NASFAA Comments on Department of Education, CFPB Financial Aid Shopping Sheet

FOR IMMEDIATE RELEASE
Contact: Haley Chitty
Director of Communications
(202) 785-6959
chittyh@nasfaa.org  

Washington, DC -- July 24, 2012 -- The U.S. Department of Education (ED) and theConsumer Financial Protection Bureau (CFPB) released a final version of their financial aid Shopping Sheet. The final version incorporated public feedback including many recommendations submitted by NASFAA.

The Shopping Sheet is one of several initiatives aimed at increasing consumer information for students and parents. As part of this effort NASFAA also released recommendations from its Award Letter and Consumer Information Task Force.

In response to the Shopping Sheet, NASFAA President Justin Draeger issued the following statement:

"We appreciate that the CFPB and Department of Education incorporated the recommendations of financial aid administrators when revising the financial aid Shopping Sheet,” said NASFAA President Justin Draeger. “While we are pleased that institutions are not required to adopt the Shopping Sheet, we remain concerned with the inflexible standardization of the Shopping Sheet, and more broadly, with the multitude of consumer disclosure initiatives that have been introduced in recent months. Institutions need flexibility to design a financial aid award letter that best meets the needs of their unique student populations.

“As such, we encourage campuses to carefully review the Shopping Sheet before adopting it to ensure it will effectively communicate this critical information to the students and families they serve.

"We value efforts to increase the effectiveness of financial aid award letters. NASFAA fully supports the need for accurate, clear and relevant information regarding college costs and financial aid."

About NASFAA

The National Association of Student Financial Aid Administrators (NASFAA) is a nonprofit membership organization that represents nearly 20,000 financial aid professionals at 2,800 colleges, universities, and career schools across the country. Each year, financial aid professionals help more than 16 million students receive funding for post secondary education. Based in Washington, D.C., NASFAA is the only national association with a primary focus on student aid legislation, regulatory analysis, and training for financial aid administrators. For more information, visit www.nasfaa.org.