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New Web Tools Aim to Facilitate Financial Aid Process

The Department of Education launched a new website to aid students and families to make informed decisions while navigating through the financial aid process.

The website, which was created in response to President Barack Obama’s June 7 instruction to strengthen online and mobile resources for loan repayment options and debt management, is the first phase in a multi-step project designed to be a one-stop website where students can accomplish everything necessary in the entire financial aid process. This includes accessing student federal aid information, applying for federal aid, and repaying student loans. By design, it is fully accessible on tablets and smartphones.

One component of the website, created in partnership with Consumer Financial Protection Bureau, is an interactive tool called the Student Loan Debt Collection Assistant. Its purpose is to help borrowers who are behind on repaying their student loan debts by providing clear information on repayment options for federal student loans, as well as offer tips on how to negotiate with debt collectors, for those who have private student loans.

Follow Valerie Jones on Twitter @ValerieJonesCMN

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