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How Can I Find Out How Much I Owe on My Student Loans?

Dear Experian,

How would I go about finding who I owe money to for my student loans and how much I owe?

– SMC

Dear SMC,

Your credit report is a great tool for seeing all of your student loan accounts and account balances in one place. A credit report is essentially a snapshot of all of your accounts, so if you are unsure about how much you owe on your student loans, your Experian credit report is a great place to start.

Keep in mind that lenders are not required to report their account information to credit reporting agencies, so it’s possible to owe a debt that does not appear on your report.

Understanding How Student Loans are Reported

Student loans are unique in that the lender will typically report a separate account for each enrollment period or semester that you attended school, even if you only make one payment each month. For example, if you borrowed money to attend school for eight semesters, you will likely see eight individual loans appearing on your report.

Student loans may also be transferred from one lender to another. If your loans do change hands, your new lender may report the accounts as well. The original accounts will be updated to show that they are now closed. They will no longer show a balance owed, but they will remain on the report, along with information about the account history.

Determining How Much You Owe

If you see more than one student loan company listed on your credit report, you can get an idea of who currently owns the debt and how much you owe by checking the status of the account and whether there is a current balance being reported. However, you should always refer to your account statements for the most up-to-date information about balances and where to send any payments. The same applies to any other kind of debt you see on your report.

If you are not receiving statements, you should contact the creditors you see listed on your report directly to confirm the current owner of any debt before making a payment. Experian provides contact information for each company on the report, and you can find additional contact information by doing an internet search for the name of the lender.

Contacting your lenders directly ensures that you have the most current information about your accounts. And, if you have struggled to make payments in the past, your lenders may be able to assist you with figuring out a plan that will get you back on track.

Thanks for asking,
The “Ask Experian” Team

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