How to Find Out How Much Debt I Owe for College

Going to college can be a rewarding experience. The knowledge you gain and the friendships you make could last you a lifetime. A college education, however, can be one of the most costly undertakings you pursue, costing tens of thousands of dollars to cover tuition, room and board. Although the United States Department of Education, the entity that backs most student loans, gives you a six- to nine-month grace period to begin loan repayment after graduation, you can find out how much student loan debt you owe and work the payments into your budget before the grace period ends.

Instructions

1

Order free copies of your credit reports from annualcreditreport.com, the only federal government-endorsed free credit report provider. Student loan lenders, whether DOE-backed or private, report your loans to the credit bureaus. The Federal Trade Commission says that you have a right to receive free copies of your credit reports from the three credit bureaus -- Transunion, Equifax and Experian -- on an annual basis. Read through each of your credit reports, line by line, to calculate your student loan debt.

2

Open an account on the National Student Loan Data System (NSLDS) website to find out how much you owe. The database contains a list of your DOE student loans from freshman year through graduation and beyond, even if you transferred colleges. Enter your date of birth, social security number and DOE PIN to access the system. You can apply for a PIN on the DOE PIN website to replace a lost one, or to obtain a new one if you did not use a PIN to apply for your student loans.

3

Locate your student loan promissory note, the document you signed -- paper or electronic -- when you borrowed your student loans. Promissory notes contain detailed information about the amount you borrow, interest rates and often include an estimated repayment schedule. Search for paper promissory notes among your important personal documents. You can also search your email box for electronic promissory notes if you applied for your student loans online.

4

Call or email your lender's customer service department directly if you borrowed nongovernment affiliated, private student loans. You can find the lender's contact information on paper bills you receive in the mail and on the lender's website. Ask the customer service representative to tell you how much you owe or ask to be placed in contact with the department that keeps track of such information.