I am pleased to announce that more than 500 colleges and universities (.xls), enrolling more than 2.5 million undergraduate students (thirteen percent of all undergrads), have committed to adopting the Financial Aid Shopping Sheet during the 2013-2014 school year.
An example of the information on the Shopping Sheet
The adoption of the Financial Aid Shopping Sheet is a big win for students already attending these institutions and those who are considering enrolling. The Shopping Sheet provides a standardized award letter allowing students to easily compare financial aid packages and make informed decisions on where to attend college. Students and their families now have a clear, concise way to see the cost of a particular school.
The Obama administration introduced the Shopping Sheet in July, and to coincide with the release, I sent a letter to college and university presidents asking them to adopt the Shopping Sheet as part of their financial aid awards starting in the 2013-14 school year.
I applaud the institutions that have agreed to adopt the Shopping Sheet, and hope more colleges and universities follow their example in offering students and families an easy-to-read award letter that delivers the bottom line on college costs.
Learn more about the Shopping Sheet here, and, if you’re an institution interested in adopting the Shopping Sheet for your students, or have questions about adopting it, please contact ShoppingSheet@ed.gov.
Arne Duncan is Secretary of Education.
* Update Nov. 29, 2012: The Department will provide updated figures periodically on its Financial Aid Shopping Sheet website.
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I think it is wonderful that we as a nation are moving to more cost transparency in health care, but also with our education system. I am a current student and I know I had the hardest time figuring out much I would actually have to pay for schooling. With this new Shopping Sheet being available to be used by current and soon-to-be students, it will provide a lot of clarity to the student’s financial situation. This clarity will be improved by: financial aid options to pay this cost, with clear differences between loans and awards such as grants and scholarships; the total cost of tuition is effected by the input of grants and scholarships; potential monthly payments for the Federal student loans the student would usually owe after school. Shopping Sheet will help students better understand their financial educational choices, which will led to few students in tuition debt. Overall this solution will make an exciting period of going to college, less confusing and more enjoyable.