Image By:Nelson Roth
The solar eclipse is far behind us and if you followed the rules you don’t have any lasting eye damage. Unfortunately following the rules in college doesn’t necessarily prevent you from having lasting financial damage in the form of student loan debt.
But never fear, Repayable is here to help you figure out the strategy that’s right for your financial situation so you can beat back your debt.
Read this if you’ve been too nervous to look at your student loan balance but you’re ready to try to do something about it. Estimated read time ~3 min.
If You’re in College and Have Federal Loans
The best way for you to see your total federal loan amount while you’re still in college is to go to the National Student Loan Data System (NSLDS). They’re your one stop shop for all your federal loan amounts. NSLDS collects their information from the Direct Loan program, schools, and the Department of Education. This information is a little older (about 120 days) so isn’t the best resource if you’re actively in repayment but works great while you’re still in college.
If You Have Private Loans or If You’ve Already Graduated
You can find out who your lender is by checking your credit report, your lender will be listed, or by asking your college’s financial aid office for help. Private loans aren’t listed in the NSLDS so this is the best place to find private loan balances. Your current loan servicer will have the most accurate and up-to-date information on your loan balance which is what you need if you’re in repayment.
So How’d it Go?
You looked at your balance, you stared right at it, you empowered yourself with a real number. So what’s the verdict? Is it more, less, or about the same amount you thought it was? I remember when I graduated I thought I had borrowed $118,000 then realized $10,000 of interest had accrued on my unsubsidized loans… it was such a bummer but very quickly helped me realize the financial burden of interest! Right now I owe $71,150.10. Share your experience with owning your number on the Repayable Facebook Page or in the comments below!
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