To help students better compare colleges, the federal government on Saturday launched a revamped College Scorecard website. Among other features, the site will publish earnings for federal aid recipients from every college in the country.
The new data will include the median earnings of students who started at each school 10 years ago, whether or not they finished, and the percentage of recent graduates who are able to pay off their loans.
As colleges costs and borrowing have become critical issues for more families, ?students deserve to know how their investment of resources and hard work is going to pay off. And taxpayers deserve to know whether they are investing in schools that deliver good value,? said Education Secretary Arne Duncan at a Friday night press conference.
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In a paper explaining the new data, the Department of Education showed how it might be used to compare colleges. The paper noted that Columbia University charges the typical low-income student a net price of just $8,086 per year, a price that ?is substantially lower than neighboring institution New York University,? which charges low income students an average of $25,441. But Columbia students typically earn $73,000 within 10 years of their freshman year, the new federal data reveal. NYU students earned just $58,800.
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