New tools available to help navigate financial aid process

The federal government has launched a new website and social media tools to help students and families navigate the financial aid process.

The launch of the new website, StudentAid.gov, is the first step in a multi-phase project to provide consumers with a one-stop website where they can access federal student aid information, apply for federal aid, repay student loans and navigate the college decision-making process. The site combines content from several U.S. Department of Education websites and presents the information in a straight-forward manner – and it is designed to be fully accessible on tablets and smartphones.

In addition, the department has revamped its social media sites, including Facebook, YouTube and Twitter, to provide more options for students to learn about student aid.
 
StudentAid.gov includes the Student Loan Debt Collection Assistant, an interactive tool designed to help borrowers who have fallen behind on their federal or private student loan payments. For borrowers who have missed payments but are not yet in default, this tool can help them avoid thousands of dollars in penalties and fees by helping them access an alternative payment plan. For borrowers already in default on their federal student loans, this tool offers an added benefit – clear information on how to access the full range of special repayment options available to federal student loan borrowers. The tool also provides tips to borrowers with private student loans on how to negotiate with debt collectors.