U.S. universities asked to make financial-aid forms for students easier to understand

The Obama administration is asking universities to adopt a simple financial-aid form that would make it easier for students to understand the costs of their loans.

According to the Columbus Dispatch, Education Secretary Arne Duncan said Monday that they will urge American universities to adopt the new form in time for the 2013-14 school year. However, Duncan added that the administration lacks authority to actually force schools to use the form.

Richard Cordray, director of the Consumer Financial Protection Bureau and former Ohio attorney general, said it "is a simple, common-sense form." The form is just one page in length and will show students how much a university charges for tuition, housing and books, as well as what grants and loans are available to them. Also, a website will be listed to help students with repayment options.