As families struggle to keep up with skyrocketing higher education costs, the Obama Administration has unveiled a new website, which shows what most families end up paying for college: school-by-school.
In his State of the Union address, President Obama announced the release of the new College Scorecard, "... that parents and students can use to compare schools based on a simple criteria – where you can get the most bang for your educational buck."
It works like this: You input in the name of an institution and the website tells you the average net price that families pay to attend per year. Net price is the actual cost to families after you subtract grants and scholarships.
State Senator Beth Bye, chair of Connecticut’s Higher Education Committee, calls the College Scorecard, “a great idea”.
"I think we’re relying in general, parents and students, on marketing information that is put out by the colleges. And what this does is give a single way to measure how much colleges cost and how does that compare to other colleges."
Bye says its important for families to consider debt in selecting a college and whether graduates will enter jobs that will allow them to pay back student loans.
The new website also lists average amounts borrowed for college and loan default rates.