Posted: Jun 5, 2012 9:38 AM
Source: Associated Press
WASHINGTON - The White House is partnering with dozens of colleges to provide new students with easier-to-understand information on costs and financial aid.
Vice President Joe Biden is announcing the partnership Tuesday along with representatives from several schools, including Syracuse University and the University of North Carolina at Chapel Hill. The state university systems in New York, Massachusetts, Maryland and Texas also are participating.
Under the new financial aid transparency agreement, the schools will provide students with data on their financial aid options and estimated monthly payments they will owe after graduation.
The move is part of the Obama administration's effort to address burdensome student loan costs.
Tuesday's announcement comes as the White House pushes Congress to prevent interest rates on federal student loans from doubling on July 1.