Almost every day, President Obama gets letters from students who are
swimming in student loan debt, and every week it seems we see another
newspaper article about how the cost of college is becoming
prohibitively expensive for too many American families.
That’s why the Administration today released the final version of the Financial Aid Shopping Sheet—an individualized standard financial aid award letter that will help students and families understand the costs of college before making the final decision on where to enroll. The Shopping Sheet is the culmination of a joint effort between the Consumer Financial Protection Bureau (CFPB) and the Department of Education (DoE) to provide individuals with critical information about their financial decision to attend college in a clear, concise, and standardized format that facilitates easy comparisons across institutions.
As President Obama has said, students must “know before they owe” and be empowered with the facts to accurately compare the true costs of college from one institution to another before making a decision. While every college is unique, there are a few key pieces of information that every college provides -- or should provide -- to its students. The goal of this Shopping Sheet is to make sure this information is available in a clear and consistent format to ensure that students understand their financial responsibilities in a layout that makes sense to them, and in a manner that allows for easy comparisons across schools.
The Obama Administration is making sure the federal government is doing its part by expanding Pell Grants and the American Opportunity Tax Credit, and by proposing innovative new reforms. President Obama has called on States to do their part by ensuring that education is a priority in their budgets. And while the Administration works with leaders of colleges and universities to make sure that they do their part in keeping costs manageable, students and parents can also do their part by becoming informed consumers when they make college decisions. As a parent, I will be grateful that the Shopping Sheet will provide my family with a clear and useful tool to help us – and millions more like us -- assess our children’s college choices.
That’s why the Administration today released the final version of the Financial Aid Shopping Sheet—an individualized standard financial aid award letter that will help students and families understand the costs of college before making the final decision on where to enroll. The Shopping Sheet is the culmination of a joint effort between the Consumer Financial Protection Bureau (CFPB) and the Department of Education (DoE) to provide individuals with critical information about their financial decision to attend college in a clear, concise, and standardized format that facilitates easy comparisons across institutions.
As President Obama has said, students must “know before they owe” and be empowered with the facts to accurately compare the true costs of college from one institution to another before making a decision. While every college is unique, there are a few key pieces of information that every college provides -- or should provide -- to its students. The goal of this Shopping Sheet is to make sure this information is available in a clear and consistent format to ensure that students understand their financial responsibilities in a layout that makes sense to them, and in a manner that allows for easy comparisons across schools.
The Obama Administration is making sure the federal government is doing its part by expanding Pell Grants and the American Opportunity Tax Credit, and by proposing innovative new reforms. President Obama has called on States to do their part by ensuring that education is a priority in their budgets. And while the Administration works with leaders of colleges and universities to make sure that they do their part in keeping costs manageable, students and parents can also do their part by becoming informed consumers when they make college decisions. As a parent, I will be grateful that the Shopping Sheet will provide my family with a clear and useful tool to help us – and millions more like us -- assess our children’s college choices.
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