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Education


College "shopping sheet" makes loans easier to understand
Propsective Ohio students can comparison shop with easy-to-read facts
by WKSU's KELLI FITZPATRICK

Reporter
Kelli Fitzpatrick
 

When Ohio’s former attorney general, Richard Cordray, took over as the first director of the Consumer Financial Protection Bureau, he pledged to make loans of all kinds easier for people to understand.

And he’s starting with college loans.

Cordray and U.S. Education Secretary Arne Duncan released a copy Tuesday of what they call a college shopping sheet. The single-page includes the cost of a year at a chosen college, awarded scholarships loan information and school graduation rates.

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“Students should know before they owe," Cordray says. "The financial aid shopping sheet gives college-bound students what they’ve been craving: real numbers in a format that makes sense of a huge financial undertaking that too often is confusing and daunting to borrowers.”

The bureau college is sending letters to all public U.S. university presidents offering the option; it will be up to them if they want to adopt the shopping sheets. 

View a sample shopping sheet here

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