Federal Student Aid

First Official Three-Year Student Loan Default Rates Published

The U.S. Department of Education today released official FY 2010 two-year and official FY 2009 three-year federal student loan cohort default rates. This is the first time the Department has issued an official three-year rate, which was 13.4 percent nationally for the FY 2009 cohort, a slight decrease from the trial three-year rate of 13.8 percent for the FY 2008 cohort.

Education Department Launches New Website and Social Media Tools to Help Students Navigate Financial Aid Process

Today, the U.S. Department of Education announced a new streamlined website and several social media tools that will make it easier for students and families to navigate the financial aid process and make informed decisions about paying for college. The launch of the new website, StudentAid.gov, follows a report from the U.S.

Department Offers Guidance to Schools on Tuition-Free Trial Periods to Help Students Decide if an Educational Program is Right for Them

The Department of Education continued its commitment to postsecondary schools and students today with an announcement that it is providing institutions with guidance on tuition-free trial periods, which give students the chance to see if a program is right for them before they commit financially.

Student Loan Default Rates Increase

U.S. Secretary of Education Arne Duncan today announced that the FY 2008 national cohort default rate is 7.0 percent, up from the FY 2007 rate of 6.7 percent. The default rates increased from 5.9 to 6 percent for public institutions, from 3.7 to 4 percent for private institutions, and from 11 to 11.6 percent for for-profit schools.

U.S. Department of Education Releases Videos Highlighting Important Role of Community Colleges for Non-Traditional Students in Tough Economic Times

To highlight the vital role that community colleges play in preparing adults for success in the workplace, the U.S. Department of Education is posting video profiles on its Web site of three “non-traditional” students attending these institutions.

U.S. Education Secretary Duncan Announces Relief for Federal Student Loan Borrowers

Starting July 1, a new repayment option is available that makes monthly payments more affordable for Americans with heavy federal student loan burdens. The new Income-Based Repayment (IBR) plan protects borrowers by linking payments to income and family size. A related new program offers additional benefits to those working in public service jobs.

Obama Administration Announces Streamlined College Aid Application

The Obama Administration today announced a shorter, simpler, and more user friendly Free Application for Federal Student Aid (FAFSA) that will make it easier to apply for college financial aid.

Duncan Appoints William J. Taggart to Lead Federal Student Aid Office

U.S. Secretary of Education Arne Duncan today announced the appointment of William J. Taggart as chief operating officer (COO) of the department's Federal Student Aid office (FSA).

"Taggart is an inspiring leader, and he has the deep operational experience critical to maintaining and improving the major systems at FSA," Secretary Duncan said.