In January, President Barack Obama visited the University of Michigan to discuss what the government is doing to make college more affordable. During his speech, Obama said one of the focuses of his plan was “Know Before You Owe,” an initiative that calls on colleges to provide clearer and more informative data on financial aid. In doing so, the president hopes bachelor’s degree seekers will be better prepared to make smart financial decisions when it comes to selecting a school.
“…We want to push more information out so consumers can make good choices, so you as consumers of higher education understand what it is that you’re getting,” Obama told the crowd.
Today,The Obama Administration is striving to make financial aid easier for students to understand. the Obama Administration moved one step closer to this goal by releasing the final version of its “Shopping Sheet,” a White House press release states. This form will act as a model for colleges, showing them the type of financial aid letter they should be sending prospective students so they can clearly understand the cost of their investment. These guidelines were written by the U.S. Department of Education and the Consumer Financial Protection Bureau.
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