Higher Ed Watch: "New Financial Aid Shopping Sheet Standardizes Award Letters—But Will Anyone Use It?"
Rachel Fishman recently wrote an article at Higher Ed Watch about the new financial aid shopping sheet that the Department of Education and the Consumer Financial Protection Bureau (CFPB) are now offering to prospective students. The resource will enable students to decipher financial aid letters sent to them once they have been admitted into college(s). The CFPB provided a prototype - or "draft" - of this tool last October. But there's a catch to this new sheet: institutions don't have to offer it to incoming students. Since schools are not required to adopt the tool, Fishman raises valid concerns about its potential efficacy.
Indeed, it is not only unfortunate but somewhat troubling that schools are not required to offer the sheet. Instead, as already mentioned, it's voluntary. In addition, a recent piece published by The Huffington Post - and referenced by Fishman - includes an interview with U.S. Secretary of Education Arne Duncan. He made it clear that if schools do not opt to use the sheet, there will not be any "sanctions" against them. Duncan is, however,
Indeed, it is not only unfortunate but somewhat troubling that schools are not required to offer the sheet. Instead, as already mentioned, it's voluntary. In addition, a recent piece published by The Huffington Post - and referenced by Fishman - includes an interview with U.S. Secretary of Education Arne Duncan. He made it clear that if schools do not opt to use the sheet, there will not be any "sanctions" against them. Duncan is, however,