"I remember the first time of many when a student excitedly came to tell me that they got a full scholarship to college only to be informed that the financial aid award was filled with loans and teaser “scholarships” that disappear after the first year," Forbes reports.

..."There is reason to believe changes are afoot. The College Financing Plan - CFP (formerly known as the Financial Aid Shopping Sheet) became available by the Department of Education for use beginning in the 2013-2014. Over 500 colleges signed up to use it in its initial rollout, including the State University of New York system and the University of North Carolina at Chapel Hill. It provided suggested templates and guidance to users. In 2021, New Jersey mandated a standardized Shopping Sheet for all colleges in the state.

This past year, a task force created last year by 10 higher education associations, including the American Council on Education, created standards for college financial aid letters, called the College Cost Transparency Initiative (CCT), including providing:

• The cost of attendance
• The type and source of all financial aid being offered, separating into grants and scholarships from student loans or student employment
• An estimated net price
• Whether the financial aid is being offered once or on an ongoing basis, and if the aid is renewable, any requirements that must be met for renewal."

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: 10/10/2023