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How To Check Student Loans?

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Many people receive student loans during their teaching life, or their parents receive student loans for their children during their teaching life. Usually after graduation, people need to check student loans. Because in this process, the repayment of student loans starts.

Student loans repayment time varies according to the type of student loans. Private student loans may also be paid before graduation. Federal student loans have a grace period. The following conditions must be met for the grace period of federal student loans to begin;

  • Graduate,
  • Withdraw from classes,
  • Fall below half-time student status (less than six units),
  • Do not attend for a quarter.

The grace period for student loans also varies depending on the type of student loans. It may be useful to know the grace period of student loans before to check student loans. The grace periods according to the types of student loans are as follows;

  • Federal Perkins Loan: Nine months,
  • Federal Direct Loan (Subsidized and Unsubsidized): Six months,
  • California Dream Loan: Six months,
  • University Loan: Nine months.

How can you check student loans’ debts?

Many people do not know how much student loans are owed. Because he borrowed from different sources throughout his education life and he has difficulty remembering as the number increases. Knowing the number of student loans will help you pay those debts faster. Also, to check student loans’ debts helps you determine your payment schedule. If you merge or apply for an income-driven repayment plan, you can also determine the monthly payment amount of your student loans debt.

You can also check and follow the debts of student loans when you have just graduated or after paying student loans for years. However, as in other subjects, to check the debts of student loans varies according to the type of loan. The check of private student loans and federal student loans is different. You should know that before checking student loans; you can apply for a forbearance, deferment or cancellation of your credit payments. Before or after to check student loans, if you do not apply for a deferment or cancellation of your student credits, you will have to pay your credits as planned.

Deferment, cancellation or consolidaliton for student loans;

If you have not yet received your student loans, you may decide to defer, cancel or consolidate student loans after checking your student loans.

To defer Perkins or Institutional loans, you must have the following conditions;

  • You are a member of the armed forces or various public or private volunteer organizations (e.g., Peace Corps or VISTA).
  • You are enrolled at least half time at an accredited institution.
  • You are in advanced professional training.

If you have decided to cancel your student loans after to check student loans, you will need to employed in the following areas for Perkins loans;

  • Early intervention services,
  • Teaching,
  • Nursing or medical technician position,
  • Law enforcement or corrections,
  • Head Start,
  • Child or family services,

However, all student loans are discharged for total and permanent disability and death.

Consolidating student loans applies to all student loans. However, there are differences between federal student loans and private student loans. You can consolidate all federal student loans with a fixed interest rate. It is possible to consolidate private student loans with variable or fixed interest rates. If you decide to consolidate after to check student loans, you should know those;

  • You must be in the payment period to make a consolidation.
  • When you consolidate your federal student loans, you will not have the privileges offered to you before the credit consolidation.

To check student loans for federal student loans

The National Student Loan Data System (NSLDS), which you can access online at any time, is the most common way to check federal student loans. With this system that tracks all federal student loans information, you can keep track of how much you owe. This system also allows you to track your subsidized or non-subsidized student loans separately. If you have consolidated your federal student loans, you can view both your original loans and your consolidated loan or loans. However, you must enter your Federal Student Aid ID to check student loans.  If you haven’t registered an FSA ID yet, you can through this site.

Information that you cannot access through the National Student Loan Data System is:

  • Older loans (i.e. loans borrowed in the 1908s), even those that are still in repayment.
  • Private student loans balances.
  • Medical or nursing school loans.

If there are any credits that you cannot reach through the National Student Loan Data System (NSLDS), the other method you can use is to apply to the credit servicers. Your credit servicer is assigned by the US Department of Education. Credit servicers serve as a third party between you and the lender. All payments you make pass through your credit servicer and your credit servicer manages your loans. The federal student loans credit servicers that you may encounter to check student loans are:

CornerStone 1-800-663-1662,

Granite State – GSMR 1-888-556-0022,

HESC/Edfinancial 1-855-337-6884,

Navient 1-800-722-1300,

OSLA Servicing 1-866-264-976,

FedLoan Servicing (PHEAA) 1-800-699-2908,

Great Lakes Educational Loan Services, Inc. 1-800-236-4300,

MOHELA 1-888-866-4352,

Nelnet 1-888-486-4722.

To check student loans for private student loans

There are also credit servicers for private student loans. Therefore, this is the first method used to check private student loans. You can reach the loan servicers of private student loans through your credit report. You can receive your credit reports free of charge once a year through three credit reporting agencies (TransUnion, Equifax and Experian). This method can also be used for federal student loans, but it is easier to access this information through the National Student Loan Data System.

You can also contact the credit servicers by checking the latest student loan statement to check student loans. In addition, you can receive services for private student loans from three credit providers that are credit providers for federal student loans.These;

  • Nelnet,
  • Navient,
  • Sallie Mae.

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