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Home – Higher Education News – New Online Portal Helps Students Pay Back Federal Loans

New Online Portal Helps Students Pay Back Federal Loans

When students take out federal student loans, they are obligated to repay them. When a student defaults, it should never fall on the taxpayer to pick up the bill. The Trump administration is making a good-faith effort to help students repay defaulted loans more quickly and easily than ever before.

Operating as a one-stop shop, the Department of the Treasury and the Department of Education have announced a new Default Loans Support Center, an online portal where borrowers with defaulted loans can apply for loan rehabilitation, consolidate their loans, and make payments in one place.

Borrowers are considered in default once they fail to make scheduled loan payments for 270 consecutive days, or roughly nine months.

Not only are borrowers able to complete applications for rehabilitation and consolidation online, but they are also able to clearly understand the consequences of default, including how it can affect credit ratings and impact their ability to buy a house or car or to apply for credit in the future.

This summer, an additional 400,000 borrowers defaulted........

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