The U.S. Education Department has upgraded its student aid website, studentaid.gov, with several new features.
According to a press release, the site now offers an “Aid Summary” which provides students with detailed information regarding grants and loans they have received; a “Loan Simulator” which suggests and compares personalized loan repayment plans; and a “Make a Payment” pilot program which allows a subset of the Federal Student Aid’s (FSA) 42 million student borrowers to make payments directly online.
Secretary Betsy DeVos meets with students.
As of now, only borrowers who are currently repaying federally managed loans and who are assigned to Great Lakes or Nelnet servicers can participate in the pilot program. Eventually, the department hopes to expand the program to all direct loan borrowers.
“Students deserve to be treated like the unique and valued customers they are,” said Education Secretary Betsy DeVos.
“Congress created a cumbersome and confusing web of loan and repayment options, but we continue to make great strides at FSA in providing borrowers with more detailed, personalized and actionable information so they can take control of financing their education.”