TICAS Comments on Draft Financial Aid Shopping Sheet
Comments on the “Know Before You Owe” draft financial aid shopping sheet, developed by the Consumer Financial Protection Bureau (CFPB) and the U.S. Department of Education.
Our comments address the most critical elements to include in the shopping sheet, including: the full cost of attendance; the student’s net price; clear distinctions between gift aid and self-help; information about outcomes such as student loan defaults and graduation rates; and contact information for the school’s financial aid office. We also provide specific recommendations and concerns about particular elements of the shopping sheet, such as the need to avoid appearing to endorse risky borrowing through private student loans, and the importance of contextualizing student loan default rates so that it is clear how representative they are of a typical student’s experience at the school.
