Colleges commit to cost transparency

• Tweet

WASHINGTON, June 5 (UPI) -- College cost transparency is the discussion topic for a meeting of U.S. Vice President Joe Biden, Education Secretary Arne Duncan and 10 college system leaders.

The college presidents and leaders are expected to commit to providing prospective students with key financial information in an easy-to-understand format during their meeting with members of the Obama administration Tuesday, the White House said in a release.

Biden will lead a roundtable discussion with the university leaders, as well as Consumer Financial Protection Bureau Director Richard Cordray and Domestic Policy Council Director Cecilia Munoz.

The commitment to financial aid transparency fulfills the obligation of colleges to provide prospective students and their families with the clear, useful information needed to make the best informed decisions about which school to attend and what kind of financial commitment they are undertaking, the White House said.

Each of the participants were committing to providing incoming students in the 2013-14 school year financial information such as how much one year of college will cost, financial aid options with an explanation about how grants and scholarships differ from loans, the net costs after aid is considered and estimated loan payments after graduation, among other things.