday, email address, and some other personal information. You can log in using your FSA ID and password or your email address or phone number. Note that the website doesn’t always show the most current balance. Recent payments may take up to 90 days to process and appear online.
- Your loan servicer or lender. Contact your loan servicer directly (or lender, if you have private student loans) for the most accurate, current information about your student loan balance and repayment history. Lenders can access real-time loan information and may provide details about your balance, history, and status. Loan servicers typically offer a few ways to get in touch such as phone, email, or online portal. It can be helpful to prepare for the conversation with the documentation you need, such as your name and Social Security number.
- Credit report. Your credit report with each of the major credit bureaus includes most of your credit information, including student loan debt and other installment loans. As you manage debts and credit cards, lenders report your activity to the major credit bureaus: Experian, Equifax, and TransUnion. Each bureau compiles that information into a credit report.. Previously, under federal law, you could access one free credit report per credit bureau a year. However, in 2023, all three bureaus indefinitely extended a program that allows you to check your credit reports for free each week. Keep in mind that the report updates monthly, so your student loan balance may not reflect recent changes.
Stay Alert: Student Loan Fraud
Student loan scams are on the rise – stay vigilant. Visit these resources to learn more about how to protect yourself and your money.
Frequently asked questions about federal student loans
It’s important to understand more about your student loans than just the current balance. As you develop a student loan management plan, keep these common questions in mind.
What happens if I don’t repay?
Failing to repay your federal student loans could have severe consequences for your financial future. When you begin missing payments, your lender or servicer may start trying to contact you by phone, email, or mail. Eventually, the loan will go into default.
Defaulting on your student loan debt typically eats away at your creditworthiness. Loan servicers report your lack of payment to the credit bureaus, affecting your credit report and pulling down your credit score. With a low credit score, you may struggle to rent an apartment, take out a car loan, or buy a house, among other major financial moves.
Missing a couple of payments won’t automatically put you in default. According to the Consumer Financial Protection Bureau, it often takes about nine months of non-payment (without making an arrangement with your loan servicer) to default on your student loans.
After continued non-payment, the federal government could garnish your wages without a court order. The government may also confiscate tax refunds and Social Security payments to apply to your outstanding balance. If your student loan goes into default, contact your loan servicer right away to arrange a repayment plan.
What are my repayment options?
You have several options for repaying your federal student loans. The best choice may depend on your financial circumstances (like other expenses and income), your career type, and your priorities.
Can I consolidate my loans?
If you’re juggling multiple monthly student loan payments, federal loan consolidation could help. “Consolidation” refers to combining multiple direct loans into one. That way, you’d be responsible for only one monthly payment to a single student loan servicer. You could consolidate your federal loans through the Department of Education or the Direct Loan Program.
Student loan consolidation streamlines repayment and may lower your monthly bill. However, it doesn’t reduce interest rates. In fact, you may end up spending more in the long run after consolidation because lower monthly payments mean a longer term—and more interest.
Can my loans be discharged or forgiven?
In addition to the PSLF and IDR programs, other potential paths to federal student loan forgiveness could be available to you through other federal programs. Visit these resources to learn more about alternative forgiveness possibilities:
- Who Qualifies for Student Loan Forgiveness?
- How to Get Student Loan Forgiveness
- How to Apply for Student Loan Forgiveness
In some circumstances, the federal government may discharge or forgive student loans, which means borrowers no longer have to pay the remaining balance. You may qualify for student loan discharge if circumstances beyond your control limit your education’s financial value to you. Potentially qualifying examples include:
School closure
Misleading claims
Total and permanent disability
Unpaid refund discharge
School closure
If your college or university closes abruptly while you’re enrolled or very soon after you graduate, you may qualify.
Misleading claims
If an institution intentionally and directly misleads you about educational outcomes—like guaranteeing a certain job or income amount—you may qualify for discharge of your remaining loan balance.
Total and permanent disability
If the Department of Veterans Affairs or Social Security Administration determines that you’ve become totally and permanently disabled, you may qualify for student loan discharge.
Unpaid refund discharge
If you withdraw from college, your university may have to return a portion of your student loan to you. The federal lender may issue a partial loan discharge for the amount the university owes if they fail to do so.
Get expert help
If you’ve checked your student loan balance and you’re unsure where to turn next, or have more questions about your specific repayment circumstances, Laurel Road can help. A consultation with a knowledgeable team member can provide guidance and insight into your options for managing student loan debt. Learn more about our student loan counseling services and get a free consultation.
