In the report, the National Association of Student Financial Aid Administrators made six suggestions to the U.S. Department of Education to streamline how loans are serviced and to reduce confusion among students.
EASIER TO BORROW
A national group’s report suggests ways to streamline the often complicated financial aid realm:
- Developing a central loan portal where students can manage all of their loans at once
- Ensuring all communication between students and lenders comes from the Department of Education
- Providing standard consumer protections for student borrowers.
- Creating a manual to improve transparency and help students tackle the repayment process.
The recommendations include developing a central loan portal where students can manage all of their loans and ensuring that consumer protections apply to all students taking out loans.
There is more than $1.2 trillion of student debt in the U.S. and, according to the report, much of that debt is unnecessarily difficult to manage.