It’s no secret that the cost of college is on the rise in America. College affordability has become a hot topic of late, with students struggling to meet steep tuition hikes and stay afloat amidst piles of student loan debt. And yet, despite concentrated attention on the dire state of paying off student loans and constant questioning of whether college is now “worth it,” most agree that higher education continues to remain a worthy investment. President Obama and Secretary of Education Arne Duncan are calling on a shared effort from the federal government, states, colleges, and universities to keep costs down while providing quality education. But they also believe students and their families should take a more active role to become informed consumers in the market of higher education.
In an effort to help students “know before they owe,” the Obama Administration released the Financial Aid Shopping Sheet this week, “an individualized standard financial aid award letter that will help students and families understand the costs of college before making the final decision where to enroll.” The goal is to empower students with the facts and allow them to compare costs among institutions in order to make an informed decision that works with their financial background. Plus, the layout of the Shopping Sheet provides information to consumers in a clear, standard format so that students understand their financial responsibilities and can easily compare the costs of schools.
Transparency in college expenses is essential to making college more affordable. Tuition may be high right now, but if students are equipped with the facts and are informed about the costs of higher education up front, some of the financial burden can be relieved in accessing high-quality education.