Over the past few years, the career college sector has become accustom to full transparency whether it involves tuition or outcomes. In June, the federal government posted information regarding a standardized financial aid form, referred to as the Shopping Sheet to help guide students and their families when making a decision about colleges and their associated costs.
Students and their families spend a great deal of time researching to determine the right college to meet their educational and financial needs. The Shopping Sheet was designed as a model by the Obama Administration to allow families to make comparisons more easily.
The Shopping Sheet is completed by the institution entailing how much one year of school will cost. The Shopping Sheet also does the following:
- Details financial aid options to pay this cost
- Differentiates between grants and scholarships
- Provides net costs after grants and scholarships
- Discloses information about default rates, graduation rates, and median debt levels for the school
- Details potential monthly payments for the federal student loans the typical student would owe after graduation.
Secretary of Education Arne Duncan contacted college and university presidents to voluntarily adopt the Shopping Sheet in addition to their financial aid awards for the upcoming 2013-14 school year.
According to an article posted on the Democrat and Chronicle website, at least 10 colleges have agreed to use the form with the largest being the State University of New York (SUNY). The SUNY Chancellor, Nancy Zimpher, commented “Frankly, we need to take these risks to better serve our primary customer — the student.”
Since the release of the form, U.S. Sen. Kirsten Gillibrand is promoting that the form be mandated to be utilized by both public and private colleges and universities nationwide.
Do you see this Shopping Sheet as a Best Practice for both public and private colleges or is it an ineffective document that simply adds to more paperwork? What do you think about the Shopping Sheet?
