A recent agreement between college administrators will reveal more, and clearer, information to students about their loans. According to a piece in the New York Times:
College and university presidents representing more than one million students will meet with White House officials on Tuesday to announce an agreement to provide incoming students a “shopping sheet” of easy-to-understand terms for financial aid packages, beginning in the 2013-14 school year. The participants promised to clearly detail a student’s net cost after grants and scholarships are taken into account, and estimate the monthly payments a student would have to make after graduation to repay any federal loans.
Let’s hope they can keep it to one page.
As I’ve pointed out before, merely providing students with more information about their loans won’t address the real problem here, which is that students have too much loan debt.
Nevertheless, that quick summary would sure make it easier to compare college offers.