If you have a kid in college or you’re going to or you recently graduated with a mountain of debt, the monstrous cost of a college education is always on your mind.
Even President Obama talked about it in his recent State of the Union and subsequent speaking stops.
In 2012, the State University of New York started what it called a “Smart Track Campaign” to educate students and families about college costs, financial services, the risks of borrowing (default rates on loans) and more.
As part of this effort—aimed at transparency and reducing debt—SUNY Purchase and SUNY’s other 63 campuses have started sending out a new standardized “financial aid award letter” for 2013-14 that provides maximum information.
According to SUNY Purchase: “The new letter will allow students and their families to see clearly the cost of attendance and financial aid offerings, and includes information such as graduation rate, median borrowing, and loan default rate. It provides clarity and depth of information that will foster the best decisions in college financing—up and beyond what has been traditionally required.”
Dennis Craig, Purchase College’s vice president of enrollment management and marketing, said this: “At Purchase College we are committed to providing the highest quality education while keeping costs affordable. Providing information this way will help students and their families focus on selecting a college based on finding the ideal ‘fit,’ instead of needing to clarify financial matters.”
SUNY has more information HERE about the components of the Smart Track Campaign.