Comprehensive Loan Repayment Strategy Guide

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Product Overview

Last updated December 9, 2020

Note: Data shown in these images is not associated with real borrowers and is designed to

provide viewers with a better understanding of how information may appear on a borrower’s account.

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The public landing page for 

Loan Simulator 

provides

links and descriptions for three different modules.

Currently, borrowers also receive information about how

the 0% interest rate provided by the CARES Act affects

the estimates provided by the tool.

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The bottom of the page provides more information

about how FSA constructed the estimates behind

Loan Simulator

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Borrowers are first prompted to provide income

information so that eligibility for income-driven

repayment plans can be determined.

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Borrowers are also asked about other

circumstances that may affect their income.

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Borrowers who are logged in will then be presented with

the loan information that FSA has on file. Borrowers may

also select the option of using averages based on their

school type and program.

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Interest in PSLF is considered in the

recommendation provided by 

Loan Simulator

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Borrowers may also provide a repayment goal,

which informs the recommendation made by

the tool.

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Borrowers are provided with a recommended plan, as

well as steps that must be completed to enroll in that

plan. Responses can be quickly changed using the

menu on the right of the page.

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Loan Simulator also provides borrowers with other options

to consider and ways to learn more about those options.

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Borrowers may also directly compare repayment plans

for which they qualify.

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Borrowers who are struggling to make payments

are first prompted to input income information

so eligibility for income-driven repayment plans

can be determined.

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Information on family status is also asked to

determine IDR plan eligibility.

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Information on dependents is also asked to

determine IDR plan eligibility.

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Borrowers are also screened for deferment

and alternative repayment options.

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Borrowers who are logged in will then be presented

with the loan information that FSA has on file.

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On the results page, borrowers are presented with

a variety of options, including a quick guide to the

features of each option. Responses can be quickly

changed using the menu on the right of the page.

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Each option also provides borrowers with

additional information about its advantages

and disadvantages, as well as steps

to enroll.

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Borrowers are first prompted to select

their program type.

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Information is then collected to inform

borrower eligibility.

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Family income information is asked in

order to align with an institution’s net

price data.

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Loan Simulator

 provides information from the

College Scorecard

 to the borrower to allow them to

make an informed estimate of how much they may

need to pay for enrollment.

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Information on future salary is requested to

provide borrowers with estimated monthly

payment amounts.

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Borrowers who are logged in will then be presented

with the loan information that FSA has on file.

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Borrowers who have reached their aggregate loan limit

will be provided with an alert at the top of the results

page. Responses can be quickly changed using the

menu on the right, and borrowers can review various

repayment options.

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Each option provides specific information to help a

borrower understand potential repayment scenarios.

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Borrowers are provided with other information

and options, including ways to manage debt.