Siena has joined the College Cost Transparency Initiative (CCT), a nationwide coalition of colleges committed to following a set of standards to ensure transparency, clarity, and understanding of student financial aid offers.
The principles and standards recommended by CCT — a task force composed of the leaders of 10 higher education associations representing college presidents, financial aid offices, and admissions and school counselors — respond to the needs of students and their families.
“Choosing to attend college is one of the most significant financial decisions a student or family can make,” explained Kathleen Fenlon '12, MBA '22, Siena’s director of financial aid (below, right). “Knowing how much it will cost up front is crucial, and Siena has always been committed to providing clear and accurate financial information for our families.”
When CCT examined the financial aid materials submitted for review by Siena, they were accepted with no changes or edits needed.
“Students and families need upfront and accurate information about financial aid,” said Mary Lawyer, associate vice president for enrollment management. “It’s important to have standard terminology and clear requirements on what is to be included in financial aid offers so families can make informed decisions about paying for college.”
Moving forward, CCT will be managed by the National Association of Student Financial Aid Administrators (NASFAA).
The principles and standards provide that financial aid offers to undergraduate students:
- Are transparent, ensuring that costs are understandable for students and families, and include the most accurate estimate possible of a student’s costs.
- Describe and explain all types of aid offered using standardized, plain language.
- 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; and more.
- Follow U.S. Department of Education guidance with regard to referencing Parent PLUS Loans.
- Provide information about employment requirements and information on job placement, if student employment is offered.
- Explain the terms and conditions and information on how much student loan debt may cost over time, if federal student loans are included.