Feds urge colleges to adopt new student aid form
U.S. Education Secretary Arne Duncan is urging colleges and universities to adopt an easy-to-understand financial aid form to help students.
He says that will help them make smarter decisions on where to study, how to pay and determine what they'll owe.
The Department of Education and the Consumer Financial Protection Bureau are unveiling a "shopping sheet" Tuesday. The one-page document would provide each student with information on costs, how much they'd receive in grants and scholarship, and what loan options are available.
The sheet also provides details on the percent of students who graduate, how much they pay monthly on federal loans and the default rate.
Duncan said the student aid letters many universities currently use are often complicated to understand and make it difficult for families to comparison shop.