On April 4, the Department announced plans for a single web portal for borrowers to make repayment on their loans. The site will contain information about students' loans, payments and benefits in one place.
Consumer advocates have long criticized a federal student loan system that did not include sufficient oversight over the for-profit companies that service the loans and benefit from complexity and bureaucracy that has made it difficult for borrowers to pay and understand their debt.
The new portal will aim to have:
- Department of Education-branded communication that is standard.
- A streamlined borrower experience through a single web portal.
- Better customer service practices.
- Reduced loan transfers and borrower disruptions that make it difficult for borrowers to keep current.
- Enhanced oversight and accountability.
- A single platform for all Federal student loans.
The Education Department is in the planning stages on the new web portal and is inviting comment from borrowers, experts and others on the student loan repayment system.