(AP)--Three colleges in Kentucky have agreed to begin using a standardized financial aid letter aimed at helping students and parents better understand the costs of a higher education.
The U.S. Department of Education announced Thursday that the University of Kentucky in Lexington, Bellarmine University in Louisville, and the Louisville campus of the University of Phoenix have agreed to use what is known as the Financial Aid Shopping Sheet.
They are among 500 colleges and universities nationwide who will use the letter during the 2013-2014 school year.
The standardized letter is designed to make it easier to compare costs among institutions.
It includes items such as how much one year of school will cost, net costs after grants and scholarships are calculated and potential monthly payments for loans after graduation.