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Hi there! You’re probably wondering: how do I find out if I owe student loans?

The short answer is that you can use the National Student Loan Data System to find out. The NSLDS is a database that tracks all federal student loans—it’s where the Department of Education keeps track of all your loans, their status, and whether or not you’ve paid them back. You can also use it to look up information about grants and scholarships if you got any of those in addition to your loans.

You can log into the NSLDS at nslds.ed.gov with your FSA ID (it’s like an account number). Once logged in, you can search by name or social security number to find out what federal student loans are owed by an individual or business entity.

If you don’t have an FSA ID yet, don’t worry! You can register for one here: fsa.gov/id/.

How to Find Your Student Loan Balance

When it comes time to manage your student loan debt, the first question to ask is, “how much student loan debt do I have?”

Unfortunately, finding your student loan balance may not be easy if you have multiple loans. Here we will tell you how to find your student loan balance totals, plus give you strategies to pay them off.

Knowing the answer to the question, “how much student loan debt do I have?” will not only help you see how far you’ve come when you’re in the payment process, but it can also be beneficial if you’re looking to refinance your loans. It is also good to track your balance to be sure payments are being applied correctly.

How Much Student Loan Debt Do I Have?

When you’re ready to focus on your finances and gather information about your debts, one question that may come up is, “how much do I owe in student loans?” 

If you’ve received student loan funds, you may have an idea of what you owe, but that does not give a full picture of your total debt. In most cases, interest accrues on the loan from the date you received the funds. Therefore, the total student loan balance is often higher due to interest being added. 

To find out how much you owe in student loans, it’s good to know whether you have federal or private student loans. If you are unsure which you have, or you have both types, determining your student loan total will take a little more effort.

How to Find Student Loan Balance for Federal Loans

Check the National Student Loan Data System (NSLDS) to find your total federal student loan balance. You can access the system using your Federal Student Aid ID, the same ID you use to fill out the FAFSA. 

The NSLDS will provide information on the type of federal loans you have, the amount borrowed, the disbursement dates, the current status of the loans and the outstanding balance. With this information, you can determine the current total balances of all your federal student loans.    

How to Find Student Loan Balance for Private Loans 

To find your private student loan balance, you may have to do a little more work since there’s no centralized system for private loan information. 

The first thing to check is your credit report. You can obtain a free credit report once every twelve months. The report will contain information about your loan providers, loan balance and payment history for loans. 

This should provide a good start to determine the balances, although credit reports do have mistakes sometimes. If something seems inaccurate, try finding your original loan contracts, then follow up with the loan provider directly.  

You can also check with your school’s financial aid office for any information they have on loans you received.  

Strategies to Pay Off Student Loans 

Once you determine your student loan balance, if you are ready to pay your loans off quickly, here are some strategies to consider:  

Do Side Jobs

One of the best ways to pay off your student loans quicker is to apply extra payments towards the loan’s principal. If you don’t have room in your budget to make more than the minimum payment, try doing side jobs to earn some extra money. You could sell unused items around your house, dog sit or deliver food or groceries. Use those funds to make extra student loan payments. Even an extra few dollars each month can make a big difference in interest savings.

Student Loan Refinancing 

Student loan refinancing involves obtaining a new loan to pay off your previous student loans. When you refinance your loans, you can shorten your repayment term to pay down debt faster. 

Refinancing student loans can also help you save on interest costs over the life of the loan. You may be able to even lower your monthly payment depending on the interest rate you qualify for. To find out how much you may be able to save, use ELFI’s Student Loan Refinance Calculator.*

Use Found Money Wisely

If you receive money as a gift, earn a bonus at work or receive extra money you didn’t expect, use this “found” money to make additional payments on your loans. Although you may be tempted to use this money for something more fun, putting it towards your student loans can help you eliminate debt more quickly.

Cut Expenses

If paying off your debt quickly is a priority, try cutting back your expenses and putting that money toward extra student loan payments. To make the process a little more fun, try a different challenge each month and use the funds typically spent on other budget categories towards your student loans. For example, you could try to not eat out for one month, make no new clothing purchases or only attend free events. 

Set up Autopay

Federal student loan servicers and some private lenders offer discounts for enrolling in automatic monthly loan payments. Although the discount is not significant, usually 0.25% interest rate reduction, every little bit helps to reduce your student loan balance. 

Knowing your student loan balance is a crucial part of properly managing and paying off your student loans. Your student loan balance consists of your principal loan amount and any unpaid interest.

There are a few ways to access your student loan amount and any additional financial aid information that you might need. Here’s what you need to know about checking your student loan balance and how the process differs between federal and private loans.

