New tools are emerging to help students prepare for the true cost of college.
As part of the Higher Education Opportunity Act of 2008, colleges that participate in Title IV federal student aid programs have been required to post a net price calculator on their websites. The tool is meant to give prospective students a clear understanding of how much a college education costs, and how financial aid helps.
Now other organizations are providing their own tools to help give students the most accurate picture of the price tag that hangs on an associate’s or bachelor’s degree. Among them, the Consumer Financial Protection Bureau (CFPB).
As part of its “Know Before You Owe” program, the CFPB has launched an early version of its financial aid tool to compare up to three schools at a time and the prices of the various programs offered.
For each school, the tool lists:
- The overall sticker price
- The cost after average grant and scholarship money is subtracted
- Impact of potential GI Bill assistance for students who have served in the military
- How much students can expect to pay in loans each month over a 10-year period, and
- The price of the students’ chosen colleges in comparison to other public and private four-year schools in the United States.
What other tools can prospective students use to get a picture of college costs? Tell us in the comments section, and don’t forget to follow us on Twitter.
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