The Department of Education has updated an online portal built to help U.S. students manage federal loans and grants they have applied for to support their college or career education.
ED said Monday its StudentAid website now features an aid summary that provides information about the type of each loan or grant, when the customers received it, interest rate and repayment plan.
The new tool also works to monitor borrowers' progress toward paying off loans and the number of payments they have made to qualify for the Public Service Loan Forgiveness program.
According to department, the revamped site also has a Loan Simulator platform that offers a comparison between repayment plans and helps a user evaluate which option can work best for them.
The Federal Student Aid office will allow scheduled monthly payments via the site as part of its Make a Payment pilot program. FSA intends for Direct Loan borrowes to eventually process repayments through the portal.
StudentAid updates are part of Education Secretary Betsy DeVos' Next Gen FSA initiative.