Syracuse University and the State University of New York (SUNY) system signed on to a financial-transparency initiative backed by the White House today.
The universities are among 10 higher-education institutions pledging to provide a rundown of financial information to their incoming students starting in the 2013-2014 school year. The institutions will provide a set of facts in a single place as part of their financial-aid packages.
Information to be disclosed includes the cost of one year of college and the financial-aid options to pay that cost. The financial-aid options will distinguish between grants and scholarships that do not have to be repaid and loans that do need to be repaid.
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The colleges and universities will also share the net cost of an education after grants and scholarships have been taken into account, as well as estimated monthly payments a student will likely have to make to repay loans after graduating.
In addition, the institutions will provide data about student results, such as the rate at which students enroll from year to year, graduate, and repay their loans without defaulting.
“We are proud to join with the White House, Department of Education, the Consumer Financial Protection Bureau, and nine of our colleague institutions in making this new commitment,” Syracuse University Chancellor Nancy Cantor said in a news release. Cantor was at the White House today to mark the university’s commitment.
“This collaborative effort will provide greater clarity about access and affordability, help level the playing field for students and families, and convey the message that attending college is possible for students from all backgrounds,” she said.
Other higher-education institutions making the commitment so far include Arizona State University, Miami Dade College, North Carolina Agricultural & Technical State University, the University of Massachusetts System, the University of North Carolina at Chapel Hill, the University System of Maryland, the University of Texas system, and Vassar College.
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