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The Real Price of College: Estimating and Supporting Students' Financial Needs

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Title: The Real Price of College: Estimating and Supporting Students' Financial Needs
Language: English
Authors: Conroy, Eddy V., Magnelia, Sarah, Dahl, Sonja, Goldrick-Rab, Sara, Temple University, Hope Center for College, Community, and Justice
Source: Hope Center for College, Community, and Justice. 2021.
Availability: Hope Center for College, Community, and Justice. Jones Hall, 1316 West Ontario Street, 6th floor, Philadelphia, PA 19140. e-mail: hopectr@temple.edu; Web site: https://hopeforcollege.com/
Peer Reviewed: N
Page Count: 31
Publication Date: 2021
Sponsoring Agency: Lumina Foundation
Document Type: Reports - Research
Education Level: Higher Education
Postsecondary Education
Descriptors: College Students, Paying for College, Financial Needs, Student Needs, Student Costs, Information Dissemination, Student Financial Aid Officers, Knowledge Level, Intervention, Costs, Student Financial Aid
Geographic Terms: Texas
Abstract: The real price of college keeps rising, and it often surprises students and their families.1 People know tuition is expensive. They also usually account for books and supplies, even if they might cost more than expected. Still, they don't always expect or fully understand how the price of housing, food, and transportation factor in. It's not their fault--colleges and universities often grossly understate these costs too. Yet incomplete understanding has consequences. Not understanding the real price of college contributes to lower graduation rates and basic needs insecurity. The following report explores how colleges can better estimate and support students' non-tuition expenses. Over a year, we worked with financial aid and student affairs administrators and staff at six colleges and universities in Texas. We offered the administrators and staff training and resources related to college costs. We also tested whether a light-touch intervention at Temple University increased students' knowledge of college costs. We learned that informational barriers affect both students and college staff: (1) Students struggle to get information about the real price of college; (2) Financial aid staff tend to know about emergency aid and food pantry programs at their college, but tend to know less about other non-tuition supports; and (3) Staff who are not very knowledgeable about non-tuition supports are not comfortable referring students to these supports. We also learned that informational interventions can help students and staff overcome these barriers: (1) A short video and presentation can help students understand the cost of attendance (COA), non-tuition supports, and the financial aid appeals process; and (2) A presentation and resources on negative Expected Family Contribution (EFC) can shift administrators' understanding of key financial aid concepts and help them make better use of financial aid data. The recently announced Student Aid Index (SAI) helps colleges better understand students' needs by allowing them to see negative values, but it does not fix everything. To help students meet their financial needs, colleges should calculate and use students' negative EFC, train staff on non-tuition supports, and help students understand financial aid processes. Federal policymakers must also do their part by sharing full negative SAI values with colleges and re-evaluating current COA policies.
Abstractor: As Provided
Entry Date: 2023
Accession Number: ED628038
Database: ERIC
FullText Text:
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  Data: The Real Price of College: Estimating and Supporting Students' Financial Needs
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  Data: Hope Center for College, Community, and Justice. Jones Hall, 1316 West Ontario Street, 6th floor, Philadelphia, PA 19140. e-mail: hopectr@temple.edu; Web site: https://hopeforcollege.com/
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  Data: <searchLink fieldCode="DE" term="%22Texas%22">Texas</searchLink>
– Name: Abstract
  Label: Abstract
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  Data: The real price of college keeps rising, and it often surprises students and their families.1 People know tuition is expensive. They also usually account for books and supplies, even if they might cost more than expected. Still, they don't always expect or fully understand how the price of housing, food, and transportation factor in. It's not their fault--colleges and universities often grossly understate these costs too. Yet incomplete understanding has consequences. Not understanding the real price of college contributes to lower graduation rates and basic needs insecurity. The following report explores how colleges can better estimate and support students' non-tuition expenses. Over a year, we worked with financial aid and student affairs administrators and staff at six colleges and universities in Texas. We offered the administrators and staff training and resources related to college costs. We also tested whether a light-touch intervention at Temple University increased students' knowledge of college costs. We learned that informational barriers affect both students and college staff: (1) Students struggle to get information about the real price of college; (2) Financial aid staff tend to know about emergency aid and food pantry programs at their college, but tend to know less about other non-tuition supports; and (3) Staff who are not very knowledgeable about non-tuition supports are not comfortable referring students to these supports. We also learned that informational interventions can help students and staff overcome these barriers: (1) A short video and presentation can help students understand the cost of attendance (COA), non-tuition supports, and the financial aid appeals process; and (2) A presentation and resources on negative Expected Family Contribution (EFC) can shift administrators' understanding of key financial aid concepts and help them make better use of financial aid data. The recently announced Student Aid Index (SAI) helps colleges better understand students' needs by allowing them to see negative values, but it does not fix everything. To help students meet their financial needs, colleges should calculate and use students' negative EFC, train staff on non-tuition supports, and help students understand financial aid processes. Federal policymakers must also do their part by sharing full negative SAI values with colleges and re-evaluating current COA policies.
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  Data: 2023
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    Languages:
      – Text: English
    PhysicalDescription:
      Pagination:
        PageCount: 31
    Subjects:
      – SubjectFull: College Students
        Type: general
      – SubjectFull: Paying for College
        Type: general
      – SubjectFull: Financial Needs
        Type: general
      – SubjectFull: Student Needs
        Type: general
      – SubjectFull: Student Costs
        Type: general
      – SubjectFull: Information Dissemination
        Type: general
      – SubjectFull: Student Financial Aid Officers
        Type: general
      – SubjectFull: Knowledge Level
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      – SubjectFull: Intervention
        Type: general
      – SubjectFull: Costs
        Type: general
      – SubjectFull: Student Financial Aid
        Type: general
      – SubjectFull: Texas
        Type: general
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      – TitleFull: The Real Price of College: Estimating and Supporting Students' Financial Needs
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