The Department of Education launched a new tool this week that helps students with financial management basics including information about current loan debt and estimates for student loan debt levels after graduation.
The new tool—the Financial Awareness Counseling Tool—has five interactive tutorials that are tailored for each student after they sign in and access their individual loan history. The five tutorials are:
- Understand Your Loans
- Manage Your Spending
- Plan to Repay
- Avoid Default
- Make Finances a Priority
The Counseling Tool is part of a larger effort by the Obama Administration to make it easier for students and their families to understand the cost of college. In the coming weeks the Administration will also launch its model financial aid shopping sheet, and encourage colleges to adopt the sheet to ensure prospective students understand the cost of college before their first semester.