This past April the Consumer Financial Protection Bureau unveiled the first version of their Financial Aid Shopping Sheet. The new sheet is designed to give students and parents comparable information about the costs and funding options offered by different educational institutions. The new approach grew out of the CFPB’s “Know Before You Owe” campaign to clarify home mortgage terms to consumers.
There are many reasons why getting a college education is still an important endeavor. AdvisorOne article “CFPB Rolls Out Financial Aid Shopping Sheet as Student Debt Tops $1 Trillion” highlighted some recent figures on the earnings and unemployment differences between those with and those without college degrees. The article points out that attaining a degree and incurring student loan debt is not without risks. The Shopping Sheet will help students and parents understand the impacts of funding choices more fully.