The U.S. Department of Education recently launched new tools to help students better understand their student loan debt and stay on track with repayment. In addition to the Entrance and Exit loan counseling your school may require you to complete, July of 2012, the Dept. of Ed introduced the Financial Awareness Counseling Tool (FACT)- an interactive, online loan counseling tool that may assist with managing your budget and avoiding loan default. To enhance what is available, they introduced a new Complete Counseling Web page that combines a number of resources, like the FACT, into one comprehensive website. The Dept. of Ed also launched a new Repayment Estimator that allows borrowers to compare potential monthly payment amounts across all seven repayment options. Now, more than ever, students using student loans have access to a myriad of information to ensure that they are informed about their responsibilities and repayment options.
Federal student loan borrowers can access the new resources today by signing in to their accounts at StudentLoans.gov.
