New federal research says colleges mislead students with confusing financial aid letters. The consequences can run from extra debt to quitting school.
As a perspective college student, McKenna Hensley had to wade through confusing and hard-to-compare financial aid letters, trying to understand which college she could afford.As a perspective college student, McKenna Hensley had to wade through confusing and hard-to-compare financial aid letters, trying to understand which college she could afford.colleges are failing to give accepted students clear and standard information about financial aid packages.
Here's how it happens: When students get accepted to college, the school sends a document explaining how much financial aid the student is eligible to receive. Usually that's some combination of grants, scholarships, work-study and federal student loans. The new GAO report looked at more than 500 financial aid offers from a nationally representative selection of colleges across the country, and found that colleges repeatedly failed to follow specific best practices.
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