Colleges criticize CFPB student-debt calculator

04/23/2012 | Hoya (Georgetown University), The · Bank Credit News

Some colleges are criticizing the online comparison tool that the Consumer Financial Protection Bureau launched to help consumers anticipate college-related expenses and expected debt after graduation. It's unclear how the CFPB is calculating costs, some school officials say. "The website grossly overestimates the average yearly debt of students," said Tony Pals, communications director for the National Association of Independent Colleges and Universities. "The number that you see for annual debt on the website would be the total debt of students after four or five years of study."

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Hoya (Georgetown University), The · Bank Credit News

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