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How to Check My Student Loans: An Overview

Susan Kelly

Nov 27, 2023

You may owe more than the original amount you borrowed to finance your education. Unless you qualified for federal loan subsidies or made payments while enrolled, your student loan balances likely increased while you were in school. As a result, the amount you owe after graduation may be hundreds or thousands of dollars more than the amount you borrowed.

Checking student loans is crucial in light of the recent switch in federal loan servicers and other student debt forgiveness programs. You are interested in determining who owns your student loans and their status. If you have taken out federal student loans to cover the cost of your education, you may have several loans from various academic years.

If you have additionally taken out private student loans, you may have an even larger debt load. You may be overwhelmed by your loan payments if you haven't consolidated or refinanced your debt. Learn where to go and why it is important to know your current loan balance.

How To Find Student Loan Balance?

If you're curious about how much you owe in student loans or whether you owe any at all, you'll need to pull up the details of every loan you've ever taken out. Even if you've only recently graduated, your loan debt might already be much larger than the amount you initially borrowed because interest is accrued on all loans while in school (except for federally subsidized loans).

Private Student Loan Balance Check

Determining how much private student loan debt you have might be more difficult. You will need to contact the individual lenders for your private loans if you want to know how much you still owe on them, as there is no centralized database or website where you can do this.

Your original lender may have transferred servicing of your loan to a third party or sold your debt to a collection agency, further complicating matters. If you want to know where you are with your private student loans, the best place to start is with your original lender.

Contact your loan servicers through phone or email to confirm your current loan balance. There are a few more options available to you if you have forgotten the names of your lenders, are unsure of who your current loan servicer is, or are having problems getting in touch with them:

  • Make contact with the office handling student loans at your institution. They need to be able to identify who is servicing your debt at this time.
  • TransUnion, Experian, and Equifax are the three largest credit reporting agencies, and they all provide free credit reports upon request. Your current and previous debts, such as student loans and their respective loan servicers, will be displayed.

Federal Student Loan Balance Check

Checking how much you owe in federal student loans is easy because the Department of Education maintains a consolidated database of outstanding debt. Going to the Federal Student Aid website is all that is required. The site allows users to view their current federal student loan balances.

If your Federal Student Aid ID and password are ready, you may log in and check your federal student loan balance. Since the federal database is not always updated with the newest loan information, verifying this with your loan servicer is wise. If your loan servicer has changed, or if you want to learn more about who is handling your loans, you may do so using the same Federal Student Aid portal.

Why It's Important To Know How Much You Owe On Student Loans?

Your student loan balance will probably not be the same amount you'll have to pay back over the loan's term. Unless you pay off your debts immediately, interest will accumulate, and fees may be assessed until the loan is paid in full.

It can significantly impact the gap between what your loan amount displays and what you'll need to pay. However, this rule may be bent if your student loans have exceptionally low-interest rates.

For instance, if your student loan interest rate is 3% or less, you might be better served focusing on higher-interest credit card debt or starting a retirement savings account. On the other hand, if you think you may one day receive loan forgiveness, it could be wise to merely make the bare minimum payments on your student loans for the time being.

Strategies To Speed Up The Repayment Of Student Loans

The first step toward paying off student loans is learning to access one's account information. One or more of the following may help you pay off your loan faster and save money:

Inquire About Potential Financing Help From Your Company:

Several companies help their employees pay off their student loans as a part of their benefits package. Find out whether your firm offers this benefit by contacting human resources.

Take Up A Second Job:

Starting a side business might be a wonderful method to get extra money for debt repayment in your spare time if you need some financial breathing room.

Put Unexpected Money Toward Your Debts:

If you have a limited budget, you may still pay off your debts faster by saving any extra money you earn. Make a one-time, large payment on your loan debt whenever possible, such as when you get a raise, bonus, tax refund, or even a birthday check. Making additional payments on your debts might help you pay them off faster.

Create A Recurring Payment Plan:

By setting up automatic payments, you may avoid late fees and save money on interest. When you sign up for automatic payments with a lender, you may receive an interest rate savings of 0.25 percent or more.


Keeping track of your student loan balance can help you avoid damaging your credit and perhaps reduce the time it takes to pay off your debt. It can be quite helpful in minimizing the sum of interest you pay and, consequently, the overall amount of student loan debt. Remember that the longer you delay repaying your student loans, the more interest you will accrue, potentially significantly increasing your total repayment amount.

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