Financial Aid Shopping Sheet Unveiled
July 25, 2012
After a months-long collaboration with the Consumer Financial Protection Bureau, the Department of Education has released a new, standardized format for financial aid award letters. ED encourages-but does not require-colleges and universities to implement the format for the 2013-14 year.
The Financial Aid Shopping Sheet is intended to provide students and their families with a simplified, easy-to-understand summary of the cost of attendance and aid available, along with several measures of institutional performance. The standardized format aims to make it easier for students to compare costs and aid offers from different institutions and understand the difference between grants and loans.
Developed as part of the administration's Know Before You Go effort to improve student awareness of the cost of college and student debt, the shopping sheet also fulfills a mandate in the Higher Education Opportunity Act to study model student aid offer letters. Secretary of Education Arne Duncan sent a letter to college presidents asking them to commit to using the shopping sheet format beginning next year (2013-14). Use of the shopping sheet is also tied to providing the financial information called for in the Principles of Excellence for military and veterans' education established in a recent Executive Order.
Vice President, Regulatory Affairs
Senior Policy Analyst
- Final Report for the 2016 NACUBO-Commonfund Study of Endowments is Now Available
- What Did I Miss? February 28-March 20, 2017
- ACA Repeal Moves Forward as House Republicans Unveil Their Health Care Replacement Plan
- WEBCAST: Innovative Ways to Fund and Launch Online Degree Programs
Tuesday, March 28, 2017 1:00PM ET
- WEBCAST: Legislative Lunchcast: A 30-Minute Washington Update from NACUBO
Friday, March 31, 2017 12:00PM ET
- WEBCAST: How to Budget for Technology That Aligns with Institutional Goals
Thursday, April 20, 2017 1:00PM ET
- WEBCAST: Update to Strategic Financial Analysis for Higher Education, 7th Edition: Corrections, Clarifications, and Consistency of Application
Monday, May 22, 2017 1:00PM ET