Understand and review your student loan debt by reviewing your Student Loan Debt Summary, which is an annual notification of your cumulative student loan debt that includes all federal student loan borrowing. It will also list private student loans borrowed while you are at Penn State. See the main Penn State Student Aid site for details on your Student Loan Debt Summary and identifying your federal loan servicer.
Federal Loan repayment begins six months after the end of the last semester a student is enrolled half-time, even if the student has not yet graduated.
To make the most of your six-month grace period:
- Review your loan record on the National Student Loan Data System.
- Use a loan replacement calculator (such as the one at FinAid or the one at Federal Loan Servicing) to estimate your total cost with interest and fees, and your monthly repayment amount.
- Review repayment timelines.
- Watch for information from your lender via U.S. mail near the end of your grace period.
For more suggestions and information, visit Federal Loan Servicing.
How to Keep Track of Your Student Loans
Every borrower’s federal student loan history is listed on the National Student Loan Data System (NSLDS), the U.S. Department of Education's central database for student aid. Your personalized profile will include all the undergraduate and graduate federal aid you received from all schools you attended. By checking your NSLDS account regularly, you can stay on top of your remaining repayment obligations.
To access your NSLDS account, use your FSA ID to log on to the Federal Student Aid website. Your NSLDS account data will include the loan type, disbursement dates, terms, school name, the original amount borrowed for each loan, current loan balances, the name and contact information for the loan servicer, and each loan repayment status (grace period, deferred, in repayment, in default, or paid).
Details of any Graduate PLUS loan you accepted will be included on your NLSDS record, but any PLUS loans taken out by your parents for your undergraduate studies will not be listed under your name. Private student loans are not listed here either, so contact your private lender directly for assistance with them.
If you’re reviewing your NSLDS record and you are still in school, be aware that new loans are reported to the student loan database about a month after disbursement to your Penn State account.