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Congress calls for clarity in the financing of a college education


Wednesday, December 26, 2012
Researching the cost of a college education can be overwhelming. While all colleges that participate in federal financial aid programs are required to provide a net price calculator on their Web site, some members of Congress believe more can be done to take the mystery and confusion out of financing higher education.

According to Bloomberg News, Congress is set to take action requiring colleges to be more transparent about the true cost of college and how a graduate’s future earnings will impact his or her ability to repay college loans. This bipartisan Congressional bill is the latest attempt to curb the crushing student debt that some say may undermine economic recovery in the U.S.

Republican Senator Marco Rubio (R-FL) is a supporter of the proposed bill. Rubio said that students "should know how much they’re going to make and how much they’re going to owe, so they can take that into account," the news source states.

Earlier this month, former Secretary of Education William J. Bennett wrote on CNN Opinion that the nation's total student loan debt had exceeded $956 billion, and that one in five U.S. households is affected by student debt. Mr. Bennett and others are advocates of smarter borrowing, with students and families carefully considering their college choice and financial aid options. With more comprehensive counseling from college financial aid officers and the expected passage of a law requiring colleges to use a standard financial-aid award letter, so students can easily compare offers, college-bound students should be able to pay for college without jeopardizing their financial future.ADNFCR-16000756-ID-800933370-ADNFCR

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