Your records
decoded.

Before you can find information about what is wrong, you need every document that describes your loans in one place. Create a digital "loan file" folder for each loan. Here is what to collect:

Federal loans: Pull a full aid summary export from StudentAid.gov (you can find your federal student loans on studentaid.gov, and your loan servicer's information is available on your Dashboard). Gather servicer statements from every federal student loan servicer you have had since leaving school, plus any PSLF or IDR payment-count letters. Loan servicer names are on original loan paperwork.

Private loans: Collect loan agreements and payment confirmations, monthly billing statements, promissory notes, welcome packets from each lender, and confirmation emails for forbearances, deferments, or loan modifications. Contact each private loan servicer for total loan balance.

Credit reports: You can get a free credit report weekly from annualcreditreport.com. Free credit reports can be obtained from the three major credit bureaus (Equifax, Experian, TransUnion). Also request ChexSystems or Early Warning Services files if relevant.

Settled's workflow assumes you can upload this exact mix of files for automated decoding, but you can also do a manual review using the same structure.

Many borrowers do not know which loans are federal and which are private, and that mislabeling can mean missing out on federal protections like income-driven repayment or forgiveness programs. The importance of this step cannot be overstated - one party (you) must verify what the other parties (servicers, bureaus) are reporting.

Log in to your online account on StudentAid.gov. Match every federal loan by type, disbursement date, and original principal to a corresponding servicer account. Ensure your outstanding balance matches data on the Federal Student Aid website. Loan details include repayment plans and loan statuses - federal student loans can be in repayment, deferment, or default.

Compare the StudentAid.gov list against your three-bureau credit reports. Credit reports may list both federal and private loans. Private student loans are not listed on studentaid.gov - loans not on studentaid.gov are likely private loans. Private student loans may appear on your credit report under different companies or lender names.

Watch for identity errors: wrong Social Security number digits, misspelled names, or files mixed with a spouse or parent account.

For consolidated loans: a Direct Consolidation Loan on StudentAid.gov should map to closed underlying loans on credit reports. Loan servicers may double report loans when transferring servicers, creating phantom duplicates.

Settled automates this "loan inventory" comparison across sources to surface mismatches instantly.

This is where the dollar impact lives. Audit your account by comparing records against servicer information across all three sources.

Balances: Loan servicers may show incorrect balances or interest rates due to errors. Compare current balance for each loan on StudentAid.gov, the servicer site, and each credit reporting agency. Red flags include differences larger than a few dollars on the same date or balances that spike without new disbursements.

Interest: Verify that the interest rate charged matches the terms of the original agreement. Check for errors in payment processing and interest capitalization on loans - especially after forbearance or a grace period ends. Unexplained capitalizations governed by unclear circumstances can add thousands in costs.

Status: Borrowers should verify account status on StudentAid.gov for discrepancies. Confirm deferment and forgiveness periods are documented correctly on statements. A classic example: your servicer shows "in repayment" while a credit bureau shows "in collections."

Payment history: Payments might not be credited or may be misapplied to the wrong loan. Look month by month for missing payments, duplicate late charges, or auto-debit failures coded as missed.

Settled's engine quantifies the dollar impact - estimating extra interest from incorrect capitalization, for instance - but the software does not correct or dispute errors on your behalf.

PSLF and long-term IDR forgiveness both rely on accurate qualifying payment counts. The department of education acknowledged in 2022-2023 that historic servicing errors led to undercounted payments for many borrowers, especially during servicer transfers.

Locate your PSLF and IDR payment-count summaries on StudentAid.gov and in servicer portal messages dated after major account adjustments in 2022 and 2023.

Compare your own records (bank statements, pay stubs, old confirmations) to the official count. Pay special attention to payments during servicer transfer periods or administrative forbearance.

Watch for specific error patterns: months you paid but coded as "forbearance," employment certifications processed late, or entire stretches of qualifying employment missing from the PSLF tracker.

Keep a simple spreadsheet: columns for month, amount paid, employment status, and what StudentAid.gov shows. This makes discrepancies obvious.

Document all communication with your loan servicer to create a paper trail. Borrowers should maintain records of all correspondence with their servicer. For unresolved issues, escalate the matter to the Federal Student Aid office. Submit formal disputes in writing for federal student loans through designated channels.

Settled's report surfaces mismatches in qualifying payment counts in plain English and guides users on which official channels - such as the PSLF Help Tool or FSA Ombudsman - they might contact next.

Even when loan records are correct at the servicer, errors can still appear in files held by credit reporting agencies. Different credit bureaus may report varying information, and discrepancies can arise from different reporting practices among companies involved in the reporting chain.

Read your tradelines: Check creditor name, original loan amount, current balance, account status, and the payment history grid on each bureau report.

Common errors to look for: Loans duplicated under different names, loans paid or discharged but still showing open, late payments reported during CARES Act forbearance (March 2020-September 2023), or incorrect "collection" or "charge-off" labels. Any late marks during the pause or the on-ramp period are especially suspect under the law and applicable rules.

Metro 2 codes: Metro 2 Format is a standard for credit reporting that helps ensure accurate consumer data reporting. Access to Metro 2 Format is limited to authorized users, and CDIA provides training on Metro 2 Format reporting. Settled decodes these codes into plain English - translating something like status code 93 into "seriously delinquent / assigned to collections" - so you understand exactly what is being reported.

Take action on errors: Submit complaints directly to major credit bureaus if errors affect credit scores. Consumers can submit complaints regarding loan issues to the CFPB. Correcting credit-report discrepancies typically means contacting either the servicer, the credit bureau, or both - but this article focuses on identification, not managing the full dispute process.

Moving from a scattered list of problems to a prioritized checklist is where many borrowers stall. A clear classification system helps you settle on what matters most.

Clearly factual errors: Wrong balance, date, status, or misapplied payment - these are straightforward claims to raise with your servicer or in a formal dispute.

Unclear items: Discrepancies that might reflect timing lags or gaps from servicer transfers. These need more documentation before you negotiate or escalate.

Policy disagreements: Situations where your understanding differs from the servicer's interpretation - not necessarily errors, but they may warrant consideration and further education on current rules. In many cases, these are resolved through patient communication rather than litigation, trial, or court involvement. You do not necessarily need lawyers, a judge, a jury, or formal arbitration to find resolution. No compromise on your rights is required - you simply need to enforce accuracy on your behalf.

For each loan, create a one-page summary listing suspected errors, dates, supporting documents, and estimated dollar impact. Settled automates this organization by producing a structured report listing each discrepancy, its potential financial impact, and which official channels the borrower might contact - while reiterating that users must take those steps themselves to assist in reaching a resolution.

Schedule a review at least once a year, or after every major servicer transfer or repayment-plan change, to catch new errors before they cost you money in the future.

You do not need to be a finance professional to spot most student loan errors. You need organized records, a systematic process, and the willingness to accept what the data tells you. Start with Step 1 today - pull your records, and let the numbers reveal what is really going on. The risk of failing to act is far greater than the effort of looking.