Understanding your Statement and Payments

Knowing how to read your monthly billing statement is important in helping you responsibly manage your student loan debt. Review the sample statement below to understand the key elements of our standard billing statement.

Knowing how your payments are applied is important when trying to determine your overall cost of borrowing.

If you have any specific questions about your particular statement, please call us at 1-800-STUDENT anytime 24/7.

Account Summary

Account Summary
  1. Minimum Payment Due: The amount you are currently obligated to pay based on the terms of your promissory note.
  2. Original Principal Balance: The original loan amount. Interest accrues on this amount.
  3. Loan Balance: The current unpaid principal and accrued unpaid interest as of the statement date. The unpaid principal may include unpaid capitalized interest.
  4. Deferred Interest Balance: The deferred interest balance is the accrued interest as of the statement date for your loan(s) in an in-school, grace, deferment or forbearance status. If your loan is in repayment, accrued interest is not deferred, and the Deferred Interest Balance may be zero. Accrued interest is included in the Loan Balance.
  5. Amount Past Due: The amount previously due that has not been paid as of the statement date.

Payment Coupon

Front

Statement Front

Back

Statement Back
  1. Paying More Than The Minimum Payment Due: To direct your overpayment to a specific loan or to advance your payment due date, make sure to check this box on your payment coupon, then follow the instructions on the reverse side. Advancing your due date means your statement will show $0 due for as many months as your overpayment fully covers. Leaving this box blank means that your overpayment will be applied to your loan with the highest interest rate (or if all rates are equal, to your loan with the highest balance) and your due date will not advance.
  2. Paying More Than The Minimum Payment Due: Use these check boxes to direct your overpayment to a specific loan or to choose to advance your payment due date.

Payments

  1. Payment Details: How payments have been allocated to principal, interest or fees since the last payment due date.
  2. Payment To Date: Total payments made on a loan to date of the statement.

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How Payments Are Applied