A sample piece of the Shopping Sheet. Photo: CollegeCost.Ed.gov

Hoping to alleviate some of the confusion that comes with financial aid letters, the Obama Administration has introduced the “Shopping Sheet.”

“The Shopping Sheet will standardize award letters, making it easier to comparison shop and provide students with key information…,” reads the U.S. Department of Education blog. The info on the Sheet will include the cost of one year of school and the financial aid options available. We’ve got a sample section of the Shopping Sheet above.

Arne Duncan, the Secretary of Education, announced the Shopping Sheet today on Twitter, saying that it “helps unravel the mystery of college costs so students can make informed decisions.” He’s also published an open letter to college and university presidents asking them to use the Shopping Sheet, starting with the 2013 school year. Use of the sheet is voluntary.

The introduction comes amid increases in college tuition (“…the average cost of public education rose 15 percent between 2008 and 2010, with two thirds of students owing more than $26,000 in loans upon graduation,” reports ABC News). And Americans are saving less and less for education because of the recession. USA Today says, “48 percent of families with college-bound children are saving for their education, down from 56 percent in 1997.”

A college budget breakdown is a must-have for most everyone enrolling these days, so it will be interesting to see how many schools adopt the Sheet. For tips on how to pay for college, check this out.

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