Financial Aid Tools Help Evaluate the Cost of Earning a Degree
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Posted By: How May I Help You NC on April 13, 2012 By Catherine Groux Posted April 13, 2012 12:27 PM As the cost of earning a bachelor's or master's degree continues to rise, many students must take out loans to finance their education. According to the Project on Student Debt, people who graduated in 2010 faced an average of $25,250 in student loan debt. As this figure continues to climb, various organizations are striving to create tools that give degree seekers a solid idea of what they will spend on their degree. This will allow them to better prepare for the debt they may face. On October 29, 2011, all colleges that participate in Title IV federal student aid programs were required to post a net price calculator on their website under the Higher Education Opportunity Act of 2008, the National Center for Education Statistics reports. ThisNew tools help students evaluate the cost of college. New tools help students evaluate the cost of college. tool uses each school's data to give prospective students and their families a better understanding of the net price of the institution, which is defined as the cost of attendance minus grant and scholarship aid. This information is based on what students paid for their education in the previous year. While the net price calculator has been helpful for students who are considering participating schools, other organizations have launched their own tools to give students a better sense of what they will pay for their associate's or bachelor's degree. Recently, the Consumer Financial Protection Bureau launched an early version of its financial aid tool to let students compare the price of earning a certificate, associate's degree or bachelor's degree at up to three schools. When students enter the three schools they are interested in, the new tool gives them the sticker price of each college, as well as how much they can expect to pay after the average grant and scholarship award is subtracted. From there, the tool shows degree seekers how much they can expect to pay in loans each month over a 10-year period if they attend those colleges. After reviewing the price of the three schools they are interested in, students are given graphs that show the average cost and loan estimate of both public and private four-year schools. This will show them how the price of their potential colleges compares to the cost of universities across the nation. This tool is also useful for individuals who are in the military, as they can request that discounts from their GI Bill be reduced from the tuition costs presented on the website. Officials from the bureau believe the tool has been released at the right time and hope it will be valuable for prospective students. "Student loan debt has crossed the $1 trillion mark and tuition continues to climb," said Richard Cordray, director of the bureau, as quoted by The New York Times. "Now more than ever, students and their families need to know before they owe." Source: http://www.usnewsuniversitydirectory.com/a... If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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