College Abacus is a free online tool for students and families to compare college pricing -- using net-price estimates taken from colleges and federal databases. The tool, which is owned by ECMC Group, a nonprofit loan guarantor, was one of several outside entities the U.S. Department of Education collaborated with on new data from the White House's College Scorecard, released earlier this month. College Abacus got early access to information from the large data sets that undergird the Scorecard, incorporating it into the online tool.
On Monday the group announced the release of a new tool aimed at low-income students. In addition to net-price comparisons, the new Pell Abacus uses data from the Scorecard to display college-specific information on financial factors such as average loan payments for Pell Grant recipients, the percentage of students who receive Pell Grants and the average monthly income percentage spent on federal loan repayments after college.
“By making this process simple to navigate without tax forms and accessible on mobile phones, we’re removing some of the key barriers preventing low-income students from exploring their full range of college options,” Abigail Seldin, co-founder of College Abacus and vice president of innovation and product management at ECMC Group, said in a written statement.
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