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Tools to Support Higher Education Choice for FAAs

Session #30. Tools to Support Higher Education Choice for FAAs. Lynn Mahaffie | Dec. 2013 U.S. Department of Education 2013 FSA Training Conference for Financial Aid Professionals. College Choice: Consumer Information Tools. College Affordability and Transparency Center College Scorecard

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Tools to Support Higher Education Choice for FAAs

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  1. Session #30 Tools to Support Higher Education Choice for FAAs Lynn Mahaffie | Dec. 2013 U.S. Department of Education 2013 FSA Training Conference for Financial Aid Professionals

  2. College Choice: Consumer Information Tools • College Affordability and Transparency Center • College Scorecard • College Navigator • Financial Aid Shopping Sheet • StudentAid.gov

  3. College Choice: Consumer Information Tools • 5 key data elements include: • net price, • graduation rates, • default (or repayment) rates; • mean and median debt; and • employment outcomes. ED produced Institution produced Private Sector or Gov’t

  4. College Affordability and Transparency Center 4

  5. College Affordability and Transparency Center – Cosmetology Programs 5

  6. College Affordability and Transparency Center

  7. College Scorecard Search Screen 7

  8. College Scorecard 8

  9. College Scorecard • Institutions are compared to “similar institutions” on each of the measures, defined as the predominant undergraduate award granted • Primarily bachelor’s degree-granting • Primarily associate’s degree-granting • Primarily certificate granting • To be updated annually • Future developments: • Employment data will be featured on the next iteration • ED is currently developing a College Ratings system that will be featured on future College Scorecards. Ratings will be based on Access, Affordability, and Outcomes

  10. College Scorecard Data

  11. College Scorecard Data

  12. College Choice: Consumer Information Tools • 5 key data elements include: • net price, • graduation rates, • default (or repayment) rates; • mean and median debt; and • employment outcomes. ED produced Institution produced Private Sector or Gov’t

  13. College Navigator • ED’s college search tool • Over 2.5 million site visits over the last year • Wealth of information on the over 7,400 postsecondary institutions participating in the Federal financial aid programs • Populated by the Integrated Postsecondary Education Data System (IPEDS) and data from the Office of Postsecondary Education (OPE) and the Office of Federal Student Aid (FSA)

  14. College Navigator • General information • Admissions requirements • Tuition & fees and average net price • Programs and majors/fields of study offered • Retention and graduation rates • Campus safety and security • Accreditation • Cohort default rates

  15. College Choice: Consumer Information Tools • 5 key data elements include: • net price, • graduation rates, • default (or repayment) rates; • mean and median debt; and • employment outcomes. ED produced Institution produced Private Sector or Gov’t

  16. Financial Aid Shopping Sheet • Stage of choice process: choosing where to enroll • Standardized, clear, and concise format for providing prospective students their personalized financial aid offer • Designed to help prospective students and their families better understand the costs of college before making the final decision on where to enroll • Identifies the type and amount of aid qualified for and allows for easy comparison of aid packages offered by different institutions • Over 1,900 institutions have adopted the Shopping Sheet • Those institutions represent over 43%, or 8.1 million undergraduate students

  17. Financial Aid Shopping Sheet 2014-2015 Edition • Feedback from students, guidance counselors and financial aid administrators supported modest modifications. Language Changes • “Grants from your school” will be changed to read “Grants and scholarships from your school.” • “Parent PLUS Loan” will be changed to “Parent or Graduate PLUS Loan.” • Median Borrowing metric, “Students at UUS typically borrow $X,XXX in Federal loans for their undergraduate study” will be changed to, “Students who borrow at UUS typically take out $X,XXX in Federal loans for their undergraduate study.”

  18. Financial Aid Shopping Sheet Glossary • ED has added a glossary as a second page to the Shopping Sheet.  This addition will help explain financial aid terms used on the Shopping Sheet to students, financial aid administrators, and guidance counselors.  Expanded Customizable Box • On the second page, following the glossary, an additional space has been created to allow institutions to provide more individualized information. This is in addition to the customizable box already featured on the first page of the Shopping Sheet.

  19. Financial Aid Shopping Sheet Institution must use this form for service members and veterans if they sign on to the principles of excellence but our preference would before them to use this type of form for all students. Current “graduation rate survey” as reported to the National Center for Education Statistics under IPEDS Current “cohort default rate” as calculated by the Department NEW “median debt” calculated by the Department 22

  20. Shopping Sheet Glossary

  21. Financial Aid Shopping Sheet: Website • Annotated Shopping Sheet: This describes and clarifies the elements on the Shopping Sheet • Institutions that have adopted the Shopping Sheet • Financial Aid Shopping Sheet FAQs • HTML specifications for the Shopping Sheet • Institutional Metric Data File for the Financial Aid Shopping Sheet

  22. College Choice: Consumer Information Tools • 5 key data elements include: • net price, • graduation rates, • default (or repayment) rates; • mean and median debt; and • employment outcomes. ED produced Institution produced Private Sector or Gov’t

  23. StudentAid.gov

  24. What is StudentAid.gov? • Federal Student Aid’s new streamlined website with comprehensive information on the student aid lifecycle • Released July 15, 2012 • Associated sites: • www.Facebook.com/FederalStudentAid • www.Twitter.com/FAFSA • www.YouTube.com/FederalStudentAid

  25. YouTube: “Prepare for College” Playlist 30

  26. StudentAid.gov: Things to Consider 31

  27. StudentAid.gov/resources#consumer-protection 32

  28. StudentAid.gov/resources#consumer-protection

  29. StudentAid.gov: FAFSA4caster Info 34

  30. YouTube: Responsible Borrowing Video 35

  31. Financial Awareness Counseling: StudentLoans.gov 36

  32. StudentAid.gov: Repayment Plans 37

  33. Comparing Colleges Brochure

  34. Comparing Colleges Brochure

  35. Resources Websites: • College Affordability and Transparency Center: Collegecost.ed.gov • College Scorecard: collegecost.ed.gov/scorecard • College Navigator – nces.ed.gov/collegenavigator • Financial Aid Shopping Sheet: www.ed.gov/financial-aid-shopping-sheet • CFPB’s Paying for College Tool http://www.consumerfinance.gov/paying-for-college/ • StudentAid.gov • Comparing Colleges Brochure: StudentAid.gov/comparingcolleges

  36. Contact E-mail us: • Financial Aid Shopping Sheet ShoppingSheet@ed.gov • College Scorecard CollegeScorecard@ed.gov

  37. QUESTIONS?

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