New Tools for Student Loan Borrowers

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Spring is here, college finals are looming, commencement speakers are being announced, and before long, a new group of college graduates will need to start thinking about paying back their student loans. Earlier this week, the Department of Education announced new tools that will help recent college grads better understand their loan debt and stay on track in repayment.

These two new features include a Complete Counseling Web page and a new Repayment Estimator that lets the borrower easily compare monthly payment options under the seven repayment plans available. Both tools are part of the Obama Administration’s ongoing effort to help students and families make informed and sound financial decisions throughout each step as they pursue their higher education goals.

During his State of the Union address in February, President Obama unveiled the new College Scorecard to help empower students and families with more transparent information about college costs and outcomes. The Scorecard provides clear, concise information on cost, graduation rates, loan default rates and the amount families borrowed for every degree-granting institution in the country. The College Scorecard, along with the resources from Federal Student Aid, will help students take the right steps, financially and academically, to achieve their college degree.

As many know, managing loans can often be confusing and overwhelming for college students, and we want to ensure that graduates have access to tools that will help them successfully navigate this process. We encourage federal student loan borrowers to log in at StudentLoans.gov to take advantage of these new resources today!


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Kelsey Donohue is a senior at Marist College (N.Y.), and an intern in ED’s Office of Communications and Outreach

4 Comments

  1. Very good information and a useful resource that I will share with current college students and parents. Thank you.

  2. If the U.S. truly wants to help with student loans, treat student loan creditors like similarly situated creditors in bankruptcy and let student loan be dischargable like other debt. It’s nuts that student loan creditors have this special status. The result is that these creditors make a lot of loans that should never have happened and that schools reap student loan money when the school doesn’t provide a good education. Student loan creditors need to start underwriting their risk like other creditors. This would go a long way toward curbing the ever escalating cost of tuition because schools would find easy funding harder to come by. The end result would be much better for students overall.

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