Ferris State University ranks among the state's public universities signing on to
a new national effort to ensure transparency, clarity and understanding around communicating
student financial aid offers.
LANSING – Ferris State University is among the state public universities signing on to a new national effort to ensure transparency, clarity and understanding around communicating student financial aid offers.
The College Cost Transparency Initiative was launched earlier this year by a national task force composed of the leaders of 10 higher education associations representing college presidents, financial aid offices, and admissions and school counselors.
More than 360 higher education institutions serving more than 3.8 million students across the country are committed to the effort.
“Ferris State is committed to helping students and families navigate a financial aid system that can be complicated,” said Rebecca Grooters, director of Financial Aid. “We want to help students understand all the potential costs of attendance, but also the wide array of scholarships, loans and other opportunities that might be there for them to lower those costs.”
College Cost Transparency Initiative calls for financial aid offers to undergraduates that clearly and understandably explain potential expenses for students and families and include the most accurate estimate possible of a student’s costs of attendance.
Colleges will prominently display critical components, such as an estimate of the student’s total cost of attendance, broken down by costs to be paid to the institution and costs paid to others; types and sources of financial aid being offered, separated into grants and scholarships, student loans, and student employment or work; an estimated net price of attendance; and more.
The institutions will provide information about employment requirements and information on job placement if student employment is offered.
And they will explain the terms and conditions and information on how much student loan debt may cost over time if federal student loans are included.
Daniel Hurley, chief executive officer of the Michigan Association of State Universities, noted that high school seniors and their parents will be able to complete the Free Application for Federal Student Aid in early January and can expect to receive financial aid award letters later in the winter.
“The CCT Initiative is a major step forward in demystifying the college financial aid process, which we believe will open the doors to higher education for more Michigan high school students,” Hurley said. “In combination with the new Michigan Achievement Scholarship, all of the major pieces are coming together to improve college access – and future success – for young adults across the state.”
The organizations represented on the CCT Initiative task force include the American Council on Education, the American Association of Community Colleges, the American Association of State Colleges and Universities, the Association of American Universities, the Association of Public and Land-Grant Universities, the National Association for College Admission Counseling, the National Association of Independent Colleges and Universities, the National Association of Student Financial Aid Administrators, the National Association of System Heads, and the State Higher Education Executive Officers Association.
To learn more about the College Cost Transparency Initiative, visit collegeprice.org.
Ferris State students can get assistance with the Free Application for Federal Student Aid – also known as FAFSA – by calling (231) 591-2110 or emailing [email protected]. The team can also assist with questions about scholarships, grants, and loans.