Today, however, we are seeing more student loan borrowers shying away from making this investment. According to an analysis by the Federal Reserve Bank of New York, for the first time in at least a decade, households with student loan debt are less likely to have a mortgage than those without student loan debt.
To help students understand how much debt they may have after graduation, the CFPB created the “Financial Aid Shopping Sheet”, a model that provides a uniform way to inform potential students of their true college costs before they commit to a school. This tool is part of the bureau’s set of tools titled “Paying for College”, which is modeled after the “Know Before You Owe” initiative.
Read the speech.