Task force hopes to make financial aid applications more transparent

To improve the clarity and consistency of college financial aid offers, ten higher education associations launched a task force to standardize financial aid applications, making them more accurate, clear, and transparent.

The task force is called “Paying for College Transparency Initiative,” according to Higher Ed Dive. 

Members of the new task force include President of ACE, Ted Mitchell, CEO of NACAC, Angel Perez , President and CEO of NASFAA, Justin Draeger, President and CEO of AACC, Walter Bumphus , and others.

The 10 members “hope that standardizing the information applicants receive after they are admitted to different colleges will improve the sector’s pricing clarity, accuracy and transparency,” according to Higher Ed Dive. 

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In recent years, the need for standardization of student financial aid applications has become more pressing. And educators and policymakers believe that efforts to standardized applications will make it easier for students to understand the cost of their education. 

Attempts to do so have not worked, however. 

As Higher Ed Dive notes, the attempt by the Department of Education to issue the standardized financial aid form “known as the Financial Aid Shopping Sheet” was a bust. 

“Only about 1,950 institutions agreed to use it by December 2013.” 

Lawmakers also failed to vote on bipartisan legislation regarding financial aid applications in 2019 and 2021, again squashing attempts at standardization. 

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“We know that there is interest all around in making financial aid offers more clear and transparent for students — from lawmakers, advocacy groups, and institutions themselves,” McPherson, the task force chair, told Higher Ed Dive. “By bringing together the leaders from associations that represent institutional stakeholders, and gathering input from practicing financial aid administrators, students, and parents, we hope to change that.”

The task force’s formation comes on the heels of recent reports regarding the high cost of college education and universities’ financial mismanagement. 

Miami University (MU), for example, cited it would make improvements to its mental health programs with extra funding from tuition raises and Higher Education Emergency Relief Funds. 

Despite receiving “$69,744,991 in emergency relief via HEERF… [MU] made no dramatic improvements to its mental health services,” Campus Reform reported.

The task force’s effort to improve aid applications by making them transparent may cut down on student expenses as universities will not be able to mislead applicants about pricing and education costs. 

Campus Reform contacted the 10 task force members of the higher education associations. This article will be updated accordingly.