June 05, 2012 at 18:55 PM EDT
Vice President Discusses College Affordability with College and University Officials
Vice President Joe Biden holds a meeting on transparency in college costs with Secretary of Education Arne Duncan and college presidents, in the Roosevelt Room of the White House, June 5, 2012. (Official White House Photo by David Lienemann) Today, Vice President Biden met with the presidents and senior officials of ten colleges, universities, and state systems of higher education from across the country to discuss the importance of providing students and families with transparent information about the cost of attendance and financial aid. Secretary Duncan, Director of the Consumer Financial Protection Bureau Richard Cordray, and Director of the White House Domestic Policy Council Cecilia Muñoz also participated in the discussion. Post-secondary education is a valuable investment – more than 60 percent of new jobs in the next decade will require a credential beyond a high school diploma. But before settling on a school and signing any loan agreements, students and their families need easy-to-understand information regarding how they will finance their education. Colleges and universities already provide some statistics about the cost of attendance and available financial aid, but that information is often not clearly presented to students and their families in a way that facilitates easy comparison among schools. Further, schools usually do not provide important information including an estimate of students’ future loan payments, or data about the likelihood of graduation or loan default. read more
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