If you’re a college student or recent graduate with a federal loan, you’ve probably wondered how much interest you’ll have to pay. Fortunately, it’s not too hard to find out. Here are some ways how to calculate interest on student loan:
Search the Federal Student Aid website
If you have federal student loans, there are a few ways to find out their interest rates. One is to go to the Federal Student Aid (FSA) website and look up your loans on their National Student Loan Data System (NSLDS). This will tell you the amount of each loan and its current interest rate. You can also look up your billing statement online at any time to see this information.
If you’re interested in learning more about what options are available for refinancing or consolidating your existing loans, contact the loan provider directly by searching for them online or calling their customer service number. They may be able to help inform you about any special offers that might be available for new borrowers now—or soon after graduation!
As Lantern by SoFi states, “Interest typically accrues on student loans daily.”
Contact the loan provider directly
If you don’t know the interest rate on your college loan, call the lender’s customer service line and ask them to provide it. Your lender will be happy to help since they want you to make payments and stay current on your loans. The customer service representative may also be able to answer questions about special discounts available for certain types of loans or repayment options, such as a payment plan or refinancing options.
Find the details on your billing statement
Your college loan interest rate is likely to be somewhere between 5% and 7%, but it could be higher depending on the type of loan you took out. To find it, look for the interest and annual percentage rates (APR) in your student loan statement. You can also use the federal government’s repayment estimator tool to get an idea of what your monthly payment will be, how long it will take you to pay off your debt, and more information about fees and penalties associated with defaulting on a student loan.
Check the NSLDS online portal
- NSLDS is the National Student Loan Data System. It’s a resource on the Department of Education website where you can get details about your loans and check whether or not you’re paying too much interest.
- To access NSLDS: Go to https://studentaid.ed.gov/sa/sites/default/files/nslds-federal-direct-loans-summary_0.pdf and find your loan type (Direct or FFEL) on page 1 under “If you have a Federal Direct Loan(s), click here” in either box below “Are You Currently Paying Back a Loan?” Then, follow the instructions for accessing that part of NSLDS online.
In summary, you can find out your interest rate in several ways. First, you can search the Federal Student Aid website or contact the loan provider directly. It is also important to check your billing statement for details on your payment plan. If you have any questions about repayment plans, contact your lender immediately so they can help answer all of them!