tools to support higher education choice for faas

Lynn Mahaffie | Dec. 2013

U.S. Department of Education

2013 FSA Training Conference for Financial Aid Professionals

Tools to Support Higher Education Choice for FAAs

Session #30

College Choice: Consumer Information Tools

• College Affordability and Transparency Center• College Scorecard• College Navigator• Financial Aid Shopping Sheet• StudentAid.gov

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5 key data elements include: (1)net price, (2)graduation rates, (3)default (or repayment) rates; (4)mean and median debt; and (5)employment outcomes.

ED produced

Institution producedInstitution produced

Private Sector or Gov’t

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College Affordability and Transparency Center

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College Affordability and Transparency Center – Cosmetology Programs

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College Affordability and Transparency Center

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College Scorecard Search Screen

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College Scorecard

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College Scorecard

• Institutions are compared to “similar institutions” on each of the measures, defined as the predominant undergraduate award granted• Primarily bachelor’s degree-granting• Primarily associate’s degree-granting• Primarily certificate granting

• To be updated annually• Future developments:

• Employment data will be featured on the next iteration• ED is currently developing a College Ratings system that will be

featured on future College Scorecards. Ratings will be based on Access, Affordability, and Outcomes

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College Scorecard Data

Metric Where does the Data Come From Source

Costs • Average net price for undergraduates at the institution for academic year 2010-11.

• Comparison - Average net prices among institutions that primarily grant the same level of award.

• Changes in net price – Looks at 2007 – 2009

IPEDS

Graduation Rate

• First-time, full-time degree or certificate-seeking undergraduate students who began at the institution.

• Comparison – institutions who grant primarily same type of degree.

• Primarily bachelor’s degree-granting - students beginning in Fall 2005 and seeking a bachelor’s degree (6 years).

• Primarily associate’s degree-granting institutions and primarily certificate-granting institutions, the graduation rate displayed is for students beginning in Fall 2008 (3 years). If the institution reports transfer out rates for first-time, full-time students, that rate is displayed as well.

IPEDS

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College Scorecard DataMetric Where does the Data Come From Source

Loan Default Rate

• Institution’s three-year Federal student loan cohort default rate. • Percentage of an institution’s borrowers who entered repayment

on certain Federal student loans in federal fiscal year 2009 (between October 1, 2008 and September 30, 2009) and who defaulted before September 30, 2011. The national cohort default rate is also displayed.

NSLDS

Median Borrowing

• Data represent all undergraduate borrowers who graduated or withdrew from the institution between July 1, 2010, and June 30, 2011.

• All Federal loans for undergraduate study, including Parent PLUS loans, are included for this cohort of borrowers.

• Estimated monthly repayment amount has been calculated using the Department’s standard graduated repayment calculator based on an interest rate of 6.8%

NSLDS

Employment • Data has not yet been released

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• ED’s college search tool• Over 2.5 million site visits over the last year• Wealth of information on the over 7,400 postsecondary

institutions participating in the Federal financial aid programs• Populated by the Integrated Postsecondary Education Data

System (IPEDS) and data from the Office of Postsecondary Education (OPE) and the Office of Federal Student Aid (FSA)

College Navigator

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• General information• Admissions requirements• Tuition & fees and average net price• Programs and majors/fields of study offered• Retention and graduation rates• Campus safety and security• Accreditation• Cohort default rates

College Navigator

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• Stage of choice process: choosing where to enroll• Standardized, clear, and concise format for providing

prospective students their personalized financial aid offer • Designed to help prospective students and their families better

understand the costs of college before making the final decision on where to enroll

• Identifies the type and amount of aid qualified for and allows for easy comparison of aid packages offered by different institutions

• Over 1,900 institutions have adopted the Shopping Sheet• Those institutions represent over 43%, or 8.1 million

undergraduate students

Financial Aid Shopping Sheet

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2014-2015 Edition•Feedback from students, guidance counselors and financial aid administrators supported modest modifications.

Language Changes•“Grants from your school” will be changed to read “Grants and scholarships from your school.” •“Parent PLUS Loan” will be changed to “Parent or Graduate PLUS Loan.”•Median Borrowing metric, “Students at UUS typically borrow $X,XXX in Federal loans for their undergraduate study” will be changed to, “Students who borrow at UUS typically take out $X,XXX in Federal loans for their undergraduate study.”


Glossary•ED has added a glossary as a second page to the Shopping Sheet. This addition will help explain financial aid terms used on the Shopping Sheet to students, financial aid administrators, and guidance counselors.

Expanded Customizable Box •On the second page, following the glossary, an additional space has been created to allow institutions to provide more individualized information. This is in addition to the customizable box already featured on the first page of the Shopping Sheet.


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Current “graduation rate survey” as reported to the National Center for Education Statistics under IPEDS

Current “cohort default rate” as calculated by the Department

Institution must use this form for service members and veterans if they sign on to the principles of excellence but our preference would before them to use this type of form for all students.

NEW “median debt” calculated by the Department

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Shopping Sheet Glossary

• Annotated Shopping Sheet: This describes and clarifies the elements on the Shopping Sheet

• Institutions that have adopted the Shopping Sheet • Financial Aid Shopping Sheet FAQs • HTML specifications for the Shopping Sheet • Institutional Metric Data File for the Financial Aid Shopping

Sheet

Financial Aid Shopping Sheet: Website

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StudentAid.gov

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What is StudentAid.gov?

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Federal Student Aid’s new streamlined website with comprehensive information on the student aid lifecycleReleased July 15, 2012Associated sites:

•www.Facebook.com/FederalStudentAid•www.Twitter.com/FAFSA•www.YouTube.com/FederalStudentAid

YouTube: “Prepare for College” Playlist

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StudentAid.gov: Things to Consider

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StudentAid.gov/resources#consumer-protection

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StudentAid.gov/resources#consumer-protection

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StudentAid.gov: FAFSA4caster Info

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YouTube: Responsible Borrowing Video

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Financial Awareness Counseling: StudentLoans.gov

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StudentAid.gov: Repayment Plans

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Comparing Colleges Brochure

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Comparing Colleges Brochure

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Websites: College Affordability and Transparency Center: Collegecost.ed.gov College Scorecard: collegecost.ed.gov/scorecard College Navigator – nces.ed.gov/collegenavigator Financial Aid Shopping Sheet: www.ed.gov/financial-aid-shopping-sheet CFPB’s Paying for College Tool http://www.consumerfinance.gov/paying-for-college/ StudentAid.gov Comparing Colleges Brochure: StudentAid.gov/comparingcolleges

Resources

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E-mail us:


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College Scorecard

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Contact

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QUESTIONS?

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tools to support higher education choice for faas

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