NASFAA Submits Comments on CFPB’s Financial Aid Comparison Shopper
NASFAA submitted comments and suggested improvements to the Consumer Financial Protection Bureau (CFPB) on its beta version of the "Financial Aid Comparison Shopper," an interactive, online tool designed to help students and families compare the costs of post-secondary education at various institutions.
While emphasizing NASFAA’s belief in clear, accurate, and pertinent consumer information for students and families when selecting a postsecondary institution, NASFAA suggested that the comparison shopper could be more relevant and universal if improvements were made in the following areas:
- Overly broad assumptions
- Possible misleading information on the display of debt and repayment
- Consumer usability
NASFAA also stressed the need to consider the litany of other consumer disclosures and information that schools are required to provide students and parents throughout the admissions and financial aid process. To truly develop a consumer disclosure that is useful to students and parents, NASFAA recommended a comprehensive review of all disclosures with an eye towards streamlining institutional reporting and focusing on the timing and the precise information students and parents require.
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