The broad goals of the order are to:
- Align incentives of institutions with those of students and taxpayers to ensure that institutions share the financial risk associated with Federal student loan programs.
- Help borrowers avoid defaulting on their Federal student loans by educating them about risks, repayment obligations and repayment options
- Supplement efforts by states and institutions by disseminating information to assist students in completing their degrees faster and at a lower cost
Specifically, the order directs the Secretary of Education (Secretary) to:
- Make available, by January 1, 2020, through the Office of Federal Student Aid, a secure and confidential website and mobile application that informs Federal student loan borrowers of how much they owe, how much their monthly payment will be when they enter repayment, available repayment options, how long each repayment option will take, and how to enroll in the repayment option that best serves their needs;
- Expand and update annually the College Scorecard with program-level data for each certificate, degree, graduate, and professional program, for former students who received Federal student aid. Data would include things like estimated median earnings, median Stafford or PLUS loan debt, student loan default and repayment rates. (emphasis added)
- Expand and update annually the College Scorecard with institution-level data, providing the aggregate for all certificate, degree, graduate, and professional programs, for former students who received Federal student aid. Data would include things like: student loan default and repayment rates, and Graduate PLUS and Parent PLUS default and repayment rates. (emphasis added)
- Provide appropriate statistical studies and compilations regarding program-level earnings, consistent with section 6108(b) of title 26, United States Code, other applicable laws, and available data regarding programs attended by former students who received Federal student aid.
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