Latest Next Gen FSA News
In December 2017, we announced the Next Gen Federal Student Aid (Next Gen FSA) initiative, which takes big steps toward improving the way students, parents, and borrowers interact with and access the benefits of the programs administered by Federal Student Aid.
In late December 2019, the first big launch of Next Gen FSA implementation kicked off with the consolidation of multiple websites into a single, digital front door: StudentAid.gov. As a result, students, parents, and borrowers can access all the information and tools they previously used, but through an improved interface.
In the video “The Digital Future of Federal Student Aid,” we describe what students and borrowers can expect from Next Gen FSA in the future.
We’ve Made Improvements to Help You Manage Your Loans and Grants
We have big plans for 2020. Our goal is to make the StudentAid.gov experience more intuitive and make it easier for customers to interact with us.
Federal Student Aid has introduced new features on StudentAid.gov:
- Aid Summary
- Loan Simulator
- Make a Payment pilot
Let’s take a closer look at each of the new features.
Our new Aid Summary displays details for each loan and grant you’ve received. You can monitor repayment progress, receive alerts about your account, and keep track of your remaining eligibility for Direct Loans and Pell Grants. If you’re seeking Public Service Loan Forgiveness (PSLF), you can track the number of qualifying payments you’ve made. With Aid Summary, you no longer have to log in to the National Student Loan Data System (NSLDS®) website for any of this aid information.
Loan Simulator replaces the Repayment Estimator. With Loan Simulator, you can select a repayment goal such as paying off your loans as quickly as possible or paying the lowest amount per month. Loan Simulator uses loan information from the NSLDS® database (for logged-in users) as well as information about your earnings and family size to identify a personalized repayment strategy. Even before obtaining federal student loans, you can use national loan averages based on your school type to see what future repayment would look like—making Loan Simulator a great planning tool.
There will be updates to Loan Simulator throughout 2020. Future updates will provide guidance if you’re struggling to make your payments and will show you what your repayment options would look like if you borrowed more money for school.
Make a Payment Pilot
If you have Direct Loans in repayment assigned to Great Lakes or Nelnet, this pilot allows you to make a standard monthly payment on StudentAid.gov. If you have another servicer, you will be directed to the servicer’s website to make payments.