See how much debt college will really put you in

October 26, 2011: 6:59 AM ET

NEW YORK (CNNMoney) -- Figuring out how much college is going to cost you is about to get much easier.

At least that's what the new Consumer Financial Protection Bureau and the Department of Education are hoping to do with a one-page "financial aid shopping sheet."

The sheet will clearly break down the amount of aid a student will qualify for at a particular college, as well as how much debt they will end up with once they graduate.

While the shopping sheet has yet to be finalized, the two agencies published a draft online Tuesday to give consumers an idea of just how straightforward financial aid costs and risks can be.

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Currently, colleges may provide the form on a voluntary basis. The form breaks out the overall cost for a year of full-time attendance (including tuition, fees and other expenses), as well as the grants and scholarships available (including grants from the school, Federal Pell grant, state grants and other scholarships). The form also takes into account financial aid offered by that particular school.

Students will then be able to see the exact amount they would pay if they were to choose that college.

The sheet will also show student loan options, post-graduation monthly payments, as well as the total estimated debt they would have from enrolling in a specific college.

"We want to provide [students] with helpful data so they can make an informed decision about where to enroll and how much debt to take on," U.S. Secretary of Education Arne Duncan said in a statement.

How much will college really cost you?

The CFPB and Department of Education are accepting public feedback on the form, and the final version of the form is expected to be published in the next few months.

The form is expected to be available both online and in paper form.

Give your two cents on the new form by visiting To top of page

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