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New federal aid tool assists student borrowers entering repayment

Colloquium Room at the Ross School of Business.

The Office of Federal Student Aid has launched a new one-stop web page,  studentloans.gov/repay, to help borrowers navigate student loan repayment options and select their best option in five steps or less. The initiative is part of the federal government’s push to enroll as many student borrowers as possible in income-driven repayment plans for their student loans.

Visiting the repayment site, users will find a tool that steps them through several questions, leading them to options best suited to each individual situation. According to information issued by the White House and the U.S. Dept. of Education, students can find the best loan repayment option in 60 seconds or less using the tool. Visit studentloans.gov/repay to try it out.

The tool builds on steps announced in December 2015 to expand Pay As You Earn loan repayment plans that help make it easier for borrowers struggling to pay student loan debt. Under PAYE plans, borrowers needing help handling their debt will not pay more than 10 percent of income toward student loan payments and some monthly payments may be reduced to zero. President Obama has said he hopes to enroll two million more people in Pay As You Earn by Spring 2017.

More information from the U.S. Dept. of Education.

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