Knowing your student loan balance is a crucial part of properly managing and paying off your student loans. Your student loan balance consists of your principal loan amount and any unpaid interest.

There are a few ways to access your student loan amount and any additional financial aid information that you might need. Here’s what you need to know about checking your student loan balance and how the process differs between federal and private loans.

How to check your federal student loan balance

When it comes to your federal student loans, you have options when it comes to checking 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. If you don’t have an FSA ID yet, you can create one on the website. Once you’re logged in, you can access your dashboard to see your current balance, your original principal amount, your interest rate and more.

Borrowers can have multiple loans with multiple lenders, so the Federal Student Aid website is a good central location. However, if you need more detailed information on your loans — such as your payment history, connected direct withdrawal bank accounts and more — you’ll want to visit each individual servicer website.

Your school’s financial aid office

You can also check your federal loan balance through your school’s financial aid office. They can give you the information you need to start making payments, like your loan balance and who your servicer is.

The myStudentAid app

The U.S. Department of Education’s app, myStudentAid, is available for both iOS and Android. With the app, you can not only view your loan information, but also track your repayment progress and apply for additional aid.

how to check student loan balance

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 not administered by the government, but by private lenders. 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 of the details of your loan. If you’re not sure who your lender is, you can also check your credit report to gain access to all of the loans that are issued in your name. You can currently access each of your credit reports for free, weekly, through AnnualCreditReport.com.

If you do decide to check your credit report, keep in mind that the credit report won’t note any deferment, forbearance or hardship payment options, and it could be a few months behind in showing the total balance due.

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.

Why did my student loan balance go to zero?

If you log into your student loan account to find a balance of zero, 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 loan servicers to change, so your account may be zero with your old servicer if your loan amount was transferred to 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 loan forgiveness program. PSLF isn’t the only federal student loan forgiveness program. You may also be eligible for 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, the 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. Try out these methods to pay down your student loan balance:

• Take advantage of 0 percent interest. Federal student loan payment requirements are paused with 0 percent interest until Aug. 31, 2022, in response to the COVID-19 pandemic. If you’re not currently pursuing a loan forgiveness program, it could make sense to make small payments on your loans while interest is not accruing.
• 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.
• 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 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 repayment of private student loans.

How to check your federal student loan balance

When it comes to your federal student loans, you have options when it comes to checking 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. If you don’t have an FSA ID yet, you can create one on the website. Once you’re logged in, you can access your dashboard to see your current balance, your original principal amount, your interest rate and more.

Borrowers can have multiple loans with multiple lenders, so the Federal Student Aid website is a good central location. However, if you need more detailed information on your loans — such as your payment history, connected direct withdrawal bank accounts and more — you’ll want to visit each individual servicer website.

Your school’s financial aid office

You can also check your federal loan balance through your school’s financial aid office. They can give you the information you need to start making payments, like your loan balance and who your servicer is.

The myStudentAid app

The U.S. Department of Education’s app, myStudentAid, is available for both iOS and Android. With the app, you can not only view your loan information, but also track your repayment progress and apply for additional aid.

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 not administered by the government, but by private lenders. 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 of the details of your loan. If you’re not sure who your lender is, you can also check your credit report to gain access to all of the loans that are issued in your name. You can currently access each of your credit reports for free, weekly, through AnnualCreditReport.com.

If you do decide to check your credit report, keep in mind that the credit report won’t note any deferment, forbearance or hardship payment options, and it could be a few months behind in showing the total balance due.

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.

Why did my student loan balance go to zero?

If you log into your student loan account to find a balance of zero, 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 loan servicers to change, so your account may be zero with your old servicer if your loan amount was transferred to 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 loan forgiveness program. PSLF isn’t the only federal student loan forgiveness program. You may also be eligible for 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, the 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. Try out these methods to pay down your student loan balance:

• Take advantage of 0 percent interest. Federal student loan payment requirements are paused with 0 percent interest until Aug. 31, 2022, in response to the COVID-19 pandemic. If you’re not currently pursuing a loan forgiveness program, it could make sense to make small payments on your loans while interest is not accruing.
• 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.
• 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 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 repayment of private student loans.

Bottom Line 

Finding your student loan balance is an easy process once you know where to start. With this information, you will be able to answer “how much do I owe in student loans?” Then, use some of the strategies provided here to help pay your loans off faster. You got this!

The best way to find out if you owe student loans is to talk to your lender. They will be able to tell you how much money they want from you, and they may be able to help with different payment options that would make the loan more manageable for you.

If you already have a loan, it’s important to make sure that it’s being paid on time each month. If not, then you’ll end up paying more for the loan in interest fees than if you had just paid off the whole thing on time!

With these things in mind, good luck out there!