Taperman articles

When you go for Private Loans, be it for Loans Consolidation, Continuing Education or College Education etc., the problem very often encountered is with regard to your credit score (An index of your creditworthiness / reliability in honoring debts compiled based on your historical records of previous loans taken / repaid, if any). 

In filling the relevant loan application forms, some lenders are not satisfied with a single value credit score, but ask for comprehensive details such as a full list of all loans taken, together with such particulars as  (a) Loan amount (b) interest rate and (c) who services that particular loan in respect of each loan. It is at this juncture that you have to turn to NSLDS. 

What is NSLDS?

NSLDS – (National Student Loan Data System) is a centralized database for student aid of the U.S. Department of Education. Its sources of data include schools, agencies that guaranty loans, the Direct Loan Program, the Pell Grant Program, and other U.S. Department of Education Programs. NSLDS provides information tracking a loan through its entire cycle from the stage of aid approval to its ultimate closure in respect of            Title IV Loans (Footnote 1) and Pell Grants (Footnote 2). The website address is http://www.nslds.ed.gov and it can be accessed throughout the day, seven days a week except when it may be briefly closed for maintenance on some weekends.  

What information can you get from NSLDS?

Amounts of loans / grants received, their present outstanding balances, status of the loans and details of disbursements. However, please note that it takes 30 to 45 days to get the information into NSLDS. If more than 60 days have passed since you received your loan, and still you cannot view any information after login, contact the school's financial aid office that processed your loan who should be able to explain why your loan or grant has not been reported to NSLDS, or why it does not appear there, if already reported. 

Requirements to access your Loan Pages at the website:

Your social security number (SSN), the first two digits of your last name, date of birth and your PIN (formerly known as EAC).

 In case you don’t have the PIN Number.

If you have filled a FAFSA form within the last year you can use that same PIN number. (The same PIN number can be used at both FAFSA and NSLDS websites). If not, you can get your PIN by following the steps given below: (a) Go to http://www.PIN.ed.gov and click on the “Apply Now” button. (ii) Review the privacy statement and click Next. (c) Fill the PIN form. Submit an email address that you have access to. (d) Accept the terms and submit application. You will receive your PIN number in about 2 days by email. After you have received your PIN number, (a) go to http://www.NSLDS.ed.gov, accept the privacy statement and choose your preferred encryption. 

1)       Title IV Loans:

The following programs are defined as Title IV Grant or Loan assistance: Federal Perkins Loan, Direct Loan – Federal Direct Stafford Loans and Direct PLUS Loans, FFEL – Federal Stafford Loans and PLUS Loans, Federal Pell Grant, Academic Competitiveness Grant, National Smart Grant.

2)       Pell Grants:

Pell Grants are awarded solely on demonstrated financial need to every eligible undergraduate student who hasn't already earned a bachelor's or professional degree. The amount of your Pell Grant will depend on your financial need, your college costs, and whether you're attending college full time or part time. The funds can be used for tuition, fees, and living expenses.

 The left option is for Firefox browser users, and the right option is for Internet Explorer users. Use the right option for any other browsers as well or if you are uncertain. (b) Log in with your PIN and other identification information they require. Now you would be on your Personal Loan page.

 Now we are back where we started from: (Please refer last three lines of paragraph 1). All this information, that is (i) Loan amount (ii) interest rate (iii) name of who services that particular loan could be found by clicking the top right corner "loan detail" button of each loan box.

 How secure is the NSLDS website?

Very secure, as much as any ATM, since you are using a combination 2 access numbers (SSN and PIN). If you feel your PIN Number is not secure at any time, you can request for a change (similar to changing a password).

 What help is available with the website?

(a)     For clarification of technical terms used on the website  - go to the “Glossary of Terms” page.

(b)     Their FAQ page answers a large variety of questions that any one could possibly have.

(c)     The Federal Student Aid Information Center can be contacted from 8 a.m. to midnight (Eastern time) Monday through Friday, and 9.00 a.m. to 6.00 p.m. (Eastern time) on Saturday on their Toll Free line 1-800-4-FED-AID or TDD.   

(dYou can email FSAIC through their “Contact us” page.

How current is the information you view on NSLDS?

We have stated above that it would take around 30-45 days to get the information into NSLDS. But the outstanding principal balance viewed by you may be as much as 120 days old! You can  contact the loan servicer for more up-to-date balance information.  

What happens if your loan balances are not correctly reported;

and from where can you get the correct figures?

§         NSLDS has no powers to alter figures as it acts only as a repository. Therefore, if a NSLDS figure is found to be incorrect, then it is most probably due to an error arising from the source feeding the relevant information to the NSLDS. As such, for getting any corrections effected - contact the guaranty agency for Stafford Loans; contact the school for Perkins Loans; and contact the Direct Loan Servicer for Direct loans. If the Pell Grant loan balance is incorrect you will need to contact the Financial Aid Office of the School that awarded you the Pell Grant. Please note that any loans applied and received by your parents for you such as PLUS Loans will not appear in your Loans Accounts pages. 

§         In case of inaccuracies in the loan balances, in order to get the latest correct balances you will have to call the current loan servicer, and you may have to contact the lender if the loan servicer is not listed. Some Loan Servicers maintain websites where you can get the curret account information. 

Author