The U.S. Department of Education may soon begin sharing information with students and families on "the benefits and risks" of federal student loans , the Trump administration recently announced .

The department's Office of the Ombudsman will take "a proactive approach to improve financial literacy," according to a Sept. 5 press release, so that students "are better equipped to make careful borrowing decisions."

The agency said its effort comes as outstanding federal student debt nears $1.7 trillion, and "loan defaults and delinquencies remain at record highs."

Elaine Rubin, director of corporate communications at Edvisors, said that "addressing financial literacy and college costs in the process of financial aid is never a bad thing."

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