For generations, a college degree has helped Americans achieve a better future. But as education costs go up and families continue to face a tough economy, there’s a new challenge:
How do we make sure students can understand the costs and risks of the loans they will use to pay for the schools they want to attend?
Too often, school financial aid offers don’t effectively deliver this information. We want to change that, and we’ve got an idea that we hope can help.
Check it out.
The Department of Education is going to publish a model financial aid form that schools can use to communicate financial aid offers to students and their families. We are partnering with the Department to learn what people think is useful.
Together, we’ve created an early draft of what a model form might look like, and we want your opinion. This isn’t a formal proposal, but we believe it’s a really good thought-starter.
We’re calling it Know Before You Owe for student loans.
Maybe you’re a parent or student. Maybe you work in lending or loan servicing. Or maybe you’re just interested in how we ensure that students in American higher education understand their financial situations.
Whatever your reason, we want to hear from you. What’s useful? What’s not?
Let us know what you think: www.consumerfinance.gov/students/knowbeforeyouowe/
Paying for college is stressful enough. One thing that doesn’t need to be is figuring out the basics of what you’re going to pay and what your options are.
Know Before You Owe for student loans is our first step in trying to make it easier.