“ Principles and Practices of Clear Financial Aid Communication ”

1. “Principles and Practices of Clear Financial Aid Communication” College Board Forum Washington, DC November 6, 2015

2. Principles of Clear Financial Aid Communication C. Anthony Broh, Broh Consulting Services Christine McGuire, Boston University Mary Nucciarone, University of Notre Dame

3. Principles of Transparency • Use familiar vocabulary • Use concepts consistently • Identify individual with financial obligations • Explain loan obligation and risk • Identify the source of funding • Provide numbers with words • Translate into Spanish • Use reasonable disclaimer

4. Principles of Transparency • Use familiar vocabulary • Use concepts consistently • Identify individual with financial obligations • Explain loan obligation and risk • Identify the source of funding • Provide numbers with words • Translate into Spanish • Use reasonable disclaimer

5. Financial Aid Speak • Expected Family Contribution • Student Budget • Award • Package • Gap • Merit-based Aid • Need-based Aid • Need • Need-blind Admissions

6. Familiar Vocabulary • Cost of Attendance • Family’s Price • Scholarship • Grant • Savings • Wages • Loans • Student Portion • Parent Portion

7. Principles of Transparency • Use familiar vocabulary • Use concepts consistently • Identify individual with financial obligations • Explain loan obligation and risk • Identify the source of funding • Provide numbers with words • Translate into Spanish • Use reasonable disclaimer

8. 1. Consistent Concepts “Cost” and “Price”

9. Institutional Cost TrendsAverage Expenditure per FTE Student Source: Delta Cost Project, Trends in College Spending, 2001-2011 (Private Research Universities)

10. Price TrendsPrivate, Four-year TFRB

11. 2. Consistent Concepts “Grant” and “Scholarship”

12. Principles of Transparency • Use familiar vocabulary • Use concepts consistently • Identify individual with financial obligations • Explain loan obligation and risk • Identify the source of funding • Provide numbers with words • Translate into Spanish • Use reasonable disclaimer

13. Building Blocks

14. Building Blocks

15. Building Blocks Equivalent Concepts

17. Principles of Transparency • Use familiar vocabulary • Use concepts consistently • Identify individual with financial obligations • Explain loan obligation and risk • Identify the source of funding • Provide numbers with words • Translate into Spanish • Use reasonable disclaimer

18. 7. Spanish Translation Price of College = Precio de la Universidad Price of Attendance = Precio Scholarships = Beca Grants = Subvención

19. 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

20. 7. Spanish Translation Loans = Préstamo Wages = Salario Savings = Ahorros

21. Principles of Transparency • Use familiar vocabulary • Use concepts consistently • Identify individual with financial obligations • Explain loan obligation and risk • Identify the source of funding • Provide numbers with words • Translate into Spanish • Use reasonable disclaimer

22. 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.

23. Practices in Clear Financial Aid Communication Christine McGuire, Boston University

24. Christine McGuire, Boston University a continuous journey Simple and Transparent Communication

29. Why are we never done with the challenge of improving communication?

34. Is your perspective from the vantage point of yourself or your intended audience? Examples: Use of the terms “Institutional Scholarship” or “Outside Scholarship”

35. A few other simple changes can really turn things around • Replaced “need” with “eligibility” • All grants are scholarships

36. Our language must be: • simple • free from academic jargon • focused on the intended audience • successful at lowering barriers

37. the key is ELI5

38. Practices in Clear Financial Aid Communication Mary Nucciarone, University of Notre Dame

39. “Modifying the Language of Financial Aid” Strategies from the University of Notre Dame

40. 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

41. It’s No Wonder Families Are Confused

42. Changes in Communications

43. Changes to Website

44. Changes to Website

45. Changes to Website

46. 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

47. Communication Series Financial Aid 101

48. 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

49. Personal Planner versus Shopping Sheet

50. Family Responsibility versus Expected Family Contribution