How to check your student loan balance

To stay on top of your student loan payments, you first need to know how much you owe. There are a few different ways to access your student loan balance and additional financial aid information, depending on the type of student loan you have. You can check with your school, or you can use the Federal Student Aid website.

How to check your federal student loan balance

When accessing personal financial data, it is crucial that you use a legitimate, vetted resource. Not only do you want to be sure that you are receiving accurate information, but you also want to ensure that your private information is not being shared with the wrong party. When you want to access your federal student loans, there are two primary ways to safely and accurately check your balance.

The Federal Student Aid Website

The easiest way to check your federal student loan balance is to log in to the Federal Student Aid website. This website contains all relevant information about your federal student loans, including who your servicers are and how much you owe.

To check your balance, you’ll need to log in using your FSA ID, which can be created on the website. Once you’re logged in, you can access your dashboard to see your current balance, original principal amount and interest rate.

Borrowers can have multiple loans with multiple lenders, so the Federal Student Aid website serves as a good central location. However, if you need more detailed information on your loans — such as seeing your payment history and connecting your withdrawal bank accounts — you can see what your servicer offers on its website.

Your school’s financial aid office

You can also check your federal loan balance through your school’s financial aid office. This can be an easier route, since many students can simply swing by the office or schedule an appointment in between classes for in-person support. It can get you service a lot faster than trying to find elusive lenders through 800 numbers.

Your school’s financial aid office can also be a great way to confirm payments with your school. Since the office is in direct receipt of student loan payments, you can confirm that all monies have been received and applied to your account. Should any payments be missing, you can contact your lender to iron out the mix-up. Your school’s financial aid office can also give you the information you need to start making payments, like your loan balance and who your servicer is.

How to check your private student loan balance

Your private student loan balance won’t show up on the Federal Student Aid website, since private student loans are administered by private lenders instead of the government. The easiest way to check your private loan balance is to log in to your lender website or app, where you should be able to see all the details of your loan. Your college’s financial aid administrator may also be able to tell you about any private student loans you borrowed since most private student loans are school-certified.

You can also check your credit report to gain access to all of the loans that are issued in your name. Keep in mind that the credit report won’t note any deferment, forbearance or student loan, and it could be a few months behind in showing the total balance due.

Why did my student loan balance go to zero?

If you log into your student loan account to find a zero balance, you may feel a sense of relief. However, this doesn’t necessarily mean that your loans are gone. There are a few reasons your account may unexpectedly list a balance of zero:

• You got a new loan servicer. It’s common for student loans to transfer to new servicers, so your account may be zero with your old servicer if your loan amount is now held with another servicer. You should receive communication from your servicer in advance of such a transition.
• You qualify for Public Service Loan Forgiveness (PSLF). Student loan borrowers relying on PSLF have experienced a lot of trouble when applying for loan forgiveness, and the U.S. Department of Education has been trying to fix that. If you previously applied for forgiveness and were rejected, your application may have gotten a second look and been approved. You should receive an approval letter if this is the case.
• You’ve completed another student loan forgiveness program. PSLF isn’t the only federal student loan forgiveness program. Be sure to check student loan forgiveness updates and requirements to see where you qualify. You may also be eligible for student loan forgiveness programs such as Teacher Loan Forgiveness, Closed School Discharge or total and permanent disability discharge. If you apply for one of these and are approved, your student loan balance could go to zero.
• Your student loan was forgiven or canceled. In January 2022, student loan servicer Navient agreed to forgive $1.7 billion in student loan debt. Your loan could have been part of this forgiven debt or a similar lawsuit. Contact your servicer if you have a zero account balance and think this may have happened to you.

Ways to pay down your student loan balance

Knowing your student loan balance can help you make a plan to pay off your student loans. These methods can help you pay down your student loan balance:

• Set up autopay. If you set up automatic payments on your student loan account, you won’t miss a payment, and you might get a discount on your interest rate, saving you money over the long run.
• Participate in AmeriCorps or military service. Those who complete a year of AmeriCorps service are eligible for the Segal Education Award to help pay off federal student loans. Members of the U.S. Armed Forces may also be eligible for lower interest rates on student loans and special forgiveness programs.
• Make biweekly payments. While not everyone can afford to pay more than their minimum student loan payments, making biweekly payments instead of monthly can help you chip away at your balance faster. Making 26 half-payments on your loans throughout the year means that you end up making one extra full payment.
• Use an income-driven repayment plan. Federal student loans are eligible for income-driven repayment plans where you make monthly payments based on your income. After a certain number of payments or a certain amount of time, your remaining student loan balance will be forgiven. These plans won’t help you pay off your loans faster, but the lower monthly payments can make repayment more manageable.
• Consider refinancing. Refinancing student loans with a private lender can open up lower interest rates or lower monthly payments. While it’s not always wise to refinance federal student loans, it’s a good option for easing the repayment of private student loans if you can get a better student loan refinance rate.

Bottom line

Knowing how to check student loan balances can help you stay on top of your educational expenses and payments so you don’t fall behind and risk your academic standing. Whether you go online to the Federal Student Aid Website or visit your school’s financial aid office yourself, you can regularly stay on top of your student loan balance to ensure payments are being received and processed properly so you can continue with your studies.