Oklahoma University Officials Receptive To Model Financial Aid Letter

Ann McClure's picture

Oklahoma university officials say they're receptive to a proposal designed to make the financial aid process more transparent and easier to understand.

U.S. Department of Education officials unveiled Tuesday the Obama administration's model financial aid letter, called the Shopping Sheet. The model letter gives prospective students a breakdown of every part of their financial aid packages, including grants, scholarships and federal loans.

In a statement, U.S. Secretary of Education Arne Duncan said the model would standardize university admissions letters, giving students an easy way to compare financial aid packages offered by different schools. Students would be better equipped to make educated predictions about how much they can expect to pay and how much debt they'll incur, he said.

“Countless students I meet across the country feel like the first time they really understood how much student loan debt they were in was when the first bill arrived,” he said. “We must unravel the mystery of higher education pricing by giving students and families the information they need to make smart educational choices.”

Read more