(Bloomberg News) U.S. colleges offering financial aid would use a standardized "shopping sheet" so prospective students could compare offers from different schools, under a proposal from the Consumer Financial Protection Bureau.
The consumer bureau, in partnership with the Department of Education, published a draft form on its website today, and is seeking public comments on the idea, according to an e-mailed statement from the agency.
"Student loans are one of the best examples of how credit can make lives better and help people achieve the American dream," Raj Date, adviser to the Treasury secretary for the consumer bureau, said in the statement. "But in these tough economic times, the stakes have never been higher for students and their families to clearly understand the costs and risks of student loans."
The level of student-loan debt last year surpassed what Americans owe on credit cards, according to the statement. Total student debt is now about $950 billion, according to finaid.org, a website that monitors the market.