Dear Student,
This letter was accompanied by a packet and web links with details about scholarships, loans and costs. But many educational and consumer experts think students should not have to wade through lots of papers and websites to get the information they need to make wise decisions. They say colleges can and should provide one complete, jargon-free and easy-to-compare page with realistic cost estimates. To read about why you deserve better, how we evaluated these letters, and how you can evaluate your own letters, click here. Of course, we hope anyone making important life decisions will check with their own trusted financial and personal advisors, not just websites - not even this one!
From the University of Arizona's Director of Student Financial Aid, John Nametz:
Jargon and acronyms like "Wildcat Excellence T1": All terms are defined in the packet that accompanies this letter and on Arizona's website. The Wildcat Excellence is a scholarship. T stands for tuition reduction, and 1 stands for freshman year, for example, Nametz says.
PLUS loan as a part of the award: Nametz notes that the federal government defines PLUS (parent) loans as financial aid, so it is permissible to include the loan as part of the package. "We like to let people know their options," he explains. He estimates that 15 percent of parents are initially turned down for PLUS loan because of poor credit. But his staffers have plenty of experience in helping people improve their credit or get co-signers so that they can qualify. "If they are motivated, we can help them get one," Nametz says.
From Financialaidletter.com:
Clarity:
- "Good cost of attendance breakdown," says Mark Kantrowitz, founder of Finaid.org.
- "Good giving a web address for additional information," Kantrowitz says.
- But jargon like "Excellence T1" is confusing to a student. Grants should be clearly labeled, he adds.
Cost:
- The federal government calculated that this family could afford to contribute about $14,000 a year to this student?s educational costs. One year at this school will cost this family about $15,000. To put it another way, the student needed $3,000 in aid, but the school provided $2,000. It almost met the student's need.
- When estimating how much it will cost to get a degree from this school, consider that just 32 percent of University of Arizona students graduate in 4 years.
