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Net Price Calculators, Award Letters and Shopping Sheets

Net Price Calculators, Award Letters and Shopping Sheets. Informing Choices for Student Success Diane Corbett Director of Financial Aid University at Albany. Compare net prices at different colleges Colleges required to have calculators posted on web sites Net price vs. sticker price

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Net Price Calculators, Award Letters and Shopping Sheets

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  1. Net Price Calculators, Award Letters and Shopping Sheets Informing Choices for Student Success Diane Corbett Director of Financial Aid University at Albany

  2. Compare net prices at different colleges • Colleges required to have calculators posted on web sites • Net price vs. sticker price • Early information tool • Recent studies indicate not widely used Net Price Calculators

  3. Student financial aid offer forms • Communication of costs and resources • Variations in format-paper and/or electronic • Designed to meet needs of unique student populations • Should provide clear and accurate information • Cost of Attendance vs. Direct Costs Award Letters

  4. To make financial aid award letters easy to understand while at the same time providing accurate and comprehensive information • Simplification, clarity and full disclosure • Net cost vs. net price • Comparing schools-apples to apples? • Improve consumer information and reduce confusion The Challenges

  5. ED and CFPB effort to make financial aid awards and college cost information more transparent and easier to compare • Clear distinction between loan and grants • May be used as a supplement or as a financial aid award letter • Participation encouraged for 2013-2014 • Principles of Excellence-Executive Order with disclosure requirements for institutions serving veteran and military populations including commitment to use Shopping Sheet The Shopping Sheet

  6. Shopping Sheet Online The Shopping Sheet

  7. Model format for financial aid award letters • Standardization of common terminology • Metrics and outcomes • Cost of Attendance • Estimated costs after “gift aid” • Work and loan options The Shopping Sheet

  8. We look forward to partnering with you as you assist students in using the tools available to become better informed. • Thank you for all you do! Questions?

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