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Arizona State University announced it will be among the first in the country to use a new financial aid worksheet. It's part of a larger effort by the Obama Administration to help students better understand the true cost of college education.

PETER O’DOWD: It’s called a shopping sheet. It’s one page long, and includes total annual cost and information about possible monthly loan payments after graduation. There’s also university specific information about how long it might take a student to graduate, and what percentage of students default on their loans. Rich Cordray of the Consumer Financial Protection Bureau joined a press call Tuesday.

RICH CORDRAY: The financial aide shopping sheet gives college-bound students what they’ve been craving. Real numbers and a format that makes sense of the huge financial undertaking that is too often confusing and daunting to borrowers.

O’DOWD: Arizona State joins a handful of other universities to say they will use the shopping list. ASU was also part of a consulting group that helped move it forward. Education Secretary Arne Duncan wrote to university presidents Tuesday asking them to adopt the document as part of their financial aid awards starting in the 2013-2014 school year.

Read the Financial Aid Shopping Sheet.