According to a presentation made during the Department of Education’s (ED) Federal Student Aid (FSA) Training Conference on Tuesday, the Annual Student Loan Acknowledgment tool (StudentAid.gov) will receive a number of updates aiming to streamline the student loan process.
The Annual Student Loan Acknowledgement will be used to inform borrowers what they owe — or could owe — in federal student loans and will be individually tailored toward first-time and current loan borrowers to help provide details surrounding loan status and forecasts of estimated monthly payments.
For first-time borrowers, the loan holder would be presented with general information along with College Scorecard data before acknowledging the origination of their loan. A current loan borrower would be presented with details on their loan and grant history before acknowledgement of their newly originated loan.