Hopping on the Affordability Bandwagon — from insidehighered.com by Liam Knox
Five selective colleges launched strikingly similar student aid initiatives last week for low- and middle-income students. What’s behind the frenzy to boost financial aid?
The announcements have come pouring in at a time when public resentment of elite institutions has reached a fever pitch, doubts about the value of college are at a historic high and the impact of the Supreme Court’s affirmative action ruling on demographics is becoming clear. And after last year’s bungled FAFSA rollout, families are warier than ever of financial aid promises.
“We know what’s going on with confidence in higher education, and one element of that is increasing cost and increasing debt levels,” said James Milliken, chancellor of the UT system.
It’s part of a broader marketing and recruitment effort to raise awareness of the financial aid resources at colleges with staggeringly high sticker prices—she calls it a “clear cost” initiative. And as more colleges expand financial aid, it creates a domino effect among peer institutions looking to compete for highly qualified applicants from lower income brackets, she said.
Tania LaViolet, director of research and innovation at the Aspen Institute