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Tip of the Week |
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April 17, 2019 |
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Financial aid offers |
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Old habits are hard to break, so it may be a good thing that the Department of Education's recommendations for financial aid offers come a little late for 2019-20 financial aid notices. In an April 15, 2019 Electronic Announcement, the Department of Education is advising postsecondary institutions to make changes to their financial aid offers. In particular, the Department asks postsecondary institutions to avoid calling a financial aid offer an "award" and avoid calling it a "letter." In the Announcement, the Department goes on to say that loans are not awards. In addition, the Announcement says that work-study is not an award; it is the potential for employment that offers earnings to students. According to the Department, using a term like "financial aid offer" or "college financing" is clearer and given that many institutions deliver these offers via electronic communication, calling them "letters" can also be confusing. The Announcement also provides several other recommendations, such as how to list financial aid offers and cost of attendance information in the communication with students. The Department said in the Announcement that it feels strongly that avoiding these things will improve the clarity, transparency, and basic understandability of financial aid offers for students and families. | ||||||||||||||||
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