The Fashion Institute of Technology (FIT), a college of the State University of New York (SUNY) system, will introduce a new, standardized financial aid letter this fall. Each of SUNY 64 campuses will use the letter for The Fashion Institute of Technology (FIT), a college of the State University of New York (SUNY) system, will introduce a new, standardized financial aid letter this fall.
Each of SUNY 64 campuses will use the letter for the 2013-2014 academic year as part of the SUNY Smart Track™ campaign, a commitment to transparency in college financing.
The new letter will allow students and their families to clearly see the cost of attendance and financial aid offerings at each campus, including campus-specific information such as graduation rate, median borrowing, and loan default rate.
“We are committed to doing everything we can to keep an FIT education affordable,” FIT President Joyce F. Brown said. “We applaud SUNY Chancellor Nancy L. Zimpher for instituting the financial aid letter, which will make the issue of college costs and outcomes far more transparent.”
“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,” said Chancellor Zimpher. “The standard award letter will allow prospective students and their families to easily compare colleges within SUNY and view a full outline of the financial commitment associated with their education.”
Development of the standard financial aid award letter was first announced when SUNY launched its Smart Track™ campaign in September. With the launch, SUNY adopted the concept of transparency of financial aid and college costs, and the system began offering students the most proactive, comprehensive financial aid information and services in the country.
More recently, in the 2013 State of the University Address, Chancellor Zimpher announced that SUNY Smart Track™ would contribute to a wider 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.
The SUNY Smart Track™ Award Letter was developed by a committee of campus financial aid directors and others who were tasked with adopting the intent of the federal Financial Aid Shopping Sheet while creating a unique version for SUNY. Additionally, the campaign calls for an expansion of SUNY’s Student Loan Service Center, early engagement of students at risk of default, and providing new and improved online resources such as a net price calculator, chats with financial aid experts, and financial literacy materials.