The Consumer Financial Protection Bureau (CFPB) launched the next phase of its Know Before You Owe student loan project by releasing a beta version of the Financial Aid Comparison Shopper (FACS) an interactive, online tool designed to help families plan for the costs of post-secondary education. http://www.consumerfinance.gov/payingforcollege/.
The FACS has more than 7,500 institutions in its database, including vocational schools and community, state, and private colleges. Students and their families can compare multiple financial aid offers:
- Estimated monthly student loan payment after graduation;
- Grant and scholarship offers;
- School-specific metrics such as graduation, retention, and federal student loan default rates; and
- Estimated debt level at graduation in relationship to the average starting salary.
Check it out!
BTW Republican members of the House Financial Services Committee are proposing to cut the Consumer Financial Protection Bureau budget by more than half. Utah Senator Orrin Hatch is leading the charge in the Senate to gut the CFPB' budget. Check out the CFPB web site to see what the agency is doing to protect and educate consumers: http://www.consumerfinance.gov/