CFPB Helps Students Compare Lending Offers Posted by AVCU on 3:38 PM

According to American Banker, the new Consumer Financial Protection Bureau (CFPB) is helping students compare individual financial aid offers from different colleges using an interactive, online worksheet.  Unveiled this past week, the Financial Aid Comparison Shopper helps students compare information such as estimated monthly payments after college, grants and scholarship offers, estimated debt level after graduation, and individual college graduation and student loan default rates, across multiple schools. The worksheet also includes a so-called Military Benefit Calculator that can estimate education benefits for service members, veterans and their families, including tuition assistance and benefits under the GI Bill.

 

This is the latest development in the CFPB's Know Before You Owe initiative, which aims to provide clear, concise disclosures for borrowers. The agency released a model financial aid offer form last year, as well as an interactive debt repayment assistance tool, and began taking student loan complaints last month. The CFPB and the Department of Education will deliver a joint report to Congress on the student loan market by July 21^st.

 

See the BETA version the Financial Aid Comparison Shopper here.