Understanding Your
Billing Statement

Table of Contents

In this presentation you will learn about the:

Understanding Your Billing Statement

Repayment of your student loan is an important responsibility that must be taken seriously.

Making payments on time over the life of the loan will not only fulfill your agreement, but will help you

BUILD GOOD CREDIT!

Expectations

  • Each month, you will be sent a billing statement(s) from National Education Servicing containing details about your student loan(s).
  • You will receive either a Master Bill or an Individual Billing statement for each loan.
  • You can choose to receive your student loan bill electronically at your email address (paperless option) or have it sent by mail.

Master Bill vs. Individual Bills

Master Bill

  • If you have several loans at National Education that are currently in repayment and have the same payment due date, you will receive a Master Bill. This Master Bill combines the billing information on all of your outstanding loans in repayment into one statement.
  • You simply make one payment to cover all of your loans.

Master Bill vs. Individual Bills

Individual Bill

  • For a single loan or multiple loans in different statuses (such as in school and repayment) you will receive an Individual Billing statement for each loan that requires a payment.
  • Want to avoid receiving multiple monthly bills?
    Contact National Education to request an alignment of your payment due dates and switch your account over to a Master Bill.
  • Never want to miss a payment? Auto-Payment is the easiest way to make sure your payment arrives on time.

Master Bill

  • Let's take a closer look at a
    Master Bill statement.
  • The type of information contained on a Master Bill reflects the information that would be included on an Individual Bill.

Master Bill

There are 5 parts to the Master Bill

  • Borrower Information
  • Current Payment Information
  • Payoff Information
  • General Information
  • Return Portion

Borrower Information

    The Borrower Information section
    of the Master Bill shows:

  • the date the bill was created and sent to you

Borrower Information

    The Borrower Information section
    of the Master Bill shows:

  • your name and address

Borrower Information

    The Borrower Information section
    of the Master Bill shows:

  • your unique account number

Borrower Information

    The Borrower Information section
    of the Master Bill shows:

  • National Education contact information

Borrower Information

Should your name or address change or be inaccurate, please update this information as soon as possible with us. You can update your address at www.nationaled.net or speak with a National Education customer service representative to update your name or address.

Current Payment Information

    The Current Payment section represents information about the next payment due on your student loan to National Education.

Current Payment Information

  • Next Due Date on Loan(s): The date your monthly payment is due to National Education. Be sure to allow time for mailing (7 to 10 days, taking into account weekends and holidays) or the processing of an electronic payment (24-48 hours). A payment received after this date is considered late or past due.

Current Payment Information

  • Current Payment: The dollar amount that is due to advance your next due date. This is typically your normal monthly payment. If you made a payment last month which is more than your regular monthly payment, you may be billed for a lower amount the following month.

Current Payment Information

  • Past Due Payment: An amount will be included if you are delinquent in making a previous monthly payment(s).

Current Payment Information

  • Late Fees: An outstanding fee assessed to your account during a time it was past due.

Current Payment Information

  • NSF Fees: An outstanding fee assessed to your account for any payment returned for non-sufficient funds.

Current Payment Information

  • Total Amount Due: The total amount owed for the current month on your loan. This is the sum of your Current Payment, and any Past Due Payment, Late Fees and NSF Fees. An account in good standing will have the same Current Payment and Total Amount Due.

Payoff Information

    The Payoff Information section reflects a one time dollar amount that can be made to fulfill your student loan repayment obligation.

Payoff Information

  • Principal Balance: The dollar amount outstanding that is owed to principal.

Payoff Information

  • Interest: An estimated dollar amount that is due to satisfy the unpaid interest of your loan payoff. The Payoff Date is used to calculate the interest.

Payoff Information

  • Late Fees: An outstanding fee assessed to your account during a time it was past due.

Payoff Information

  • NSF Fees: An outstanding fee assessed to your account for any payment returned for non-sufficient funds.

Payoff Information

  • Payoff Balance: The total dollar amount you may elect to pay that will payoff all your loans included on the Master Bill. This equals the sum of your Principal Balance, Interest, and any Late and NSF Fees owed on your loan. Making a Payoff Balance payment is optional. When this payment is
    made on time, your
    student loan would be
    paid in full.

Payoff Information

  • Payoff As Of: A date in the immediate future that National Education used to calculate the Payoff figures. (The Next Payment Due Date and the Payoff Date are the same dates.) A payment received after this date may not sufficiently payoff your loan. Contact National Education or visit www.nationaled.net for revised
    Payoff information. Be
    sure to allow 7-10 days
    for mailing (taking into
    account weekends and
    holidays) or the processing
    of an electronic payment
    (24-48 hours).

General Information

    The General Information section contains helpful points and reminders about your student loan and making your next payment.

    On occasion, National Education Servicing may revise the content in this section to make you aware of information pertinent to your student loan.

General Information

    Information Includes:

  • An overview of the billing statement.
  • A statement about making your payment on time.
  • How your payments will be applied.
  • Instructions on how to make your payment electronically.

Return Portion

    The Return Portion of the Master Bill contains information that will help National Education Servicing expedite the posting of your payment.

    Be sure to detach the Return Portion and send it in with your payment.

Return Portion

    The Return Portion includes your Account Number, Name, the Total Amount Due this month and a blank for you to indicate the Payment Amount.

Return Portion

    Please do not send cash. Make checks payable to National Education Servicing and send to:

    National Education Servicing
    P.O. Box 8129
    Chicago, IL 60680-8129

Frequently Asked Questions

Q: Why is my Current Payment higher this month?

A: There could be several reasons that your Current Payment increased.

  • A Late Fee or NSF Fee may have been assessed.
  • A previous payment required was either past due or a partial payment was made.
  • You may have temporarily postponed your monthly using a deferment or forbearance and the monthly payment amount was recalculated to include unpaid interest charges.

Unless your repayment terms changed, once the Current Payment is made on time, the Current Payment due next month should revert back to the regular amount.

Frequently Asked Questions

Q: Why is my Current Payment lower this month?

A: Chances are you made a larger payment last month than what was required to satisfy your monthly payment. When you make a larger payment, the extra money is credited toward what you owe next month.

Frequently Asked Questions

Q: I lost my job. Now what?

A: If you have federal loans, you may be eligible for an Unemployment Deferment that will temporarily postpone the repayment of your loan(s) while you actively look for employment.

If you have a private loan, you may be eligible for a Forbearance that will temporarily postpone the repayment of your loan(s) while you actively look for employment.

It's best to contact us as soon as possible before your loan becomes past due.

Frequently Asked Questions

Q: I can't make my monthly payment. What are my options?

A: If you are having problems, contact us immediately. There are ways we can assist you, such as:

  • Temporarily postponing your monthly payments with a Deferment.
  • Temporarily postponing your monthly payments with a Forbearance.
  • Using a different Payment Plan such as a Graduated or Extended Plan.

Remember...We're here to help!

Review of Key Points

  • Repayment of your student loans is an important responsibility that should never be taken lightly.
  • Making payments on time helps you build Good Credit.
  • Watch for your monthly bill(s) from National Education and read it carefully.
  • Understand how your payment is applied.
  • There are consequences when a payment is made late. It can be costly with additional interest and fees.
  • You can access your account information and other resources 24/7 at www.nationaled.net.
  • If you have questions or run into problems, contact us immediately so we can help!

Thank You!

National Education Servicing

800-345-4325

www.nationaled.net