CFPB Hears From Students About New Financial Aid Disclosure

American Banker
January 30, 2012
Davidson, Kate

According to the Consumer Financial Protection Bureau, students would find it useful to know exactly how much debt they will have when they graduate from college and how much they will owe in monthly loan payments. The agency asked students, parents, and educators to comment on its proposal for a new, streamlined financial aid disclosure. The CFPB released a prototype in October for the financial aid shopping sheet that colleges would provide to prospective students. Besides post-graduation payment expectations, the document would explain loan payments, identify other financial aid sources, and compare costs between private and public colleges. More than 22,000 individuals weighed in on the matter, with the majority saying the sheet would be helpful. Additionally, students said it would helpful to know a school's performance in terms of financial aid recipients being able to repay the debt.
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