How To Read Your Federal Student Loan Statement | Ranger student loan
A federal student loan statement provides a summary of loan details, including the last payment received, the current amount owed, and where to send the payment. If you’ve taken out federal student loans to pay for your education, it’s important to understand this statement to responsibly manage your debt repayment.
Typically, you will receive a monthly statement for your student loan from your loan officer approximately three weeks before each payment is due. Student loan managers collect monthly loan payments and manage student loan accounts on behalf of the federal government.
If you have multiple Federal Student Loans, you may have more than one service agent and will receive separate student loan statements from each. You can find information about your federal student loans services on StudentAid.gov.
Where to find your student loan statement
Unless you set up electronic statements, your first student loan statement will be mailed to you by your student loan officer.
If you have loans that will be paid off soon, you should create an account on your loan officer website and verify your address, especially if you have recently graduated from college or have moved.
If you haven’t received your first statement in the mail, or if you’re not sure if you received it, you can log into and view your account on your student loan officer website. You can also set up electronic statements and sign up for automatic payment if these tools help you manage your monthly payments.
Whether you choose to view your statements online or wish to continue receiving them in the mail, it’s important to identify your loan managers and note their payment addresses. This will help you spot fraud and avoid student loan scams.
Fraudulent debt relief companies often send out statements that mimic the official documents you will receive from your loan officer and try to give the impression that they are affiliated with the Department of Education. You should always look for your agent’s logo, payment address, and the official Department of Education seal on any mail you receive.
Remember, Federal Student Loans Services will never ask you for your FSA ID username and password. And you should never pay for help your loan manager will give you for free.
Key Details on Student Loan Statements
The statements provided by each student loan manager may seem a little different, but they all include the same key details.
First, your statement provides a payment summary that includes your current payment amount and the due date. The total monthly payment will be the same every month, unless you change your repayment plan or make payments in excess of what’s due.
While your total monthly payment will stay the same, the way it’s applied to principal and interest will change over time. Your student loan repayment follows an amortization schedule, and you can check your student loan statement each month to see how your payment is being applied.
Find the best student loans for you
term of the loan
|2.99% to 12.78% with automatic payment *||0.99% to 11.44% with automatic payment *||5, 7, 10, 12, 15 years old *|
|2.99% to 12.99% with automatic payment||0.99% to 11.98% with automatic payment||5, 8, 10 or 15 years|
|2.99% to 14.98% with automatic payment
||0.99% to 12.99% with automatic payment
||5, 7, 8 10, 12, 15 or 20 years old|
If you’re concerned about your ability to pay, your statement includes information on how to change your repayment plan and possibly lower your total monthly payment. Use the contact information provided on the statement to contact your student loan officer to learn more about your options.
The last key details provided by your statement are detailed loan information, such as your current balance, original balance, the interest rate for each loan, and the amount of interest you paid on each loan. This information will help you understand how you are paying off your debt over time.
You can use this information to consider changes, such as making payments beyond what’s due to pay off specific loans with higher interest rates, or adjusting your monthly payment to pay off your loans faster.
If you have any questions about your student loan statement, the best thing to do is call your loan officer. You can call your agent directly or contact the Federal Student Aid Information Center, also known as FSAIC, at 800-433-3243.