If you (or your student) have been borrowing for a few years, your loans probably live in more places than you think. A federal loan from freshman year, a private loan from sophomore year when the aid fell short, maybe a Parent PLUS loan on top. Different balances, different rates, different servicers — and no single bill that shows the whole picture.
A loan portfolio review fixes that. It's a once-a-year checkup where you gather every loan, write down what you owe and to whom, and decide which balances need attention. It takes about an hour, and it's the single best way to avoid expensive surprises at repayment time.
This guide walks you through the full checklist, step by step.
Step 1: Find Every Federal Loan You Have
Start with your federal loans, because they're the easiest to track down. Every federal student loan is listed in one place: your dashboard at StudentAid.gov. Log in with your FSA ID and you'll see each loan with its balance, interest rate, loan type, and servicer.
For each federal loan, write down:
- Loan type. Direct Subsidized, Direct Unsubsidized, Parent PLUS, or Grad PLUS. The type controls your repayment and forgiveness options later.
- Interest rate. Federal rates are fixed for the life of each loan, but they change every year for new loans. A loan from 2021 may carry a much lower rate than one from 2025, when undergraduate loans were at 6.39 percent and PLUS loans at 8.94 percent.
- Current balance and accrued interest. Unsubsidized and PLUS loans grow while you're in school. Seeing the accrued interest now prevents a shock at graduation.
- Servicer name. This is the company you'll actually deal with. Servicers change often — loans get transferred — so confirm yours is current.
If a parent borrowed PLUS loans for you, those appear under the parent's own FSA ID, not yours. Make sure whoever borrowed logs in and adds those loans to the family list.
Step 2: Track Down Your Private Loans
Private loans are trickier because there's no central government dashboard for them. Two reliable ways to find them all:
- Pull your free credit report at AnnualCreditReport.com. Every private student loan shows up as a tradeline with the lender's name and balance.
- Check your email and paper files for statements from lenders like Sallie Mae, College Ave, Earnest, or your bank or credit union.
For each private loan, record the same details as above, plus two more that matter a lot:
- Fixed or variable rate. Variable rates can climb over time. If you have a variable-rate loan, write down the current rate and check it again every few months.
- Cosigner status. If a parent or grandparent cosigned, note it. Some lenders offer cosigner release after a few years of on-time payments — that's worth pursuing, and it only happens if you ask.
If you're not sure how your federal and private loans differ in protections and flexibility, our guide to federal vs. private student loans covers the key differences.
Step 3: Build Your One-Page Loan Inventory
Rankings
Compare private student loan options
Compare College Ave, Earnest, and Sallie Mae — with Sallie's rate matched to this program where available.
- Rank #1Editor's Pick
College Ave
Best for: Students who want flexible repayment options and no origination fees
- 0.25% rate reduction with auto-pay
- Four in-school repayment options
- No application, origination, or prepayment fees
- Borrow from $1,000 up to 100% of cost of attendance
Apply NowRates
Lowest Rate 2.19%
2.19% - 17.99% fixed APR, 3.89% - 17.99% variable APR
Disclosures+
College Ave's student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or BTG Pactual Bank, N.A., member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. (1) All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. (2) As certified by your school and less any other financial aid you might receive. Minimum $1,000. (3) This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (APR): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 7/20/2026. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
- Rank #2
Sallie Mae
Best for: Undergraduate and graduate students, and parents, comparing competitive fixed- and variable-rate private student loans
- Competitive variable and fixed rates
- Multiple repayment options
- Cosigner release available
- No origination fees
Apply NowRates
Lowest Rate 2.39%
2.39% - 17.49% fixed APR, 3.75% - 16.95% variable APR
Disclosures+
Undergraduate School Loan/Smart Option Student Loan: Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common fixed rate, Fixed Repayment Option, two disbursements, a 4-year in-school period, and a 6-month grace: For a borrower with the shortest loan term, it works out to 16.16% fixed APR, 51 payments of $25.00, 119 payments of $296.32 and one payment of $41.82, for a total loan cost of $36,578.90. For a borrower with the longest loan term, it works out to 16.38% fixed APR, 51 payments of $25.00, 177 payments of $265.54 and one payment of $173.00, for a total loan cost of $48,448.58. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not. Information advertised valid as of 07/02/2026. Rates: Advertised APRs for undergraduate students assume a $10,000 loan with a 4-year in-school period, a 6-month grace, and the longest loan term offered. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan's Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Cosigner Release: Only the borrower may apply for cosigner release. To do so, they must first meet the age of majority in their state and provide proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if their status has changed since they applied). In the last 12 months, the borrower can't have been past due on any loans serviced by Sallie Mae for 30 or more days or enrolled in any hardship forbearances or modified repayment programs. In addition, the borrower must have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. The loan can't be past due when the cosigner release application is processed. The borrower must also demonstrate the ability to assume full responsibility of the loan(s) individually and pass a credit review when the cosigner release application is processed that demonstrates a satisfactory credit history including but not limited to no: bankruptcy, foreclosure, student loan(s) in default or 90-day delinquencies in the last 24 months. Requirements are subject to change.
