NASFAA Mention: New Affordability Promise Helps Families Earning up to $200,000

"Colorado College had a problem with sticker shock," University Business writes

"'A lot of families wouldn’t even consider us because of price,' says Vice President for Enrollment Mark Hatch. 'We watched the pool of applicants from middle-class families dwindle and had a lower ‘take rate’ among admitted students.'

In an effort to make tuition more affordable for Colorado families, the private liberal arts college is introducing the Colorado Pledge. The pilot program, beginning in fall 2020, promises to cover tuition, room and board for entering students from Colorado families with annual adjusted gross incomes of less than $60,000. Tuition will be covered for families earning between $60,000 and $125,000. Families earning between $125,000 and $200,000 will be charged the equivalent of in-state tuition at the University of Colorado.
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Karen McCarthy, director of policy analysis for the National Association of Student Financial Aid Administrators, notes that some affordability pledges represent a shift in messaging—not new (or expanded) funding.

'Colleges use the language: 'We meet full need,' which might not mean much to families,' she says. Being precise about what specific income levels mean for tuition breaks helps families as they consider their options."

NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.

 

Publication Date: 9/23/2019

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