Uncategorized

Making sense (and cents) out of rising college costs

Nationwide tuition debt now tops $1 trillion – surpassing credit card debt as the biggest source of unsecured debt for Americans.

That staggering figure has prompted the U.S. Education Department and the Consumer Financial Protection Bureau (CFPB) to team up to help students and their parents better understand the true cost of college.

On Monday, Secretary Arne Duncan unveiled a standardized ‘Shopping Sheet’  which breaks down the  total estimated annual costs (tuition, fees, housing, books and supplies, transportation, and other expenses) as well as what options are available for repaying any loans a student takes out.

The Shopping Sheet comes as campuses in the UNC system will be raising tuition and fees an average of 8.8 percent for the 2012-13 school year.

“Students should know before they owe,” said CFPB Director Richard Cordray. “But unfortunately, we have heard from so many student-loan borrowers who say that they simply did not understand what they signed up for. The Financial Aid Shopping Sheet gives students real numbers and a clear format that makes sense of a huge financial undertaking that too often is complex and confusing.”

The Education Department is hoping the easy to understand worksheet is adopted by colleges and universities nationwide as part of their financial aid award packages starting in the 2013-14 school year.

To download a pdf copy of  the Shopping Sheet, click here.

 

One Comment


  1. Lee

    July 25, 2012 at 9:08 am

    Knowing the true cost of higher education is certainly the first step. However in today’s environment paying for college requires knowing the goal and accessing several funding sources (scholarships, parents and relatives, the student, loans, etc.). The FiPath College Registry provides a new and unique way (at no charge) for parents and students to use crowd source funding to obtain funds from select friends and relatives. I would recommend that all parents and students take a look and incorporate this concept into their funding plan. http://collegeregistry.fipath.com/Home/Landing
    Lee

Check Also

The week’s top stories on Policy Watch

1. Along now-defunct Atlantic Coast Pipeline route, landowners ...

Top Stories from NCPW

  • News
  • Commentary

Enrollment drops. Employee furloughs and layoffs. Faculty cuts. Shuttered athletic programs. UNC Sys [...]

Millions of children will begin the new school year learning from home due to the COVID-19 pandemic. [...]

Balky technology, expiring benefits worry workers, state leaders. Congress is continuing to squabble [...]

Environmental destruction, property entanglements will take years to address Behind a black wooden f [...]

North Carolina is now almost five months into the massive societal disruption caused by the COVID-19 [...]

The post The latest buzz in 2020… appeared first on NC Policy Watch. [...]

The image of a perfect storm conveys a rueful irony – the storm whose components are so intertwined, [...]

Editor’s note: The issue of violence committed against women in the U.S. military, including sexual [...]