Clearly Communicate Price and Financial Aid
Financial aid is a confusing terrain for students and parents alike. Complex jargon, hidden fees, and misconceptions about loan repayment are barriers to enrollment, and many students are deterred based on sticker price alone. Delivering financial aid touchpoints that immediately break down net price, use clear language, and provide guidance to students at points of uncertainty will increase the likelihood that financial aid is a bridge to further engagement with students in the enrollment process.
Design online cost and financial aid content for maximum transparency
Transparency in online financial aid information goes beyond the traditional net price calculator. As most students begin their college search on the university website, make sure the information they see won’t scare them away. Include strong graphic presentations of financial aid numbers, a breakdown of sticker versus net price, and a more user-friendly calculator that requires less burdensome user input.
-
Research Highlights
Columbia College launched a tuition transparency initiative that eliminated fees and book costs, packaging the price of attendance into one number for their online and offsite courses where extra costs varied less.
Formatting the landing page of a financial aid inquiry to read in a clear, sequential path helps to clear up misconceptions in how universities arrive at a final net price. The MyinTuition net price calculator scales down the requirements to six key questions to arrive at a financial estimate, averaging three minutes for completion.
Clarify and rewrite the aid letter
Recipients of financial aid letters may not understand the difference between grant and loan money, leaving many families confused as to what is a gift and what needs to be repaid. These letters are important communication touchpoints that can make or break a future enrollment.
To ensure the clarity of your aid letter, break down costs in terms a student can understand, and highlight any outstanding costs as well as options to cover them.
Perform a jargon reduction audit on aid letters and online content
Financial aid language is complex, and families may feel frustrated and even misled if they don’t understand the content. Run aid letters and other financial aid information through a jargon reduction auditing tool such as the Gunning Fog Index, which can measure the reading level of a text, and help simplify terms for a broader audience.
Cross-train staff across units to discuss financial aid basics
Prospective students interact with a variety of support staff throughout their enrollment journey, and financial aid questions can arise at any time. Ensure that there are no misconceptions or knowledge gaps across staff members by training anyone who may meet prospective students in key finance topics and where to find financial aid resources.
"“One of the biggest challenges for all of us is to catch people when they’re listening, because it’s a very noisy environment. But the admissions counselors, and financial aid staff, and retention officers, and people around the campus, are connecting with students at a time in which they’re interested in listening.”
"Wendy Beckemeyer, VP of Enrollment Management
Robert Morris University
Reschedule the timing of financial aid estimates
In the age of early FAFSA, waiting until applications have arrived to communicate scholarship awards could be too late for those who have already written off the list price as too high. Consider marketing merit scholarships early in the recruitment process to specific populations of students.
This resource requires EAB partnership access to view.
Access the roadmap
Learn how you can get access to this resource as well as hands-on support from our experts through Strategic Advisory Services.
Learn More