The Consumer Financial Protection Bureau described today the feedback it has received on a draft “Financial Aid Shopping Sheet,” which it and the Education Department released in October, and the White House announced that use of the shopping sheet would be required of colleges.
The sheet is a draft model disclosure form for the letters that colleges send to students offering financial aid, and it’s intended to help students better understand the type and amount of aid they qualify for, and to make it easier for them to compare aid offers from different institutions. Back in October, some colleges said they feared the model would become mandatory, and as part of President Obama’s speech on college costs today at the University of Michigan at Ann Arbor, the White House said the updated form would be “a required template for all colleges.”
