"The Consumer Financial Protection Bureau is urging colleges to adopt a new form designed to make it easier for students to compare financial aid offers,” writes American Banker’s Kevin Wack.
The form, known as the Financial Aid Shopping Sheet, was designed by the agency in conjunction with U.S. Department of Education.
"Too often students receive financial aid award letters that are laden with jargon, use inconsistent terms and calculations, and make it unnecessarily difficult to compare different financial aid awards side-by-side," Cordray said.
"The Financial Aid Shopping Sheet is a real game changer for students and parents, and it is a perfect example of why we created the CFPB," Senate Banking Committee Chairman Tim Johnson, D-S.D. said in a statement.
For the full piece see "CFPB Urges Colleges to Adopt New Financial Aid Form" (may require subscription).