This past Saturday, President Obama unveiled his new College Scorecard. “You’ll be able to see how much each school’s graduates earn, how much debt they graduate with, and what percentage of a school’s students can pay back their loans,” the president said in his weekly address.

College Prep Expert and Long Island College Prep Examiner, Wendy David-Gaines, explains how the scorecard works:

Information about the performance of U.S. institutions was collected from over 7,000 colleges and universities over a period of 18 years. In addition to families using the College Scorecard to personalize their own college ranking list, the national and comprehensive data can be used by policymakers and researchers for their own analysis. “The old way of assessing college choices relied on static ratings lists compiled by someone who was deciding what value to place on different factors. The new way of assessing college choices, with the help of technology and open data, makes it possible for anyone – a student, a school, a policymaker, or a researcher – to decide what factors to evaluate,” according to the White House Fact Sheet.

Parents and students can use the scorecard to make more informed, wise decisions about the ROI of a college education. For further information on the college scorecard, read:

College scorecard revamp heavy on outcomes