Consumer Financial Protection Bureau Launches On-Line College Cost Comparison Tool

The Consumer Financial Protection Bureau has just launched a beta version of a college cost comparison tool. It is aimed at allowing consumers to make comparisons of the costs of various colleges based on each consumer's financial circumstances. Use the tool, and then let the CFPB know what you think.

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CFPB's tool for estimating and comparing tuition costs is very helpful, but when I did a cost comparison for three schools, it became immediately clear that far more important is being able to get some kind of a financial aid. So in my comparison, the sticker price for MIT ($55,270) was much higher than the one for the average four-year private non-profit university ($42,224). However, when you subtracted the average grants and scholarships, the average private school overtook MIT by a wide margin ($26,694 vs. $18,644).