"Stat of the day: 618. That’s how many institutions have signed on to a year-old effort to have colleges send clearer financial-aid offers to undergraduates," The Chronicle of Higher Education reports.

... "The College Cost Transparency Initiative launched last year with 360 colleges enrolling 3.8 million students. It’s backed by 10 higher-ed associations and managed by the National Association of Student Financial Aid Administrators."

"Participating colleges must use plain language, estimate students’ total cost of attendance, clearly label loans and grants, and state whether financial aid is renewable or only available for one year. Colleges don’t have to follow an identical format, though."

"Large institutions have taken to the effort in particular. Here are a few stats to know:

• 72 percent of institutions with full-time enrollment of 20,000 students or more have signed on.
• 40 percent of four-year public colleges are taking part.
• 20 percent of minority-serving institutions participate.
• 6.3 million students are enrolled at the initiative’s 618 members."

"What’s next? 'We are hoping to get our uptake to 10 million students served in a relatively short period of time,' Beth Maglione, NASFAA’s interim president and CEO, said."

"The bigger picture: This voluntary effort helps colleges head off regulatory proposals that might not be as flexible as self-enforced guidelines. It landed at the right moment for colleges that have to navigate intense concerns about higher ed’s value, frustration about student-loan debt, and the confusing, glitch-filled debut of the new Free Application for Federal Student Aid."

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: 9/23/2024