Online tool to calculate US student loan payments

GCSE students

The Consumer Financial Protection Bureau (CFPB) in the US has launched a new online tool designed to help scholars calculate their student loan repayments.

In addition, the system, which considers two-year and four-year degree courses with a repayment period lasting ten years, will enable people to compare tuition costs of various colleges around the nation.

Richard Cordray, director of the CFPB – an organisation established through the Dood-Frank Wall Street Reform and Consumer Protection Act of 2010 – noted the cost of education is continuing to climb, with the level of student loan debt in the country now reaching trillions of dollars.

Mr Cordray explained the new Financial Aid Comparison Shopper “helps students make apples to apples comparisons of their offers and pick the one that works best for their financial future”.

The details of more than 7,500 learning institutions are to be found on the database, while a debt burden segment of the portal enables users to look at how much they can expect to pay back each month when earning the average salary of a graduate.