Check My Student Loans Balance

I was going through my student loan balance today when I noticed that I owe $1,300! What? How did this happen? Did my loan amount go up? No, I haven’t spent any money. There’s only one thing I could think of – maybe I’ve been applying for jobs online instead of sending out resumes?!

As soon as I typed these words into Google search bar, I saw some students saying they had similar problems. So, how do we check our balance? Here are two steps you should take if you’re having trouble figuring out what’s making your balance higher than expected:

Step 1: Check your loans

Go to www.studentaid.gov, log in, and click on ‘View Your Account’ (see screenshot). You’ll need your Sallie Mae ID number.

Then click on ‘My Loan Information’ and scroll down to where it says ‘Total Balance’. If it says something similar to $XXXX, then you’ve got a low balance. But don’t worry, just keep reading…

Step 2: Get paid

If your total balance is actually over $1,000, then you might want to try getting a job while you’re still enrolled in school. Most employers will cover tuition costs while you’re working full time, so it may not be necessary to reduce your hours at work. However, make sure you’re setting aside enough money each month to pay off the rest of your loans before you quit your current position, since there’s no guarantee that future employment will have the same benefit.

StudentLoanBalance StudentLoans StudentFinancing

Disclaimer: This video features the use of affiliate links, which means that if you click on one of the product links, I’ll receive a small commission. Regardless, I promise never to recommend products that aren’t helpful to you and your journey to financial freedom. Please feel free to read my disclosure policy.

Check My Student Loans Balance

$0 balance

$100 balance

$200 balance

$500 balance

More than $1000 balance

I am paying off my student loans!

I have no student loan debt.

I would have to pay $50 if I had any fees left over.

I would owe $75 after I paid the fees.

I would owe $125 after I paid the fees if I still owed interest.

I could not afford to buy anything today.

If I don’t get this job done before the deadline, I will fail.

I need to find a way to make money fast.

I’m going to do whatever it takes to graduate on time.

Check My Student Loans Balance

Bankruptcy

Bankruptcy is not something I’d recommend doing, unless you have no choice. But if you do decide to file for bankruptcy, you’ll want to make sure you’re well informed about what’s going to happen. You’ll need to provide all of your financial documents and information in order to get an accurate picture of how much debt you actually owe (and for how long) and how much money you might receive in bankruptcy.

While you may think you only have about $10,000 of student loan debt, some people have even found themselves owing over $200,000 due to their loans! If you feel like you’ve been taken advantage of by any lender, you should report them immediately – there are laws in place to protect consumers from these types of situations.

Check My Student Loans Balance

When I first started college back in 2013, my monthly student loan payment was $140. At the time, I could only make minimum payments, which were about $20 per month. Nowadays, you’re looking at $350-$400 a month for loans alone! That’s not including the interest rate. If you have any student debt, now is the time to call your lender and ask them for help. Ask if they offer a lower interest rate, and try to negotiate a lower payment plan. Some lenders even offer zero percent APR for a few months, and then slowly increase the interest rate.

You may be able to consolidate your loans – that means you can pay off all of your debts at once. Consolidation loans are offered either by private companies or by government agencies like the Department of Education (DOE). Your best bet would be to contact your lender first before you apply for consolidation loan; otherwise, you might find yourself stuck paying more than what you borrowed. You should check out www.studentaid.ed.gov to find a list of options, and talk to a professional who specializes in student loans about your situation.

Keep track of your spending. It sounds simple enough, but managing your finances is hard work. So many people get caught up in their day-to-day lives that they don’t realize how much money they’re wasting. By tracking your expenses, you’ll know exactly where you stand financially. You can use a website like Mint.com, or just keep a small notebook on hand. Make sure to write down everything that goes into your wallet each week. Once you’re done, take a look at your expenses and break them down into categories. You can do this in Excel spreadsheet. Then you can compare your budget to your actual spending and figure out what changes need to be made.

Use credit wisely. Credit cards are great tools for consumers, but they’re also dangerous – especially if you carry a balance. It’s very tempting to spend money that you don’t have. Instead, save up a little bit of money to put towards your future purchases. Also, avoid using credit cards for big ticket items like furniture and cars. Pay cash instead, and use your credit card for smaller transactions like groceries and gas.

