The Consumer Financial Protection Bureau and the U.S. Department of Education are asking college students and their parents for help designing a worksheet on college costs.
The bureau on Tuesday posted a draft worksheet to help families compare the costs of college, including the amount of debt the student will have on graduation. It wants consumers to evaluate the college cost forms, much as consumers recently weighed in on the bureau's leaner mortgage disclosure forms.
The bureau says students who graduated from college last year owed $22,000 ($28,000 if they went to private schools).
They didn't always know what they were getting into. Many students look at the bottom line cost, not realizing that interest rates on private college loans are often variable, meaning the payments can be much higher than the student expected.