"Last week I blogged about the confusion engendered by many colleges and universities when they send students details of their financial aid packages along with their acceptance letters. The terms and conditions spelled out are often opaque and sometimes deceptive. 'If Congress doesn’t act,' I suggested, 'the Commonwealth of Virginia could require a standardized letter for all state institutions,'" James Bacon writes for Bacon's Rebellion.

"It turns out that Virginia is moving in that very direction. Beverly Covington, SCHEV’s legislative liaison, informs me that the General Assembly has instructed SCHEV in its budget language to review their financial-aid award letters.

'During this review,' reads the budget, 'the Council shall identify opportunities for improvement as well as best practices for … clarity and completeness of the information provided on gift aid as well as students’ responsibility regarding student loans or work study.'

SCHEV will develop policies to make the following information available to the student: (1) a breakdown of the components of the institution’s cost of attendance, designating billable charges; (2) a clear identification of each award, indicating the type of aid; (3) the use of standardized terminology consistent with the National Association of Student Financial Aid Administrators; and (4) whether awards are condition and what the criteria are for renewal.

The Council shall report findings to the House Appropriations and Senate Finance Committees by Dec. 1, 2018."

NASFAA's "Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.

Publication Date: 6/22/2018