Purchase Announces New Financial Aid Award Letter

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The new financial aid award letter will go into effect in the 2013-14 academic year.
The new financial aid award letter will go into effect in the 2013-14 academic year. Photo Credit: Purchase College, SUNY

PURCHASE, N.Y. – Purchase College, SUNY will have a new standardized financial aid award letter for the 2013-14 academic year as part of the State University of New York's Smart Track campaign, according to a news release from school spokeswoman Anita Bell.

“The new letter will allow students and their families to see clearly the cost of attendance and financial aid offerings, and includes information such as graduation rate, median borrowing, and loan default rate,” said the release. “It provides clarity and depth of information that will foster the best decisions in college financing — up and beyond what has been traditionally required.”

Dennis Craig, the college’s vice president of enrollment management and marketing, said the move allows students and families to focus on selecting the college with an “ideal ‘fit’ instead of needing to clarify financial matters.”

“This new financial award letter will empower prospective students and their families with the information they need to keep debt to a minimum, while they attend a college with a strong academic reputation,” Craig added in the release.

The new financial aid award letter came about from the Smart Track campaign, which debuted in Sept. 2012 on all 64 SUNY campuses and helps provide transparency in college financing, the release said.

“While college students across the country are taking on more loan debt than ever before, SUNY Smart Track gives our prospective students the most comprehensive and transparent financial aid information available so that they can make informed decisions about how to pay for their college education,” SUNY Chancellor Nancy L. Zimpher said in the release.

The Smart Track campaign also “calls for an expansion of SUNY’s Student Loan Service Center, early engagement of students at risk of default, and new and improved online resources such as a net price calculator, chats with financial aid experts, and financial literacy materials,” the release said.

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