Rice University is one of more than 360 colleges in the U.S. committed to making financial aid offers more transparent.
The Sept. 26 announcement , highlighted by major media including the Washington Post , is a product of the College Cost Transparency Initiative , a task force including 10 higher education associations aimed at making financial aid letters more standard, clear and accurate. The group agreed schools must explain all aid offered using plain language in order to keep loans from being mistaken for grants.
The move also requires schools to clearly highlight the costs owed to the institution and the estimated final price a student would pay after grants and scholarships. If loans are included, schools must explain the terms, conditions and information about how much the debt could cost over time.
“The cost of college is prohibitive for many low-income and middle-class students and their families,” Howard R. Hughes Provost Amy Dittmar said. “Affordability and transparency in pricing are important aspects of expanding access to a Rice education.”
The decision was applauded by U.S. Secretary of Education Miguel Cardona, federal lawmakers, the American Association of State Colleges and Universities and the National Association of Student Financial Aid Administrators, which is part of the coalition.
Rice is one of 32 Association of American Universities (AAU) members who committed to college cost transparency.
The announcement builds on Rice’s ongoing commitment to making education accessible and affordable. In 2018, the university announced The Rice Investment , which grants students full tuition, fees and room and board; full tuition; or half tuition, depending on their family’s total income and assets. Rice also meets 100% of demonstrated financial need for families that do not fall within the listed income ranges of The Rice Investment program.
“Rice is in its second year of being loan-free,” Dittmar said. “In addition, we’re extremely proud of The Rice Investment, which is one of the nation’s most generous financial aid initiatives that increases access to an affordable, quality education for low- and middle-income students.”
The original announcement is online at https://www.nasfaa.org/hundreds_of_colleges_and_universities_commit_to_student_cost_transparency.