Michigan's 15 public universities have joined a nationwide effort to make student financial aid offers more transparent and standardized. The College Cost Transparency (CCT) Initiative is intended to combat inconsistencies in financial aid communication.
“As financial aid professionals, we are committed to helping students and their families navigate a complex financial aid system consisting of multiple grant and loan programs with different eligibility requirements,” said Michael Rotundo, Financial Aid director at Northern Michigan University and chair of the Financial Aid Officers Committee of the Michigan Association of State Universities, in a press release. “The guiding principles and standards from the CCT initiative will help us do just that. One of the main goals, as I see it, is that we're providing financial aid information for our school in a consistent manner.”
The CCT said its guidance will make financial aid offers more transparent by displaying attendance costs, separating grants from loans and scholarships, and providing an estimated net cost. It will also explain conditions for loans and information on student employment. The group said the language on the aid letters will be clear and uniform.
“They will ensure that all costs are understandable for students and their families and that they will provide a most accurate estimate possible of a student's cost of attendance,” said Daniel Hurley, the CEO of the Michigan Association of State Universities. “If there's a student loan involved, they'll have a very good understanding of how much loan debt they will have over time and what the pay down is.”
The CCT was launched earlier this year by a national tax force. It includes more than 500 universities and colleges acrosss the country.