After a turbulent year in financial aid, institutions that together serve more than 6 million students are committing to clear information about college cost.

WASHINGTON, D.C, SEPTEMBER 26, 2024 — More than 615 institutions across the U.S. have now joined the College Cost Transparency Initiative (CCT), which celebrates its one-year anniversary this month.

Recognizing a need to empower students and families as they assess college expenses, grant aid, and student loan options, higher education leaders—representing college presidents, financial aid administrators, admissions officers, and school counselors—joined forces to launch the CCT. Participating institutions commit via the CCT to uphold voluntary transparency standards and principles that will give students and families the tools they need to more easily compare financial aid packages across different colleges and universities, helping them better evaluate their options as they make enrollment decisions and financial plans.

“Clear communication around college costs has never been more important,” said Beth Maglione, interim president and CEO of the National Association of Student Financial Aid Administrators (NASFAA), which manages the CCT initiative. “Ongoing uncertainty around federal financial aid illustrates just how much students and families need transparency when they decide where to enroll, what to spend, and what to borrow.”

Delays this year in the launch of the Free Application for Federal Student Aid, or FAFSA, complicated the college selection process for millions of students who were left with significantly less time to compare financial aid offers before deciding where to enroll. Continued FAFSA system glitches have stirred confusion and frustration ahead of the fall 2024 semester. Nearly 6 in 10 college students have considered dropping out over financial stress, according to Ellucian survey results released this summer, and just 1 in 5 said they were “incredibly confident” they understood the details of their financial aid offer.

Now with over 615 partner institutions representing all 50 states, Puerto Rico and Guam, the College Cost Transparency Initiative — or CCT — aims to create a smoother path forward for more than 6 million students.

CCT leaders including NASFAA, the American Council on Education, and other higher education associations are encouraging additional institutions to commit to the initiative’s principles. 

The financial aid system of multiple grant and loan programs with different eligibility requirements is becoming increasingly complex. Increased transparency and clarity means families can make informed decisions about where to send their students.

“Colleges and universities have a responsibility to supply students and families with clear and understandable information about the cost of their education,” said Ted Mitchell, president of the American Council on Education and chair of the CCT task force. “This initiative provides our institutions with critical tools to foster that openness and trust.”

To set up an interview with NASFAA Interim President & CEO Beth Maglione, please email NASFAA Managing Editor Hugh Ferguson.

To set up an interview with ACE President Ted Mitchell, please email Jonathan Riskind, ACE vice president of public affairs and communications.

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About the College Cost Transparency Initiative

In fall of 2022, the leaders of 10 higher education associations representing college presidents, financial aid offices, and admissions and school counselors announced the formation of a task force — the College Cost Transparency Initiative (CCT) — to tackle the issue of college cost transparency by improving the clarity, accuracy, and understanding of student financial aid offers by producing a set of guiding principles and minimal standards to be used when developing aid offers. The task force developed the principles and standards with broad consultation and recommendations from the higher education community.

The organizations represented on the College Cost Transparency Initiative task force are as follows: the American Council on Education (ACE), the American Association of Community Colleges (AACC), the American Association of State Colleges and Universities (AASCU), the Association of American Universities (AAU), the Association of Public and Land-Grant Universities (APLU), the National Association for College Admission Counseling (NACAC), the National Association of Independent Colleges and Universities (NAICU), the National Association of Student Financial Aid Administrators (NASFAA), the National Association of System Heads (NASH), and the State Higher Education Executive Officers Association (SHEEO).