Forward progress continues on the Next Gen FSA initiative and StudentAid.gov, our single front door on the web for students, parents, and borrowers. On June 28, 2020, we made additional updates to features designed to promote financial literacy and improve the information and self-service tools available to our customers. These updates continue to provide students, parents, and borrowers with clear, actionable information about the aid they have received and personalized guidance on the loan repayment process.
This announcement summarizes updated features that are now available.
Updates to StudentAid.gov
- Loan Simulator Enhancements – Loan Simulator, which initially launched in February, has been enhanced to include additional functionality. Borrowers with varied loan portfolios, such as borrowers who have both Direct Loans and Federal Family Education Loan (FFEL) Program loans, can now receive more refined recommendations, including multiple repayment plans appropriate for their various loan types and their unique financial situations and goals.
Later this year, we plan to add a “Borrow More” option to the Loan Simulator tool. This feature will simulate the impact of taking out additional federal loans for a borrower’s current program of study or a future program of study in which a borrower may enroll.