How to Figure Out How Much You Owe in Student Loans

How How to Figure Out How Much You Owe in Student Loans

The first step to seeing how much you can save by refinancing is knowing how much you currently owe in student loans, or your total loan balances. Here are some steps you can take to find out how much you owe in student loans.

To find total Federal student loans balance, you can:

·      Sign into your My Federal Student Aid account.

·      Check the National Student Loan Data System (NSLDS)

·      Check with your school’s financial aid office

To find total Private student loan balances, you can:

·      Check your credit report to find your private lender and contact them or sign into their website to view your total student loan balance

Common Obstacles For Student Loan Repayment

Paying off student debt is a challenge for many college graduates, especially those carrying a significant amount of student loan debt. Specifically, borrowers face the following student loan repayment challenges:

·      Not earning enough income

·      High-interest student loans

·      Large student loan balances

·      Other debts

Many borrowers facing student loan debt pursue student loan refinancing as a way to overcome these obstacles and better manage their student debt. High-income earners such as doctors, dentists, lawyers & MBA graduates who have to go through additional schooling are generally excellent candidates for student loan refinancing.

How to Decide If You Should Refinance Student Loans

It’s important to weigh the risks and benefits of student loan refinancing to decide if you should refinance your student loans. Read Should I Refinance My Student Loans? for a list of considerations.

Here are some typical situations in which refinancing student loans is the right choice:

·      If you have stable income and a strong credit profile

·      If refinancing would lead to significant long-term savings

·      If you meet student loan refinancing eligibility requirements

How Much Can Student Loan Refinancing Save Me?

Refinancing your student loans could potentially save you thousands over the life of your loan, depending on your circumstances and your strategy for refinancing. Some benefits of student loan refinancing include:

·      Lower monthly payments can save money for other expenses

·      Shorter terms and lower interest rates can help you pay off student loans faster

·      Simpler repayment with one monthly student loan payment

To use the Education Loan Finance Student Loan Refinance Calculator, please click on this link https://www.elfi.com/student-loan-refinancing-calculator/  

Article referred by:

Karla Monterrey, Outreach Coordinator

Education Loan Finance