Study loan : 5 Things to Know About Your Student Loan Report

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Study loan
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5 Things to Know About Your Student Loan Report
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• Youll need your p?ersonal identification
  number?.
• Most student loan borrowers have no idea what
  their PIN might be.
• It's the same as the one you used to file the
  Free Application for Federal Student Aid.
• Whats worse is that the log-in page for NSLDS
  doesnt give any instructions on what to do if
  you don't remember your PIN.
• You can apply for a new PIN, or ask for a hint on
  your old PIN, here.

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• The available information is not in real time.
• The NSLDS gets its information from a variety of
  sources including the school you were attending
  when you borrowed the loan, the loan holder, the
  lender and the U.S. Department of Education.
• These entities dont do daily reporting and they
  dont all report directly to the database, so it
  can take weeks or even months for information to
  catch up.
• The system is best used for performing
  approximations and locating loans? rather than
  looking at account balances and getting status
  updates.

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• The disbursement date is important to understand.
  This is the date that is going to determine a
  borrower's eligibility for programs such as Pay
  as You Earn as well as interest rates.
• This date is generally the date that the first
  disbursement of your loan for a particular school
  year went to the school. Its not necessarily the
  date the money was available to you or used to
  pay your tuition. Its also the date interest
  begins accruing for nonsubsidized loans.
• For a consolidation loan, its the date the funds
  were sent to pay off the underlying loans. It
  should match the date the loan holder has on
  file.

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• Your NSLDS report only shows the loans you are
  legally responsible for paying. This means any
  Parent PLUS loans ?taken out on your behalf will
  reflect on the parent borrowers report rather
  than your own.
• The NSLDS is what is used to determine your
  eligibility for future federal financial aid.
  This means its important to make sure all the
  information is correct.
• The problem is that you almost need a glossary to
  weed through all the acronyms and status codes in
  the financial aid world. Your Study loan status
  codes, for example, can be very important and can
  affect future financial aid eligibility, so
  youll want to make sure they are correct.

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• Even one letter such as a status code of DA, or
  deferred, versus that of DF, or defaulted can
  mean the difference between being approved for
  future aid or being denied. If you need to have a
  correction made, contact the loan holder first to
  try and resolve the mistake as they are likely
  the ones reporting it.
• The NSLDS is one of the more underused, but
  useful, tools out there for managing your federal
  student aid. Knowing its there is half the
  battle. Understanding how it works is the other
  half.
• Source http//bit.ly/QEZUNx

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