U.S. Department of Education has announced a project called "College Scorecard", which provides condensed information on five core criteria: average annual cost, graduation rate, typical total debt, paying down their debt and salary after attending. The College Scorecard was designed to relieve American families' economic burden on tuition fees and to make college more affordable. It reveals key information about the running level of college to help students and their families choose a college and select a specialty; it also improves efficiency of federal-funded grants to promote the cost-reduction and to strengthen the performance in colleges. From College Scorecard's outstanding features, such as concise criteria, convenient query, powerful comparative function and filtering capability, Chinese colleges can learn to improve the grant-aided system, increase the cost-effectiveness of student grants and enhance the transparency of information on school running.