Leading the Way - New York State Association for College Admission Counseling

Section IV. Financial Aid

This section was revised through a collaborative effort among representatives from the American Association of Collegiate Registrars and Admissions Officers (AACRAO), National Association for Student Financial Aid Administrators (NASFAA), the College Scholarship Service (CSS) and NACAC. Member institutions of NACAC are encouraged to support the principle of distributing financial aid funds on the basis of proven financial need. Financial need is defined as the difference between a student's total annual educational expenses and the amount the student and his or her family is expected to pay. In other words, the equation for determining financial need is "cost of attendance" minus the "expected family contribution" equals "financial need." Members agree that financial aid should be offered to candidates in the forms of grants, scholarships, loans, or employment, either alone or in combination. Members agree that financial aid should be viewed as supplementary to the efforts of students' families when students are not self-supporting.

1. will, to the extent possible, through their publications and communications, provide students, families, and schools with the most current, clear, factual and comprehensive information about their institutions' total costs of attendance (both direct and indirect), when referencing institutions' financial aid opportunities, and practices including practices for international students.
2. will utilize a consistent and equitable needs analysis methodology in determining the expected financial contribution of candidates' families and in making the expected estimates or awards of the amount of financial aid which may be available to them after documentation.
3. will notify accepted aid applicants of institutional financial aid decisions before the date by which a reply must be made to the offer of admission, assuming all requested application forms are in on time.
4. will state clearly policies on renewal of financial aid which will typically include a review of their current financial circumstances.
5. will permit first-year candidates for fall admission to choose, without penalty, among offers of financial aid until May 1. Colleges that solicit commitments to offers of need-based and/or merit-based financial aid prior to May 1 may do so provided those offers include a clear statement that written requests for extensions until May 1 will be granted, and that such requests will not jeopardize a student's status for housing and/or financial aid. Candidates admitted under an early decision program are a recognized exception to this provision.
6. will not publicly announce the amount of need-based aid awarded to individuals; however, amounts of no-need scholarship awards to individuals may be a matter of public record.
7. will not knowingly offer financial aid packages to students who have committed to attend other institutions unless the students initiate such inquiries.
8. will not award grants, including scholarships, or final financial aid packages to students who have not submitted admission applications. Institutions may provide estimated aid packages and information regarding scholarship programs prior to the time an application is filed. Athletic scholarships, which adhere to nationally established signing periods, are a recognized exception to this provision and are viewed in the same light as an early decision agreement.
9. should refrain from using financial need as a consideration in selecting students. This provision shall not apply to international students who are ineligible for United States federal student assistance.
10. should, to the extent possible, within the institutions' capabilities, meet the full need of accepted students.

1. will refrain, in public announcements, from giving the amounts of financial aid received by individual students; however, amounts of no-need scholarship awards may be a matter of public record.
2. will not make guarantees of any financial aid or scholarship awards.
3. should not encourage students to apply to particular colleges and universities to enhance their high schools' statistical records regarding the number or amount of scholarship awards received.
4. should advise students who have been awarded financial aid by non-collegiate sources that they have the responsibility to notify the college of the type and amount of such outside aid.

1. will refrain, in public announcements, from giving the amounts of financial aid received by individual students; however, amounts of no-need scholarship awards may be a matter of public record.
2. will not make guarantees of any financial aid or scholarship awards.
3. should advise students who have been awarded financial aid by non-collegiate sources that they have the responsibility to notify the college of the type and amount of such outside aid.

D. All other members providing college admission and financial counseling services to students agree to adhere to the principles in this Statement.