How Do I Know If I Have Student Loans

Last Updated on January 19, 2023

Have you ever wondered how you can tell if you have student loans? For most people, this question is probably one of the most common they have. It’s also a pretty important one.

Because if you have student loans, then you know that they can be a huge burden on your future. They can put a strain on your finances and make it difficult to do things like buy a house or get married. And because they are often so hard to pay off, people sometimes find themselves in default and with collections agencies hounding them for money they don’t have.

But don’t worry! There are ways to determine whether or not you have student loans! Here are some tips:

1) Check Your Credit Report

If you want to know if someone has student loans, the easiest way to find out is by checking their credit report. Your credit report contains all of your financial history—including any outstanding debt such as mortgages and car loans but also things like medical bills and utility bills that are sent directly from companies rather than from collection agencies so that creditors know how much money they will receive from each debtor before taking them to court (which would cost them more). However

Student financial aid and loans: what you need to know and how federal and  private student loan work - How To -Bestmarket

How Do I Know If I Have Student Loans

You must know what type of student loan you have in order to understand your options. You can use the National Student Loan Data System (NSLDS) to find out what federal loans you have. As of February 2020, the NSLDS site is found on the Department’s StudentAid.gov site. There is a large “Log In” button on the right side of the screen that you must use to see your account information (also known as your “dashboard.”). Once you enter your FSA ID, you will have access to a lot of information, including your student aid summary.

You must have a FSA ID to access your loan information. If you do not already have an FSA ID, you can create one by clicking on the “Create Account” button on the StudentAid.gov site. The Department has posted answers to frequently asked questions (FAQs) about the FSA ID system.

Once you access your loan “dashboard”, you will see an aid summary as well as more detailed information about each individual grant, loan, and aid overpayment. The Department says that the new dashboard will allow you to keep track of your remaining eligibility for Direct Subsidized Loans (Subsidized Usage Limit Applied – SULA) and Federal Pell Grants and Iraq and Afghanistan Service Grants (Lifetime Eligibility Used – LEU). You should also be able to track your progress toward repaying loans and track the number of qualifying payments made toward Public Service Loan Forgiveness (PSLF) if applicable. In addition, the aid summary will include information about your loan servicer and a link to the loan servicer’s website.

You can also call the Federal Student Aid Information Center, 1-800-4-FED-AID, TDD 1-800-730-8913. The Center’s counselors can help you figure out what types of loans you have.

Federal loan promissory notes and applications will state the name of the federal loan program (Stafford, PLUS, Perkins, FFEL, William D. Ford Direct Loan Program, etc.) at the top of your monthly bill, and loan contract.

There are two ways to determine whether a loan is federally or privately held:

1. Check the top of your federal loan promissory notes, applications, and billing statements, as these state the name of the federal loan program at the top of the document. Federal loan programs include the William D. Ford Federal Direct Loan Program, the Federal Perkins Loan Program, and the Federal Family Education Loan (FFEL) Program.

2. Log in to StudentAid.gov using your FSA ID (account username and password) and select “My Aid” under your name. My Aid displays information on all federal loan and grant amounts, outstanding balances, loan statuses, and disbursements.

student loan forgiveness

If you are employed by a U.S. federal, state, local, or tribal government or not-for-profit organization, you might be eligible for the Public Service Loan Forgiveness Program. Keep reading to see whether you might qualify.

To ensure you’re on the right track, you should submit a Public Service Loan Forgiveness (PSLF) & Temporary Expanded PSLF (TEPSLF) Certification & Application (PSLF Form) annually or when you change employers. We’ll use the information you provide on the form to let you know if you are making qualifying PSLF payments. This will help you determine if you’re on the right track as early as possible.

*This provision will be waived through October 31, 2022 as part of the limited PSLF waiver. Learn more.

Suspended Payments Count Toward PSLF and TEPSLF During the COVID-19 Administrative Forbearance

If you have a Direct Loan and work full-time for a qualifying employer during the payment suspension (administrative forbearance), then you will receive credit toward PSLF or TEPSLF for the period of suspension as though you made on-time monthly payments in the correct amount while on a qualifying repayment plan.

To see these qualifying payments reflected in your account, you must submit a PSLF form certifying your employment for the same period of time as the suspension. Your count of qualifying payments toward PSLF is officially updated only when you update your employment certifications.

Digital signatures from you or your employer must be hand-drawn (from a signature pad, mouse, finger, or by taking a picture of a signature drawn on a piece of paper that you then scan and embed on the signature line of the PSLF form) to be accepted. Typed signatures, even if made to mimic a hand-drawn signature, or security certificate-based signatures are not accepted.

Note: In-grace, in-school, and certain deferment, forbearance, and bankruptcy statuses are not eligible for credit toward PSLF.

Have questions? Find out what loans qualify and get additional information about student loan flexibilities due to the COVID-19 emergency.

Qualifying Employer

Qualifying employment for the PSLF Program isn’t about the specific job that you do for your employer. Instead, it’s about who your employer is. Employment with the following types of organizations qualifies for PSLF:

  • Government organizations at any level (U.S. federal, state, local, or tribal) – this includes the U.S. military
  • Not-for-profit organizations that are tax-exempt under Section 501(c)(3) of the Internal Revenue Code

Serving as a full-time AmeriCorps or Peace Corps volunteer also counts as qualifying employment for the PSLF Program.

The following types of employers don’t qualify for PSLF:

  • Labor unions
  • Partisan political organizations
  • For-profit organizations, including for-profit government contractors

Contractors: You must be directly employed by a qualifying employer for your employment to count toward PSLF. If you’re employed by an organization that is doing work under a contract with a qualifying employer, it is your employer’s status—not the status of the organization that your employer has a contract with—that determines whether your employment qualifies for PSLF. For example, if you’re employed by a for-profit contractor that is doing work for a qualifying employer, your employment does not count toward PSLF.

Other types of not-for-profit organizations: If you work for a not-for-profit organization that is not tax-exempt under Section 501(c)(3) of the Internal Revenue Code, it can still be considered a qualifying employer if it provides certain types of qualifying public services.

Full-time Employment

For PSLF, you’re generally considered to work full-time if you meet your employer’s definition of full-time or work at least 30 hours per week, whichever is greater.

If you are employed in more than one qualifying part-time job at the same time, you will be considered full-time if you work a combined average of at least 30 hours per week with your employers.

If you are employed by a not-for-profit organization, time spent on religious instruction, worship services, or any form of proselytizing as a part of your job responsibilities may be counted toward meeting the full-time employment requirement.

Eligible Loans

Any loan received under the William D. Ford Federal Direct Loan (Direct Loan) Program qualifies for PSLF.

Loans from these federal student loan programs don’t qualify for PSLF: the Federal Family Education Loan (FFEL) Program and the Federal Perkins Loan (Perkins Loan) Program. However, they may become eligible if you consolidate them into a Direct Consolidation Loan.

Student loans from private lenders do not qualify for PSLF.

Under normal PSLF Program rules, if you consolidate your loans, only qualifying payments that you make on the new Direct Consolidation Loan can be counted toward the 120 payments required for PSLF. Any payments you made on the loans before you consolidated them don’t count. However, if you consolidate these loans into a Direct Loan before October 31, 2022, you may be able to receive qualifying credit for payments made on those loans through the limited PSLF waiver. 

About the author

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