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updated: 2/13/2013 10:52 AM

White House releases college cost website

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Associated Press

WASHINGTON -- The White House is releasing a website designed to help college-bound students have a better sense of how much their education will cost and how much they can expect to pay in student loans.

President Barack Obama promised the tool during Tuesday's State of the Union speech and Education Department officials published the data early Wednesday. On the website, potential students and their parents can see a typical student's out-of-pocket costs, as well as what percentage of students graduate.

The searchable database also lets students compare the rates at which graduates default on their student loans against the national average of 13 percent, and how much the typical student pays each month in student loans.

In coming years, the site promises data on how much graduates earn.

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