banner



how to find my student loan account number

How to Find Your Student Loan Account Number

It's kind of ironic that naive and broke college students, completely unprepared for real life, are saddled with unmanageable debt before entering the real world after graduation. Did you know that 45 million borrowers now collectively owe $1.6 trillion in student loan debt in the United States? If you're a student, parent, or grandparent soon to begin repayments, you must know how to find student loan account number information.

Do you need to find the student loan account number information for repayment purposes?

You'll find it in official correspondence concerning repayment. It's a 10-digit number.

It should be clearly identifiable on a statement or online account.

Student loan account numbers are used as an identifying metric for borrowers in official correspondence.

Learning how to find the student loan account number information is vital.

You'll be paying off student loans for years or decades.

In a recent survey, college students guessed it would take 6 years to pay off their student loans. The average estimate is 20 years. Student loans are a major life investment, so you should know your account number.

Before I talk about the multiple ways you can find student loan account number information, let's look at some student loan statistics.

Student Loan Stats at a Glance

Do you know what is the best way to bog yourself down in a quagmire of debt?

Get yourself a college degree.

The second highest consumer debt category is student loan debt, preceded by mortgages.

Student loan debt in the United States is higher than both auto loans and credit card debt as well.

The average student loan borrower owes $33,000. About 3 million students owe over $100,000. To put that in context, an average new car costs $36,700. You can get a small starter house in most small or mid-sized cities for $100,000.

When its time to start making repayments, shortly after graduation, the average monthly repayment is $300.

Imagine making monthly $300 payments for 6, 10, 15, or 20 years.

Over 45 million Americans don't have to imagine it. It's their everyday reality.

A student loan is a lifelong investment for many. It's as vital a bill payment as rent, a mortgage, or car loans.

If you're embarking on a decades-long journey of monthly student loan repayments, you must know how to find the student loan account information.

How to Find Student Loan Account Number

The only surefire way to stay current with your student loan information is to know your student loan account number.

When you apply for a student loan, your account number will be issued to you. Finding it out won't be a difficult process.

After you apply for student aid via the federal website Studentaid.gov, you'll go through an application process to find qualifying loans.

You'll receive an official letter detailing your imminent student loan and future repayment processes after approval.

Your student account number should be highlighted, boldfaced, or plainly identifiable in such a letter.

There are several ways for you to find your 10-digit student loan account number.

Student Loan Billing Statement

Every month that you owe a payment, you'll receive an official billing statement to repay your student loan.

Your account number will be plainly listed as "account number," on your billing statement.

Think of a credit card billing statement. Your account number is plainly identifiable on it.

Your student loan account number should be plainly noticeable near the top of your billing statement.

Online Account

If you opt-out of receiving a paper statement, you can pay back your student loan via an online account.

These details, such as how to log in and register, will be sent to you via snail mail or email.

Whenever you log onto your online account, you should see prompts that will direct you to your account number.

You may also find student loan account number information in your online dashboard or profile.

Customer Service

Your student loan billing statement will undoubtedly contain contact information for the lender billing you.

Such contact information will include a mailing address, official email contact address, and a customer service phone number.

You should be able to call and ask a customer service representative to verify your account number.

Be prepared to offer identifying information like your social security number, address, and so on.

Financial Aid Office

Student loan payments are sent directly to the financial aid office of the college or university you or your child attends.

Schedule a visit to your school's financial aid office to talk about your account. They should be able to tell you your student loan account number and/or how to find it.

Temporary Relief Options

The $2 trillion The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, was signed into law in March 2020.

Along with extending $1,200 economic impact payments to Americans affected by COVID-19, the CARES Act also offers relief for student loan repayment.

Over 95% of student loan borrowers can take advantage of the CARES Act Higher Education Emergency Relief Fund. All student loan payments are deferred until September 30, 2020, without interest or penalty. This relief outreach is exclusive to federal loans only.

If you're in arrears on student loan repayments, collection efforts against you will be suspended until September 30.

Contact your student loan lender or peruse the CARES Act Higher Education Emergency Relief Fund website for more information.

Be warned, the CARES Act initiative suspending student loan repayments has caused 5 million borrowers to see credit score drops of over 30 points.

Read More

HOW TO RECOVER FROM BEING A COMPULSIVE DEBTOR

DON'T FALL FOR THESE CORONAVIRUS-THEMED ONLINE SCAMS

BEST LOAN OPTIONS TO HELP GET THROUGH COVID-19

WHEN IS A SPOUSAL CONSENT REQUIRED FOR APPROVING LOANS?

HOW TO SPOT, FIX, AND AVOID RETIREMENT PLAN ERRORS

how to find my student loan account number

Source: https://www.finetunedfinances.com/2020/06/11/how-to-find-student-loan-account-number/

Posted by: whitesidesbegicke.blogspot.com

0 Response to "how to find my student loan account number"

Post a Comment

Iklan Atas Artikel

Iklan Tengah Artikel 1

Iklan Tengah Artikel 2

Iklan Bawah Artikel