There are some naysayers out there who, citing the number of student loan defaults,?say that graduating from college creates more financial burdens than it does career opportunities. We know that?s just not true. But, we do think that figuring out how to?finance one?s education can be overwhelming.
To make it easier to understand the true costs and financing?options associated with enrolling at the college or university of your choice, the Department of Education has recently come up with The Shopping Sheet ? a standardized financial aid award letter breaking down the cost of tuition and fees as well as the available student grants, loans, and scholarships available to you. This standardized sheet will make it much easier to compare your financial aid options, and thus the ultimate attendance?costs, for each school you?re considering. To view a sample Shopping Sheet, click here.
We hope that?all colleges and universities adopt this simplified method to communicate your options for financing your education. But as of now, use of The Shopping Sheet is entirely voluntary. If you feel this tool would help you make better, informed decisions about which school will provide the best value for your education, contact the administration of the schools you?re interested in and let them know.
Here is an excerpt from the letter Arne Duncan, U.S. Secretary of Education, sent to college presidents nationwide:
Students should not have to wait until after they graduate to find out the size of their monthly student loan payment. Families choosing a college should have clear and comparable information in a common format to guide their choice. And no one should forego college because they think they cannot afford it. Our goal is that more students will arrive at school each fall less worried about how they will pay for college and? more focused on how they will complete college.
We couldn?t agree more.
Source: http://graduationimperative.org/2012/07/30/clearing-up-college-finance-confusion/
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