New “Shopping Sheet” Breaks Down College Costs
NORTH TEXAS (CBSDFW.COM) – Everyday a Texas parent hopes their child will go to college. While they may not know exactly how much the endeavor will cost, they can pretty much count on it being expensive.
To help parents and students, starting next fall, the actual cost of college will be spelled out in a one-page summary. The financial information is called a “shopping sheet.”
“It is tailored to the specific institution that the student applied to,” University of Texas System spokesman Anthony de Bruyn explained. “So for instance, if they applied to the University of Texas at Austin and they were accepted, when the financial aid award letter goes out this shopping sheet of information would be included in that award letter.”
The sheet includes exact dollar amounts for tuition and fees, housing and meals, and even transportation. The page will also include information and options for financing college costs.
“It also puts in simple terms and easy to understand language the financial aid opportunities and grants that are awarded and it really streamlines the information in simple terms,” de Bruyn said.
The college “shopping sheet” was created by the U.S. Department of Education and the new Consumer Financial Protection Bureau, with the hope of breaking down the true cost of a college education.
Some educators say the most important information on the sheet is the section containing student loan default rates, the average amount of money students at the specific school borrow, and the standard monthly student loan payment for those who borrow the average amount and repay it over a 10-year period.
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