There are many factors that can increase your total loan balance. An increase in the interest rate on your loans, and increased Minimum Payment requirement, or a change in the amount of principal you originally borrowed could all lead to a larger loan balance.
It’s important to keep track of your loan balance so you can make sure you’re on track to pay off your loans as soon as possible. You can use our Loan Balances tool to see how your loan balance is changing over time or talk to one of our advisors if you have any questions about refinancing or paying off your debt.
Refinancing can help you pay off your loans faster by lowering your interest rate and increasing the amount of money you’ll be able to borrow. If you’re having trouble paying your current loan balance, refinancing may be a good option for you. Talk to an advisor about your options.
If you plan on using your loans for education, it’s important to remember that a higher interest rate can increase the final amount of debt you’ll need to pay back. Talk to an advisor about your options if you’re having trouble meeting your Minimum Payment requirement. If you’re not sure whether refinancing is the right option for you, or if you have any other questions about your loans, talk to one of our advisors.
We can help make sure your loan payments are manageable and get you back on track to paying off your debt as soon as possible.