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How to Manage Your Student Loan Balances

Whether you’re still in school or have already graduated, keeping track of your student loan balance is crucial for budgeting and ensuring you borrow only what you can repay. The method to check your student loan balance varies depending on whether you have federal or private student loans. Read on to learn how to find out what you owe and strategies for paying down your debt.

How to Check Your Federal Student Loan Balance

Federal student loans, such as direct loans and direct PLUS loans, come directly from the government. Here are two ways to review your federal loan balances:

The Federal Student Aid Website

Visit StudentAid.gov to fill out the Free Application for Federal Student Aid (FAFSA) 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 follow up with your loan servicer to confirm what you owe.

Your School’s Financial Aid Office

Another option is to contact a counselor at your school’s financial aid office for information about the funds used to cover your tuition and school costs.

Your Credit Report

Student loan balances and payments are typically reported to the three credit bureaus—Experian, TransUnion, and Equifax—every month. If you’re unsure of your lender or loan servicer, pulling your credit report can help you see how much you owe. Keep in mind that loan servicers usually update credit report information once per month, so recent payments might not be reflected immediately.

How to Check Your Private Student Loan Balance

Private student loans come from private lenders like banks, alternative lenders, and educational institutions. Since these are non-federal loans, you can’t check their balances on the federal loan website. Instead, try these methods:

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. They may not have information on other private loans, but they can help you identify the lender so you can reach out directly.

Your Credit Report

Your credit report may contain information about private student loans. Since not every lender reports to all three credit bureaus, review your credit reports from Experian, TransUnion, and Equifax for a complete picture. Access them for free at AnnualCreditReport.com.

How to Pay Down Your Student Loan Balances

If your loans are in repayment, developing a payment strategy can help you eliminate your balance over time. Here are some tips:

• Create a budget: Planning your monthly expenses can help you allocate more funds to paying down your student loans.
• 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 forbearance or deferment for additional breaks.
• Get help from your employer: Some employers offer student loan repayment assistance as a benefit, which can help you reduce your balance faster.
• Increase your income: Pursue higher positions or side hustles to earn more money for debt repayment.
• Look for forgiveness options: Programs like Teacher Loan Forgiveness and Public Service Loan Forgiveness can help reduce or eliminate your debt if you qualify.
• Apply for income-driven repayment: An income-driven repayment plan can lower your monthly payments, allowing you to allocate more funds to your loans.
• Make payments while in school: Paying interest or making small payments while still in school can reduce the amount you owe upon graduation.

The Bottom Line

Keeping track of your student loan balances is essential for managing your debt. If you have questions about what you owe or repayment options, financial aid counselors and loan servicers can assist you. The StudentAid.gov website also offers resources for reviewing payment plans, debt consolidation options, and more.

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