The U.S. Department of Education has released a new online interactive loan counseling tool to help students manage their debt.
The Financial Awareness Counseling Tool aims to provide students with basic financial management information, such as their current loan debt and estimates of debt levels when interest accrues after graduation. The tool provides students with five interactive tutorials on topics including managing a budget and avoiding default. Students can also access their individual loan history and receive personalized feedback. The new tool is part of the Obama Administration’s initiative to promote financial literacy and consumer disclosure for students.