How Much Do I Owe On Student Loans

Last Updated on May 24, 2022

If you have student loans, chances are that you have a lot of questions about your debt. After all, student loan debt can be overwhelming, especially when it seems like there is no end in sight.

How much do I owe on my student loans?

How much will it cost me to pay off my student loans?

What are the best ways to pay off my student loans?

You’re not alone if you’ve asked yourself these questions. And we’re here to help! We’re going to answer each of these questions—and more—in this blog post.

Average Student Loan Payment [2022]: Cost per Month

How Much Do I Owe On Student Loans

When you’re ready to focus on your finances and gather information about your debts, one question that may come up is, “how much do I owe in student loans?” 

If you’ve received student loan funds, you may have an idea of what you owe, but that does not give a full picture of your total debt. In most cases, interest accrues on the loan from the date you received the funds. Therefore, the total student loan balance is often higher due to interest being added. 

To find out how much you owe in student loans, it’s good to know whether you have federal or private student loans. If you are unsure which you have, or you have both types, determining your student loan total will take a little more effort.

How to Find Student Loan Balance for Federal Loans

Check the National Student Loan Data System (NSLDS) to find your total federal student loan balance. You can access the system using your Federal Student Aid ID, the same ID you use to fill out the FAFSA. 

The NSLDS will provide information on the type of federal loans you have, the amount borrowed, the disbursement dates, the current status of the loans and the outstanding balance. With this information, you can determine the current total balances of all your federal student loans.    

How to Find Student Loan Balance for Private Loans 

To find your private student loan balance, you may have to do a little more work since there’s no centralized system for private loan information. 

The first thing to check is your credit report. You can obtain a free credit report once every twelve months. The report will contain information about your loan providers, loan balance and payment history for loans. 

This should provide a good start to determine the balances, although credit reports do have mistakes sometimes. If something seems inaccurate, try finding your original loan contracts, then follow up with the loan provider directly.  

You can also check with your school’s financial aid office for any information they have on loans you received.  

Strategies to Pay Off Student Loans 

Once you determine your student loan balance, if you are ready to pay your loans off quickly, here are some strategies to consider:  

Do Side Jobs

One of the best ways to pay off your student loans quicker is to apply extra payments towards the loan’s principal. If you don’t have room in your budget to make more than the minimum payment, try doing side jobs to earn some extra money. You could sell unused items around your house, dog sit or deliver food or groceries. Use those funds to make extra student loan payments. Even an extra few dollars each month can make a big difference in interest savings.

Student Loan Refinancing 

Student loan refinancing involves obtaining a new loan to pay off your previous student loans. When you refinance your loans, you can shorten your repayment term to pay down debt faster. 

Refinancing student loans can also help you save on interest costs over the life of the loan. You may be able to even lower your monthly payment depending on the interest rate you qualify for. To find out how much you may be able to save, use ELFI’s Student Loan Refinance Calculator.*

Use Found Money Wisely

If you receive money as a gift, earn a bonus at work or receive extra money you didn’t expect, use this “found” money to make additional payments on your loans. Although you may be tempted to use this money for something more fun, putting it towards your student loans can help you eliminate debt more quickly.

Cut Expenses

If paying off your debt quickly is a priority, try cutting back your expenses and putting that money toward extra student loan payments. To make the process a little more fun, try a different challenge each month and use the funds typically spent on other budget categories towards your student loans. For example, you could try to not eat out for one month, make no new clothing purchases or only attend free events. 

Set up Autopay

Federal student loan servicers and some private lenders offer discounts for enrolling in automatic monthly loan payments. Although the discount is not significant, usually 0.25% interest rate reduction, every little bit helps to reduce your student loan balance. 

student loan calculator

Simple Student Loan Calculator
Please provide any three values below to calculate.

Loan Balance
Remaining Term
Interest Rate
Monthly Payment


Repayment: $345.24/month
Total Interest: $11,428.92
Total Payments: $41,428.92
Student Loan Repayment Calculator
Use the calculator below to evaluate the student loan payoff options, as well as the interest to be saved. The remaining balance, monthly payment, and interest rate can be found on the monthly student loan bill.

Loan Balance
Monthly Payment
Interest Rate
Repayment Options:

per month
per year
one time


Pay off in 6 years and 2 months
The remaining term of the loan is 9 years and 10 months. By paying an extra $150.00 per month, the loan will be paid off in 6 years and 2 months. It is 3 years and 8 months earlier. This results in savings of $4,421.28 in interest payments.

If Pay Extra $150.00 per month
Remaining Term 6 years and 2 months
Total Payments $36,767.26
Total Interest $6,767.26

The Original Payoff Schedule
Remaining Term 9 years and 10 months
Total Payments $41,188.54
Total Interest $11,188.54

Student Loan Projection Calculator
Use the calculator below to estimate the loan balance and repayment obligation after graduation. This calculator is mainly for those still in college or who haven’t started. Before estimating, it may be helpful to first consult our College Cost Calculator to get a rough idea of how much college may cost.

To Graduate In
Estimated Loan Amount
Current Balance
Loan Term
Grace Period
Interest Rate
Do you pay interest during school years?


Repayment: $526.96/month
Amount Borrowed: $40,000.00
Balance After Graduation: $44,263.99
Balance After Grace Period: $45,790.44
Total Interest: $23,234.95
You need to make $45,790 per year or more to repay the loan with less stress.


  • The “Grace Period” is the period between the date of graduation and the date that repayment of a student loan must begin.
  • For some direct subsidized loans, you do not need to pay interest during school years or the grace period.
  • This calculator assumes loans to be repaid each month equally right after graduation or grace period. It also does not take into account any loan fees.

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