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.
1. Minimum Payment Due: The amount you are currently obligated to pay based on the terms of your promissory note.
2. Loan Balance (Principal + Interest):This is the sum of your outstanding principal balance, Unpaid Accrued Interest Balance, and Unpaid Deferred Interest Balance, as of the date of this statement
3. Unpaid Accrued Interest Balance: This balance is the interest that has been charged to your loan and it does not include Unpaid Deferred Interest. Unpaid accrued interest is included in the Loan Balance. Payments will be applied to unpaid accrued interest – and unpaid deferred interest – before being applied to principal balance.
4. Unpaid Deferred Interest Balance: This is the amount of interest charged to your loan which will capitalize and be added to your principal balance following a period of deferment or forbearance. Payments will be applied to unpaid deferred interest – and unpaid accrued interest – before being applied to principal balance.
5. Amount Past Due: The amount previously due for each loan that has not been paid as of the statement date.
6. 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.
7. 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.
8. Payment Details: How payments have been allocated to principal, interest or fees since the last payment due date.
9. Payment To Date: Total payments made on a loan to date of the statement.
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