Save money. There are really two ways to save money today: earn extra income and cut unnecessary spending. Earning extra income doesn’t necessarily mean working outside of school; it could be something as simple as taking on some freelance projects after class. Cutting unnecessary spending can seem difficult, but there are lots of things you can do to make saving money easier. Start with small changes, such as turning off lights while you aren’t home, skipping lunch, or cooking meals at home rather than eating out on campus. These habits will add up over time, and eventually end up saving you a lot of money.

Get involved in your school community. Most schools offer tutoring services, career fairs, and clubs. Find these opportunities early on, and become involved. Getting connected with others also helps you build friendships and learn more about your school. Check out your school’s website to learn more.

Take advantage of scholarships. Scholarships are often overlooked when students begin applying for financial aid, but they can be extremely helpful. Many schools offer scholarships based on academic merit, such as SAT scores or GPAs. Others offer scholarships based on extracurricular activities, such as athletics or leadership roles. To find scholarships, visit scholarship databases online, such as Fastweb.org, and universities’ websites. In addition, consider doing volunteer work for organizations that match your interests. You may even be eligible for scholarships based on your service work. Visit Goodsearch.org to search for nonprofits near you.

Donate blood. Blood donation is an easy way to help someone else without having to give up anything yourself. The average person gives about 20 pints of blood throughout his/her lifetime, so chances are there is a shortage somewhere in the country. Go to donateblood.org to find a local blood drive near you, or sign up to be a regular donor.

Learn to cook. Cooking your own food saves you money in the long run, and learning to cook can open up a world of savings. Try making dinners out of leftovers, or buy ingredients in bulk. Grocery shopping on sale days can also be a good idea. If you’re interested in learning how to cook, you can even enroll in a culinary program on campus.

Do laundry at home. Laundry detergent is expensive, and it’s cheaper to wash clothes at home than in a laundromat. Invest in some quality detergents, and invest in a high efficiency washer and dryer.

Shop around for utilities. Utilities like electricity and water can be pretty costly nowadays. Compare rates between different providers and see which ones are cheaper.

Consider buying a car. Owning a vehicle is convenient, but it can be pricey. Before you decide whether or not to buy a car, think about whether public transportation is available in your area, and whether driving is necessary for your daily routine. If you do want to purchase a car, shop around to see which makes and models are cheapest.

Be patient. Finances always change. If you’re worried about the cost of going to school, remember that education is priceless. It will always pay dividends later on in life, and you’ll never regret learning new skills.

Avoid debt. While it’s true that owning a house is considered wealth, it’s also considered debt. A major factor in determining whether you have a good amount of wealth is your level of debt. When you’ve got a decent amount saved up, it’s okay to start thinking about the possibility of purchasing a home. But until you have a stable job, pay off your loans, and have built up a significant amount of savings, it’s best to wait.

Check My Student Loans Balance

Do I have student loans?

Student loans are financial obligations incurred while attending college. These loans often carry variable interest rates, making them a good way to invest money over time, especially if you plan to pay off your loan early. If you decide to take out a student loan, make sure to consider interest rates before accepting any loan offer from your school.

How much do I owe?

Find out how much you’re paying in interest and what kind of repayment options are available to you. You’ll want to find out whether you qualify for a federal loan forgiveness program.

Am I eligible?

If you’re employed, you may be able to defer payments as long as you continue working at least half-time while enrolled in school. This is called income based repayment (IBR). Your monthly payment amount won’t change. However, your total debt will decrease each month since interest only accrues on the principal portion of your balance. Your monthly payment amount could increase over time after you graduate.

What’s my payment?

To calculate your payment, use the Payment Calculator on the Department of Education’s website to get an estimate.

Is this loan forgiven?

Your federal government may forgive some of your outstanding loan balance. Check the Debt Relief Act for details on qualifying programs.

►HEY, we’ve got more valuable information here: ►CLICK HERE LOANS FOR STUDENTS◄

►Cloud of related items ▼

►Loans For Students◄

 

bloque1x