New Online Service Allows College Students to Compare Financial Aid Data Across Country
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This week, the Consumer Financial Protection Bureau (CFPB) launched a beta version of the Financial Aid Comparison Shopper, an online service designed to help prospective and current college students make financial plans for their post-secondary schooling. The new service allows users to access financial aid information as it pertains to more than 7,500 colleges and universities across the United States. Using data collected by official government statistical agencies, the Financial Aid Comparison Shopper evaluates a wide range of financial information, from estimated student loan payment totals to college-specific data such as graduation and retention rates, as well as federal student loan default percentages. Additionally, the new service includes a “Military Benefit Calculator” that allows service members and veterans to estimate military tuition assistance and GI Bill aid. Last fall, the CFPB launched the “Know Before You Owe” student loan project, unveiling a Financial Aid Shopping Sheet draft that served as a precursor to the Financial Aid Comparison Shopper service.