SUNY Canton and SUNY Potsdam are adopting a new, easier to understand and more informative form letter to advise students and their parents about financial aid at their institutions.
All State University of New York campuses will be using the new letter.
The award letter is aimed at clearly informing students and their families of the cost of attending the school and financial aid offerings at each campus, including campus-specific information such as graduation rate, median borrowing, and loan default rate.
SUNY is the first and largest public system of higher education nationally to implement such a tool for students and families.
“Students can expect to see the new letter as early as April,” said SUNY Canton’s Director of Financial Aid Kerrie L. Cooper. “It will really help students and their families compare colleges and help them in the decision process.”
In her 2013 State of the University Address, SUNY Chancellor Nancy Zimpher emphasized a system-wide goal of decreasing the loan default rate of SUNY students by at least five percent over the next five years.
The average indebtedness of a SUNY graduate is $22,575, well below the national average of $26,600. The vast majority of SUNY student loan borrowers repay their loans successfully.
Samples of the standard award letters that will be used for resident and commuting students are available online.