Tips to keep track of your student loans
To avoid credit report surprise, take some time to review all the information you have about your student loans. A student loan audit might seem like a pain, but spending a little time now may save you a lot of frustration later.
The National Student Loan Data System (NSLDS) is an important tool you can use to track your student loans. It has key information about your federal student loans, including the loan amounts, interest rates and account statuses. One crucial section for every loan is the servicer contact information. This lets you know where you should make payments. If you’re still in school and have questions about your student loans, you can also talk to a financial aid officer. They’re there to answer questions you have about the details of your financial aid package.
If you don’t already, start keeping all letters about your student loans. If you have a new servicer or a different lender purchases one of your loans, you’ll get a letter in the mail letting you know about the change. This paper trail will help you stay on top of your loans so you can keep making your payments on time.
If you complete the review of your student loans and still think an account or piece of information on your credit report is inaccurate, you may want to reach out to the lender directly. They’ll have more information about the specifics of your account. You can also submit a dispute online. Disputing online with TransUnion is fast, easy and free, and it won’t impact your credit score.
These suggestions might seem like a lot of work. Isn’t graduation supposed to be the end of homework? But think of it like taking time to get organized at the start of each semester so you can save time and stress later on. Missing key student loan information or payments can cost more than your credit GPA — it can cost you money in the form of late fees. A successful financial plan involves being well organized and consistently monitoring your accounts. Starting with your student loans is a good first step.