New site to calculate potential student loan debt

SIOUX FALLS, S.D. (AP) — Want to calculate how much you could owe in student loans after graduating from a particular college? A new government website provides tools to help with the math.

The site, by the Consumer Financial Protection Bureau, is in the testing phase, but already includes information from 7,500 colleges and universities.

Users can plug in details such as grant and scholarship offers to compare what they might owe after attending different schools. The site also offers information on graduation and student loan default rates.

A "military benefit calculator" function allows the nation's more than 2 million Iraq and Afghanistan veterans to determine what they could owe after using their GI Bill benefits.

It can be found at http://www.consumerfinance.gov/payingforcollege/costcomparison.

The site is the latest effort by the federal government to make colleges and universities more open about costs.

A separate Education Department web site — http://collegecost.ed.gov — also addresses college cost, with information such as the rate of tuition increases at colleges.

"Choosing a school is a big responsibility — one that is too often made difficult by an inability to determine the impact of student loan debt," said Richard Cordray, director of the Consumer Financial Protection Bureau, at a news conference in Sioux Falls, S.D., with Sen. Tim Johnson, D-S.D., and a gathering of local high school students.

The bureau says student loan debt has reached $1 trillion, surpassing credit card and auto-loan debt. Graduates owe on average about $25,000.

_______

Hefling reported from Washington.
Associated Press
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Join the Conversation!

To comment, the following rules must be followed:

  • No Obscenity, Profanity, Vulgarity, Racism or Violent Descriptions
  • No Negative Community Comparisons
  • No Fighting, Name-calling, or Personal Attacks
  • Multiple Accounts are Not Allowed
  • Stay on Story Topic

Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.

Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to webmaster@wvlt-tv.com. Please provide detailed information.

powered by Disqus

WVLT VOLUNTEER TV

6450 Papermill Drive Knoxville, TN 37919 Phone - (865) 450-8888; Fax - (865) 450-8869
Gray Television, Inc. - Copyright © 2014 WVLT-TV Inc. - Designed by Gray Digital Media - Powered by Clickability 147055365