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New Web Site Compares College Affordability
The government is out with a new tool to help you comparison shop when you're trying to find the right college or university for your child. This college scorecard comes from the College Affordability and Transparency Center of the Department Of Education. It has a search function to help you pin down the kind of school your child may want to go to based on their major, school size etc.
But where this site gets an A is how it explains the cost of going to that college. Say your child decided to go to UT Austin:
-What does it typically cost to attend? The site shows UT is the medium-low range.
-What percentage of students graduate? 80% is good but not spectacular.
-Are students able to pay their student loans after they graduate? Less than 5% of UT's students default on their loans.
-And what's the typical amount a student may borrow to go to school at UT? More than $22,000 for undergrads and monthly payments will be around $260 a month. The financing comparisons get tricky because some expensive colleges show up low because they either attract wealthy students or the students typically get full scholarships or other grants.
The Department of Education is still working out the last part of the comparison: What kind of jobs the students can expect when they graduate? That's because it's hard to make an apple to apples comparison between schools since programs, expectations and reputations vary widely. But it's still a good start. Follow the link below to try the web site.
College Scorecard http://www.whitehouse.gov/issues/education/higher-education/college-score-card