President Barack Obama gave a shout out to federal efforts to give students better information about the costs of higher education in his speech at Shaker Heights High School today.
With about 400 students in the crowd of approximately 1,300, Obama tailored some of his remarks on the recess appointment of former Ohio Attorney General Richard Cordray to the post of United States Consumer Financial Protection Bureau to his audience:
So if you’re a student — I see some young people out here — his job will be to protect you from dishonest lending practices and to make sure that you’ve got the information you need on student loans. He has already started up an initiative called “Know Before You Owe.” That’s a good slogan — “Know Before You Owe.” You don’t want to owe and then know.
The Know Before You Owe initiative began as an effort to make mortgage forms easy to understand and compare. But now it has expanded to gathering feedback on improving the way schools communicate financial aid offers to students.
The financial protection bureau has also developed a student debt repayment assistant that steps you through the options for repaying student loans.