Student loan statements provide details about a loan, including the last payment received, the amount due, and where to send payments. Also, to manage your student debt repayment, you must understand how a student loan statement works.
However, your loan servicer will usually send you a monthly statement three weeks before your next payment is due. The federal government manages and collects student loan payments through student loan servicers. You may receive separate student loan statements from different services if you have multiple student loans. Read on to know more about student loan statements and how they work.
How to find your student loan statement
Student loan servicers will mail your first statement unless you set up electronic statements. For those who will repay loans soon, it is needful for you to set up an account on your loan servicer’s website. Also, you verify your address, especially if you have recently graduated from college or moved.
Meanwhile, if your first statement won’t be in the mail, and you’re not sure whether you received it. You can access it on your loan servicer’s website by signing into your account. If those tools help you manage your payments, you can also enroll in electronic statements.
How to avoid fraud on your student loan statement
It is important to identify your loan servicers and note their payment addresses, regardless of whether you prefer to view your loan statements online or receive them by mail. Identifying fraud and avoiding student loan scams will help you avoid them. Also, a fraudulent debt relief company will sometimes send you documents that resemble the official documents you will receive from your loan servicer. Also, make you think the loan companies affiliate them with the department of education. Whenever you receive mail from the department of education, look for the seal and the logo of your servicer. You can read about how to apply for student loans in Ghana.
Note: It is a common misconception that student loan servicers will request your username and password. Your loan servicer will not charge you for help that they provide for free.
What to look for on your student loan statement
Although they appear different from one servicer to another, they contain similar key information.
- Besides your current payment amount and deadline, you’ll find a summary of your statement with a payment summary.
- As long as your payment plan doesn’t change or you make more than what is due, your total monthly payment will remain the same.
- As the principal and interest apply to your monthly payment, it will change over time, but the total payment will remain the same.
- They base your repayment schedule for student loans on an amortization schedule. Also, your monthly student loan statement usually shows how you will apply for your payment.
- You can change your repayment plan and possibly lowering your total monthly payment on your statement if your concern is about your ability to pay.
- Your student loan servicer can provide you with more information about your options with the contact information on your statement.
- Your statement provides you with a comprehensive breakdown of your loans, including the current balance, original balance, interest rate. Also, the amounts paid for each loan.
However, the information will be helpful to you in understanding your debt repayment process.
Are you aspiring to be an international student? You can read about how to get a loan to finance your studies abroad.
A student loan statement is basically the summary of your loan details. In getting a student loan, understanding the statements helps you manage your debt effectively. You can use this information to consider changes like whether to make payments beyond what is due to pay off specific loans. Like loans with higher interest rates, or adjust your monthly payment to pay your loans off faster. It’s best to contact your loan servicer if you have questions about your student loan statement. Also, you can easily access banks that give student loans in Ghana.