Paying For College: Schools Pledge To Disclose More On Education Costs

Ann McClure's picture

Ten private U.S. colleges and state university systems announced plans on Tuesday to be more upfront about the costs of higher education, including detailing the monthly loan payments students would face after graduation.

U.S. Vice President Joe Biden unveiled the initiative with leaders from Syracuse University, Vassar College, the University of North Carolina at Chapel Hill and other institutions serving 1.4 million students, or about 5 percent of college enrollees.

Biden said that because 60 percent of jobs in the United States over the next decade will require a degree beyond high school, students and their families need a clear plan for how to pay for post-secondary education.

He told a White House event that the schools' voluntary plan to detail financing information was "a very important step."

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