Consumer Information Report

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The National Association of Student Financial Aid Administrators (NASFAA) Consumer Information Task Force was convened by the NASFAA Board of Directors to conduct a thorough review of the current student consumer information requirements and propose ways to streamline both the content and delivery of those requirements. The task force comprised a geographically diverse group of NASFAA members from all types of postsecondary institutions and sectors.

Based on the research and discussions the task force developed, and the NASFAA Board accepted and endorsed, the full set of recommendations are detailed in this report. Highlights of some of those recommendations include:

Consumer Info Cover1. Eliminate the annual notice and use the College Navigator as the primary way to disseminate information to students and parents.

2. Repeal the ban on the federal-level student unit record and work to develop a limited student unit record that collects more accurate and comprehensive data on contemporary student behavior.

3. Conduct a study to determine the usefulness and utility of the Campus Security Report, Fire Safety Report and the Fire Log, and Drug and Alcohol Prevention Information.

4. Eliminate non-Title IV related requirements concerning Constitution Day, Voter Registration, and Athletic Disclosures from Title IV administration.

5. Make the Department of Education and loan servicers responsible for developing and distributing loan-related consumer information, including debt management.

6. Reconsider the exclusive use of first-time/full-time degree- or certificate-seeking students in the calculation of graduation and retention rates.

7. Designate a loan entrance counseling "safe harbor."

8. Exempt graduate programs from requirements that are generally inapplicable to them.

9. Eliminate from exit counseling the requirement to explain the use of the Master Promissory Note.

10. Develop and consistently use a consumer testing model when implementing any new consumer information requirements.