- Rank #3
Earnest
Best for: Borrowers who want a zero-fee¹ lender with flexible repayment options² across undergrad, grad, and professional school programs
- 0.25% Auto Pay³ discount plus 0.25% Loyalty⁴ discount for eligible returning borrowers
- No origination fees, late fees, or prepayment penalties¹
- Borrow $1,000⁵ to $400,000 with 5, 7, 10, 12, or 15-year terms⁶
- Four repayment options², a 9-month grace period⁷, and cosigner release for eligible borrowers⁸
Check EligibilityRates
Lowest Rate 2.29%
2.29% - 16.24% fixed APR, 4.74% - 16.60% variable APR
Disclosures+
Earnest Private Student Loans are subject to credit approval. ¹Earnest does not charge fees for origination, late payments, returned check, or prepayments. Florida Stamp Tax: For Florida residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1. ²Repayment terms and repayment options available vary based on loan type. ³You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. It is important to note that the 0.25% Auto Pay discount is not available when loan payments are deferred during the interim period as a result of selecting the deferred repayment option. ⁴To be eligible for the Loyalty Discount, applicants must have previously obtained an Earnest Private Student Loan and apply using the same email address associated with that loan. Only one Loyalty Discount may be applied per eligible Earnest Private Student Loan. Not all applicants may qualify. This offer cannot be combined with Earnest’s Rate Match program. Earnest may modify or discontinue this offer at any time and without notice, however, once a Loyalty Discount is earned, it will not be taken away. ⁵Residents of Hawaii must request a loan of at least $1,501. ⁶Available interest rates are subject to change. Interest rates as of 03/19/2026. Earnest’s Loan Cost Examples: 1.) These examples provide estimates based on principal and interest payments beginning immediately upon loan disbursement. Variable annual percentage rate ("APR"): A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $27,511.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $27,054.10. 2.) These examples provide estimates based on interest-only payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $35,515.14. For a variable loan, after your starting rate is set, your rate will then vary with the market. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $140.42 for 57 months. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $34,886.94. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $137.42 for 57 months. 3.) These examples provide estimates based on fixed $25 payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $253.39) and a 16.85% interest rate without Auto Pay (14.92% APR) would result in a total estimated payment amount of $47,035.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $246.61) and a 16.49% interest rate without Auto Pay (14.65% APR) would result in a total estimated payment amount of $45,814.80. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $25.00. 4.) These examples provide estimates based on deferred payments. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $275.17) and a 16.85% interest rate without Auto Pay (14.67% APR) would result in a total estimated payment amount of $49,530.60. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $268.03) and a 16.49% interest rate without Auto Pay (14.39% APR) would result in a total estimated payment amount of $48,245.40. Your actual repayment terms may vary. Other repayment options are available. It is important to note that the 0.25% Auto Pay discount is not available when the deferred repayment option has been selected and the loan is in the interim period. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $0. ⁷Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school. ⁸To qualify for automatic cosigner release, the outstanding principal balance of your loan must be paid down to 50% or less of the original principal balance. The primary borrower must have made 36 months of required payments after the end of the Interim Period. The primary borrower must meet our eligibility and minimum credit requirements. Additional terms and conditions may apply. To request cosigner release, the primary borrower must have made 12 consecutive, monthly on-time principal and interest payments (or an amount equal thereto) immediately preceding the cosigner release application. The primary borrower must satisfy certain eligibility and credit criteria at the time of application. Additional terms and conditions may apply. ⁹Includes 0.50% combined Auto Pay and Loyalty discounts. Actual rate and available repayment terms will vary based on your financial profile. Fixed annual percentage rates (APR) range from 2.79% to 16.74% (2.29% - 16.24% with Auto Pay and Loyalty discounts). Variable annual percentage rates (APR) range from 5.24% to 17.1% (4.74% - 16.6% with Auto Pay and Loyalty discounts). Earnest variable interest rate student loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent plus a margin and will change on the 1st of each month. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Our lowest rates are only available for our most credit qualified existing cosigned loan borrowers who receive the 0.25% Loyalty discount and requires selection of our shortest term offered, full principal and interest payment while in school, and enrollment in our 0.25% Auto Pay discount. Enrolling in Auto Pay is not required as a condition for approval. Interest rates are subject to change. Earnest Private Student Loans are made by FinWise Bank, Member FDIC. FinWise Bank, 756 East Winchester, Suite 100, Murray, UT 84107. Earnest student loans are serviced by Earnest Operations LLC, 300 Frank H. Ogawa Plaza, Suite 340, Oakland, CA 94612. NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770). FinWise Bank and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America. © 2026 Earnest LLC. All rights reserved.
