Opinion: Colleges Need to Be More Transparent About Costs

"The Government Accountability Office (GAO) recently released a report that felt all too familiar. The report found that the financial aid offers (also known as award letters) that colleges and universities send to students that detail personalized cost and aid information are a challenge for most families to navigate," the National College Attainment Network writes.

..."Meanwhile, the National Association of Student Financial Aid Administrators (NASFAA) made clear that their members were required to follow their code of conduct which had several rules about financial aid offers. The U.S. Department of Education (ED) issued guidance to colleges and universities making clear what the best practices are for financial aid offers (guidance that still stands). Congress also acted - the Understanding the True Cost of College Act, which has been around since 2012 and is the gold standard piece of legislation for standardizing financial aid offers, was reintroduced with significant revisions based on research.

Yet even with ED guidance, a strong code of conduct from NASFAA, and best practice consumer research from our organization, not to mention the multiple task forces, convenings, and research dedicated to improving financial aid offers, the GAO report shows that nothing has fundamentally changed with financial aid offers."

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: 12/13/2022

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