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“Principles and Practices of Clear Financial Aid Communication” College Board Forum Washington, DC November 6, 2015
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Principles of Clear Financial Aid Communication C. Anthony Broh, Broh Consulting Services Christine McGuire, Boston University Mary Nucciarone, University of Notre Dame
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Principles of Transparency 1.Use familiar vocabulary 2.Use concepts consistently 3.Identify individual with financial obligations 4.Explain loan obligation and risk 5.Identify the source of funding 6.Provide numbers with words 7.Translate into Spanish 8.Use reasonable disclaimer
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Principles of Transparency 1.Use familiar vocabulary 2.Use concepts consistently 3.Identify individual with financial obligations 4.Explain loan obligation and risk 5.Identify the source of funding 6.Provide numbers with words 7.Translate into Spanish 8.Use reasonable disclaimer
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Financial Aid Speak Expected Family Contribution Student Budget Award Package Gap Merit-based Aid Need-based Aid Need Need-blind Admissions
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Familiar Vocabulary Cost of Attendance Family’s Price Scholarship Grant Savings Wages Loans Student Portion Parent Portion
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Principles of Transparency 1.Use familiar vocabulary 2.Use concepts consistently 3.Identify individual with financial obligations 4.Explain loan obligation and risk 5.Identify the source of funding 6.Provide numbers with words 7.Translate into Spanish 8.Use reasonable disclaimer
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1. Consistent Concepts “Cost” and “Price”
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Institutional Cost Trends Average Expenditure per FTE Student Source: Delta Cost Project, Trends in College Spending, 2001-2011 (Private Research Universities)
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Price Trends Private, Four-year TFRB
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2. Consistent Concepts “Grant” and “Scholarship”
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Principles of Transparency 1.Use familiar vocabulary 2.Use concepts consistently 3.Identify individual with financial obligations 4.Explain loan obligation and risk 5.Identify the source of funding 6.Provide numbers with words 7.Translate into Spanish 8.Use reasonable disclaimer
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Building Blocks
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Equivalent Concepts
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Principles of Transparency 1.Use familiar vocabulary 2.Use concepts consistently 3.Identify individual with financial obligations 4.Explain loan obligation and risk 5.Identify the source of funding 6.Provide numbers with words 7.Translate into Spanish 8.Use reasonable disclaimer
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7. Spanish Translation Price of College = Precio de la Universidad Price of Attendance = Precio Scholarships = Beca Grants = Subvención
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7. Spanish Translation Family = Familia Family’s Price = Precio de la familia Student = Estudiante Student Portion = Porción del estudiante Parent = Padre o madre Parental Portion = Porción de los padres
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7. Spanish Translation Loans = Préstamo Wages = Salario Savings = Ahorros
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Principles of Transparency 1.Use familiar vocabulary 2.Use concepts consistently 3.Identify individual with financial obligations 4.Explain loan obligation and risk 5.Identify the source of funding 6.Provide numbers with words 7.Translate into Spanish 8.Use reasonable disclaimer
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8. Disclaimer This chart illustrates the cost of attendance for many students. Our admissions and financial aid offices consider the academic and financial circumstances of each student individually. Actual scholarships, grants, availability of loans and jobs may differ from these amounts.
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Practices in Clear Financial Aid Communication Christine McGuire, Boston University
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SIMPLE AND TRANSPARENT COMMUNICATION a continuous journey
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Why are we never done with the challenge of improving communication?
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Is your perspective from the vantage point of yourself or your intended audience? Examples: Use of the terms “Institutional Scholarship” or “Outside Scholarship”
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A few other simple changes can really turn things around Replaced “ need ” with “ eligibility ” All grants arescholarships
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Our language must be: –simple –free from academic jargon –focused on the intended audience –successful at lowering barriers
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the key is ELI5
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Practices in Clear Financial Aid Communication Mary Nucciarone, University of Notre Dame
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“Modifying the Language of Financial Aid” Strategies from the University of Notre Dame
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Language We Use Cost of Attendance Expected Family Contribution Financial Need Meeting Need – Unmet Need Scholarships, grants, merit, need-based Self-Help Net Price Affordability
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It’s No Wonder Families Are Confused
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Changes in Communications
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Changes to Website
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Financial Aid 101Series Definitions Explaining need-based aid Data by income level – expectations Net Price explanation and link to calculator Application instructions followed by live event Time to Apply reminder & Data Retrieval Tool instructions Using investment language rather than affordability language
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Communication Series Financial Aid 101
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Financial Aid Notification (FAN) Based upon Tony’s research we: –stopped using “award letter” language –stopped using “package” language –Use “room & meals” not “room & board” –started using consumer language –created packet with notification, consumer information and instructions, return on investment –FAN does not include cost of attendance and EFC but is included in packet
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Personal Planner versus Shopping Sheet
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Family Responsibility versus Expected Family Contribution
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“Principles and Practices of Clear Financial Aid Communication” QUESTIONS AND COMMENTS
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“Principles and Practices of Clear Financial Aid Communication” THANK YOU
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“Principles and Practices of Clear Financial Aid Communication” College Board Forum Washington, DC November 6, 2015
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