Colleges Work to Make Financial Aid Award Letters Clearer
"Against a backdrop of rising college costs and student borrowing rates, more than 400 colleges and universities have committed to following standards of clarity in financial aid offer letters, which have become confusing and – in some cases – deceptive," U.S. News and World Report writes.
..."Higher education institutions in the College Cost Transparency Initiative, or CCTI, say they are committed to making financial aid information more complete and transparent, says Justin Draeger, president and CEO of the National Association of Student Financial Aid Administrators, which manages the initiative.
In order to join, a college’s boilerplate financial aid letter must meet the group’s principles and standards. These include ensuring that offer letters are consumer-friendly and provide the most accurate possible estimate of the recipient's cost of attending college.
Financial aid is complex, Draeger says, because there are so many sources of funding, from institutional and private to state and federal. And college financial aid offices don’t always have complete information when they send out letters, he says."
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Publication Date: 10/18/2023