Now put everything in one place — a spreadsheet, a notes app, even a sheet of paper. One row per loan, with columns for:
- Lender or loan type
- Servicer and login info location
- Balance today
- Interest rate (and fixed vs. variable)
- Status (in school, grace period, repayment, deferment)
- Monthly payment (or future estimated payment)
Then sort by interest rate, highest first. This one sort tells you where every extra dollar should go. A $6,000 private loan at 12 percent costs you more each month than a $15,000 federal loan at 5 percent. Families often pay extra on the biggest balance when the smartest move is paying extra on the highest rate.
Step 4: Check Your In-School Protections Before You Touch Anything
Before you consolidate, refinance, or pay anything off, know what protections each loan carries — because some are worth keeping even when the rate looks high.
- Subsidized loans don't accrue interest while you're enrolled at least half-time. Never prepay these while you're still in school if you have unsubsidized or private balances accruing interest.
- Federal loans come with deferment, forbearance, income-driven repayment, and potential forgiveness programs. Refinancing a federal loan into a private one erases all of that permanently. Our guide on deferment vs. forbearance explains what you'd be giving up.
- Private loans vary widely. Reread your promissory note (or call the lender) and note each loan's grace period, hardship options, and any rate discounts.
Step 5: Factor In the 2026 Rule Changes
This year's review matters more than most, because federal repayment is in the middle of its biggest overhaul in decades:
- The SAVE plan has been terminated. Borrowers who were on SAVE need to choose a new plan.
- The Repayment Assistance Plan (RAP) launches July 1, 2026. Payments run 1 to 10 percent of income for up to 30 years.
- IBR, PAYE, and ICR remain available for now, but the menu of options depends on when you borrowed.
- New borrowing caps take effect July 1, 2026 under OBBBA, including Parent PLUS limits ($20,000 per year, $65,000 lifetime per student) and the end of Grad PLUS for new borrowers.
If anyone in your household is repaying federal loans, add a column to your inventory: "current repayment plan." Then check whether that plan still exists and what it will cost next year. Our overview of income-driven repayment plans is a good starting point.
Step 6: Do a Quick Servicer Hygiene Check
Five minutes here prevents the most common (and most avoidable) loan problems:
- Confirm your contact info with every servicer. Missed mail about a loan transfer or plan change can turn into missed payments.
- Sign up for autopay. Most federal and many private servicers knock 0.25 percent off your rate for it.
- Download a current statement from each servicer and save it with your inventory. If a balance ever gets misreported, you'll have a paper trail.
- Check your grace period dates. If you or your student graduates this year, note exactly when each first payment comes due — federal and private grace periods often end on different dates.
Red Flags Worth Acting On
As you review, watch for these:
- A variable rate that has climbed more than a point or two since you borrowed. Compare against a fixed-rate refinance — but only for private loans.
- A high-rate private loan with a strong cosigner. Rates improve with credit history; a refinance quote costs nothing to check.
- Interest capitalizing when you leave school or a deferment ends. Paying accrued interest before it capitalizes keeps the balance from compounding.
- A loan you don't recognize. It may be a transfer — or identity theft. Call the servicer listed on your credit report and verify.
Make It an Annual Habit
The best time for a loan portfolio review is right now, and then once a year going forward — ideally each spring before the next school year's borrowing decisions. Knowing exactly what you already owe is the only way to make a smart call about what to borrow next, and whether the next dollar should be federal, private, or avoided entirely.
If you're still in the borrowing years, that next decision is exactly what CollegeLens helps with. Create your free CollegeLens plan to see your full cost picture by school, how much you'd need to borrow, and how to shrink that number before you sign anything.
Keeping track of student loans isn't fun, but an hour a year keeps you in control instead of your loans being in control of you.
Sravani at CollegeLens
Want this in your inbox?
The Family Money Talk Guide is the next read. Sent free.
We will not share or sell your email. Unsubscribe anytime.