USSLC. US Student Loan Center

Transcription

1 USSLC US Student Loan Center

2 USSLC US Student Loan Center Published by: US Student Loan Center 2803 W. Busch Blvd. Suite 200 Tampa, FL Copyright 2016 US Student Loan Center, Inc. All Rights Reserved. May be shared with copyright and credit left intact. USSTUDENTLOANCENTER.ORG

3 Table of Contents About Us... How To Use This Guide... Using This Guide To Solidify Better Finances... Step 1: Access the NSLDS... NSLDS Homepage The Login Page... The FSA ID... Step 2: Your Loan Overview... Your Loans Broken Down... Step 3: View Your Individual Loan Information... Servicer Contact Information... A Smarter Way To Pay Off Your Student Loan Debt By Using This Information

4 USSLC US Student Loan Center About Us US StudentLoanCenter.org is a privately owned company made up of several teams of different people who have made it their jobs to help student loan borrowers make good decisions about their debt. Our goal is to help you manage and pay off your student loans in the best way possible so that you too may have a better financial future. We thrive on 3 things: Lowering Student Loan Payments to make them more affordable. Enrolling Borrowers Into the Most Beneficial Repayment Programs. Helping Borrowers Access Student Loan Forgiveness. Plus we are the constant support system the student loan community is currently missing. If you need help managing, paying off, or have questions about your student loan debt, you can call us, us, or get instant access to our most popular and useful articles circulating around student loans and you info@ussudentloancenter.org 3

5 How To Use This Guide This guide was created to help you see all of your student loans in one place. By using this guide, you will be able to successfully navigate the National Student Loan Data System website. This website allows you to see every federal loan you have ever borrowed from any school you have attended in the past (or still attending). What you will need: A computer, tablet, or smart device. Internet Connection. FSA ID. FSA Password. 4

6 Over 70% of college students graduate with student loan debt But sadly, hardly any really know how much debt they graduate with and how much they will be responsible for paying back. With dozens of different types of loans like Private loans, Federal loans, Perkins Loans, Parent Plus Loans, and Direct Loans it can get extremely confusing to keep track of what you owe and where that debt is coming from. It s no wonder people are frustrated with student loans and are lost with the options they have for relief. As a result, most student loan borrowers aren t ever able to grab hold of the massive benefits of relief programs offered by the government, which are designed to help them with their debt and solidify a better financial situation. But the good news, is that YOU can easily figure out how much you actually owe in your student loan debt without even talking to your student loan servicer You can then use that information to make an educated decision about lowering your monthly payment, consolidating on student loans and even accessing student loan forgiveness. You see, knowing where you are at in your current student loan situation like your total loan balance and the number of loans you have is the first step to knowing how to tackle your loans next. The best part is that we have broken it down into 3 simple steps that will help you get the loan information you need to know NOW in order to make better financial decisions LATER. So let s dive in Using This Guide To Solidify Better Finances 5

7 STEP #1: Access the National Student Loan Data System (NSLDS) Go to Google.com. Type in nslds. Click on the first link that appears on the results page. 6

8 This is the NSLDS homepage. Click on Financial Aid Review. Click Accept. 7

9 You will then be taken to the login page to access your loan information! Here you will need to enter your FSA ID But wait! First, let s go over what an FSA ID actually is FSA ID stands for Federal Student Aid Identification. It s what allows you to access the National Student Loan Data System where a list of your federal loans are kept. It is also used to electronically sign anywhere you may need to on the government student loans websites. If you do not have an FSA ID, you will have to create one to continue this process. Click on Create An FSA ID and complete the necessary steps to obtain an FSA ID. If you need help with creating an FSA ID, click here to download The Step by Step Guide to Creating an FSA ID. 8

10 Type in your FSA ID and password. Click Login. 9

11 STEP #2: View Your Loans and Total Balance This is the screen you will see when you first login. If the wrong name appears, log out and make sure you are entering your login information correctly. You should now be able to see all of your federal loans. Remember: Any private loans will not show on this page. Your enrollment status may not be up to date. You have to be less than half time, graduated, or withdrawn to consolidate your loans. 10

12 All of your loans are broken down into seven categories: 1: Type of Loan: This is the type of loan you borrowed. 2: Loan Amount: This is the amount of money you initially borrowed. 3: Loan Date: This is the date you took out the loan. 4: Disbursed Amount: This is the amount of money you actually received. 5: Canceled Amount: This is any amount of the loan that was cancelled and you did not receive. 6: Outstanding Principal: This is how much of the loan amount has been paid off. 7: Outstanding Interest: This is how much interest you have left to pay. You will also be able to see the total amount of outstanding principal and outstanding interest you have. Delete this sentence? Like it says above about outstanding principal and interest. To look at all of the grants you have received, click on Click here for Grant Information. 11

13 STEP #3: View Your Individual Loan Information This page appears whenever you click on one of your loans. In the top left corner of the page, you will see: Loan type What college you were in when you got the loan When you will start repaying the loan Your next payment due date When the loan period began When the loan period ends Income-driven repayment plan anniversary date is when you need to recertify. (If the loan hasn t been consolidated yet, then there will be no date.) 12

14 Amounts and Dates: Loan Amount The dollar amount that an agency or school approved for your loan. Not all of this amount may have been disbursed. Outstanding Principal Balance The current amount that you owe on a loan. The dollar value of the balance which may include capitalized interest. Outstanding Principal Balance As of Date The effective date for the principal balance on a loan. Interest Rate Type The type of interest rate. Fixed indicates the loan had a set rate at the time it was made. Variable indicates that the loan rate can vary based on such things as your academic status and type of loan, as well as possible borrower benefits. Interest Rate The interest rate for the loan. Canceled Amount The portion of a loan (other than Perkins), in dollars, that was canceled, either before or after disbursement. Canceled Date (if applicable) The date (month, day, and year) on which all or part of a loan was canceled. Most Recent Pay Effective Date (if applicable) The most recent date on which a payment was applied. Cumulative Payment Amount The cumulative amount paid on a loan as of the most recent payment effective date. Repayment Plan Type (if applicable) The current repayment plan for a loan that has entered repayment. PSLF Cumulative Matched Months The total number of qualifying payments made on the loan while employed in a qualifying public service. 13

15 Disbursement and Status Disbursement Date - This is when you received the loan. Disbursement Amount - This is the amount of money you received from the loan. Loan Status - This is the current status of your loan. Status Description - This is the description on the loan status based on whether you can repay the loan or not. Examples of some of the most common status descriptions include: Deferred A benefit of federal student loans that allows you to temporarily stop making payments. Interest will continue to be charged on any unsubsidized loans and PLUS loans. Forbearance A benefit of federal student loans that allows you to temporarily stop making payments or reduce your federal student loans monthly payment. Interest will continue to be charged on your subsidized, unsubsidized and PLUS loans. Some forbearances are required to be granted by your federal loan servicer; others are offered only at the discretion of your federal loan servicer. In repayment To pay back money you borrowed by making scheduled payments to a loan holder or servicer. Loan originated The date in which your loan application was approved and processed by your lender In grace period A period of time that generally begins on the day after a borrower graduates, leaves school, or drops below half-time enrollment and usually ends six to nine months later Default You are late on your payments and have run at least 270 days without making a payment on your loan Remember: Every time you change the status of the loan, it will add a new row under disbursement and status. 14