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The U.S. Department of Education’s StudentAid.gov website now has a number of new tools, including an aid summary that lets borrowers see information about both their loans and grants, including the progress they’re making toward paying off their debt. Borrowers will also be able to set up alerts to let them know when a payment is coming due.
Among other tools now on the site, according to a department news release, is a personalized loan simulator that will allow borrowers to compare repayment plans. Some borrowers, under a pilot project, can also now schedule payments on the site. That feature will become available to all borrowers over the next few months.
“Students deserve to be treated like the unique and valued customers they are,” Secretary Betsy DeVos said in a statement. “Congress created a cumbersome and confusing web of loan and repayment options, but we continue to make great strides at [the Office of Federal Student Aid] in providing borrowers with more detailed, personalized and actionable information so they can take control of financing their education.”
