National Student Loan Data System – NSLDS is the United States Department of Education’s Central database for Federal Student Aid. It receives data from the schools’ guaranty agencies, direct loan program and other Department of ED programs.
You can get all the information online by visiting the official website nslds.ed.gov. You require to log in with your Federal Student Aid (FSA) ID.
NSDLS also provide the information about your loan servicer. A loan servicer is the company that collects payments, service inquiries, responds to the customers and other administrative tasks associated with maintaining a federal student loan.
You can simply download your loan information by selecting the “MyStudentData Download” button. NSLDS provides information about the educational debt keeps in mind it provides information regarding the federal student loan programs.
If you want to check the information on your private loan you need to contact the lender directly. If you don’t know about the private lenders you need to contact your financial aid office or refer your credit report.
National Student Loan Data System
NSLDS collects the information from various sources. So that you will depend on what information your loan holder will provide.
In your account, you will see your name, enrollment status and an effective date of your status. You will see the list of the federal loans you have borrowed, details and name of each loan, disbursement amount and the last balance.
To check the more details on each loan you need to click the loan number. Here you will get information on the loan servicer’s name and correct information.
How to sign up?
If you never logged in before, don’t panic! The process is really simple. You require a valid email ID, social security number, and a challenge questions for the recovery your username and password in the future.
This ID is called your FSA ID, by accessing NSLDS you can electronically sign all necessary loan paperwork. You need to provide a mobile number and language preference and security question in case you forget the login information.
Information available on NSLDS
- Type of loan such as FFEL program, Directs etc.
- The original amount of money you borrowed.
- The current balance of your loan.
- The holder/service of your loan.
What are the benefits of NSLDS account?
You can make payments/ consolidates to your loans; the changes are reflected in the NSLDS data. If you are eager to pay off your loan you want to see the balance fall every month using NSLDS database.
A borrower can see a snapshot of all their federal loan and grant data. Once you log into the when NSLDS, you will be able to see all types of the loans you have. The original amount borrowed for each loan, current loan balance and statuses, the service holder of the loan.
The information provided at NSLDS is fairly straightforward, keep in mind in many cases the original amount borrowed for each loan before starting your degree.
You cannot start paying your loan until you have graduated. That means you will forget all the important information about your loans. You only need the information when the time comes to repay the amount.
Points to keep in mind while using the NSLDS
- Remember only Federal loans are reported
If you have taken a private student loan, NSLDS won’t show them. Make sure to account for any balance from private lenders, because many of these loans come with higher interest rates.
- Refinanced student loans data is not available
In case you have refinanced your loan with a private lender, the current balance is not available even if they were federal loan originally. It’s because when your refinance your new lender will pay off our old loan.
As a result of it, the balance of your loan should show $0.00 once your refinancing is finished. Contact your new lender to get the up-to-date details of your loan.
- Information is not always up to date
NSLDS is dependent on the other parties so there can be a delay between changes in the loan amount. The balance data may be some day old in order to get the latest information you need to contact your servicer directly.
- Save your FSA ID somewhere safe
Keep your FSA ID secure in order to interact with federal student aid sites. Resetting your login details will require a security process so avoid it if possible.
NSLDS provides the valuable services it can be valuable for you. If you want to keep multiple loans on the track use NSLDS. Make sure that you understand how to access the NSLDS and the information means the best take advantage of this free service.
National Student Loan Data System