Posted Date:April 29, 2016
| Author: | Sue O'Flaherty, Service Director, Program Management, Federal Student Aid |
Subject: Repayment Information Tool Added to StudentLoans.gov Web Site
The White House recently announced a number of actions the Administration has been taking and is continuing to pursue to assist federal student loan borrowers in repayment. One of those actions is a new web-based tool that will help borrowers “easily navigate the complexity of student loan repayment options.” The tool is geared to help students find their best repayment option in five steps or less and then provides information about the next steps to take.
The new tool can be accessed from the “Find out your student loan repayment options here” link on the StudentLoans.gov Web site’s home page (the link is part of the graphic in the middle of the page) or can be linked directly at StudentLoans.gov/Repay.
Borrowers will be able to use the tool prior to logging in to the site. Use of the tool is not required and will not limit the ability to complete other actions on StudentLoans.gov.
The purpose of this announcement is to inform the community of the availability of this new tool and note that there is no operational impact (as explained below).
No Impact to Schools
From an operational perspective, there is no impact to schools. The tool is an interactive, information-only tool. It does not impact Common Origination and Disbursement (COD) System processing and schools will not receive any data about the tool’s use.
We appreciate the financial aid community’s support of the tool and this new outreach effort.