Student Loans Demystified Part 1: Where do I start?

Student loans are no joke. They can be confusing and stressful. On top of the stress in the age of information, there is so much misinformation it is hard to know what to believe or where to start? Here is where we suggest starting.

Where to start:

Determine how much you have borrowed in student loans. The National Student Loan Data System (NSLDS) is one stop location to determine the balances of any student loans that you have borrowed from the Federal Government. To access the information found on NSLDS you will need the user id and the password that you would use for your FAFSA application.

Know the name of your loan servicer. A “loan servicer” is the organization that manages your loans for the federal government. This is the organization where you can make payments towards your student loans. You can learn the name of your loan servicer on the national student loan data system website.

Establish an online account with your student loan servicer’s website. As mentioned above you will be able to make payments as often as you would like. You do not have to wait until you graduate to start making payments. We will provide strategies for repayment plans including early repayment of loans in part three of this blog series.

For undergraduate students, the utilization of parent plus loans is not common for all students and private loans are even less common. However, they are utilized by a number of students. Private student loans and parent plus loans will not be found on NSLDS or your Student Loan Servicer account. Private loan amounts will be found by inquiring directly with the lender. Parent Plus loan information can be found by the individual (most likely a parent or guardian) who borrowed the loans for your education.

If you are unsure if you have utilized these loans to fund your education visit the financial aid tab on Topnet and review your “account summary by term” to see if these loans were used to fund your education.

If you have questions and would like to speak to a trained financial coach about your student loans please visit the WKU Center for Financial Success website and request an appointment at this link https://www.wku.edu/cfs/become-a-client.php.

The next segment will focus on simplifying the all too confusing terminology for student loans into easy to understand language. Click here to read it.