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A new financial aid tool from the Consumer Financial Protection Bureau has just been introduced to prospective college students. This tool will help students and their parents figure out which school is compatible to them in terms of tuition and financial aid. So, how do you use this tool?
Enter names of universities.
You can enter up to three colleges and universities that you want to compare in terms of tuition. The comparison will also include
grants and scholarships offered in those colleges and how much you need to pay monthly after you have already graduated. School names will generate a lot of information.
Enter financial aid information.
Add financial aid information such as expected family contributions, scholarship awards and military grants. You can deduct these amounts from the tuition of colleges and universities that you are interested in. This way, you will see how much financial aid you will still need.
Analyze the data.
Handed down organized data by the financial aid tool, it would be easier for you to analyze which schools you will be able to afford without getting into a lot of debt.
The bureau’s new financial aid tool will help make things a lot clearer for families who are dreaming of getting into a good school without the burden of having to pay everything.
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