U.S. Education Secretary Arne Duncan is urging colleges and universities to adopt an easy-to-understand financial aid form to help students.
He said the Department of Education and the Consumer Financial Protection Bureau’s so called shopping sheet provides students with information on costs, how much they'd receive in grants and scholarship, and what loan options are available. The sheet also provides details on the percent of students who graduate, how much they pay monthly on federal loans and the default rate. Murray State Financial Aid Services Director Lori Mitchum said Tuesday she has not seen the new form. Mitchum said the university is always looking for the best way to help students find financial deals. She said her office will review the recommendation and make a decision on it soon. Duncan said the student aid letters many universities currently use are hard to understand and make it difficult for families to comparison shop.