Office of Student Financial Assistance

Offering undergraduate and graduate students a variety of ways to finance their education

Office of Student Financial Assistance / How to Apply for Assistance / College Cost Transparency

College Cost Transparency

St. Mary’s College of Maryland joins a growing list of higher education institutions in partnering with the College Cost Transparency (CCT) Initiative. In the fall of 2022, the leaders of 10 higher education associations representing college presidents, financial aid offices, and admissions and school counselors announced the formation of a task force — the College Cost Transparency Initiative (CCT) — to improve the clarity, accuracy, and understanding of student financial aid offers by producing the following set of guiding principles and minimal standards to be used when communicating aid offers.

Principles and Standards

Colleges and universities must ensure that all financial aid offers are clear about the costs and the financial aid available. Standards ensure students and families can compare financial aid offers and costs from multiple institutions. The principles and standards provide that financial aid offers to undergraduate students:

  • Are transparent, ensuring that costs are understandable for students and families, and include the most accurate estimate possible of a student’s costs.
  • Describe and explain all types of aid offered using standardized, plain language.
  • Prominently display critical components, such as an estimate of the student’s total cost of attendance, broken down by costs to be paid to the institution and costs paid to others; types and sources of financial aid being offered, separated into grants and scholarships, student loans, and student employment or work; an estimated net price; and more.
  • Follow U.S. Department of Education guidance with regard to referencing Parent PLUS Loans.
  • UProvide information about employment requirements and information on job placement, if student employment is offered.
  • Explain the terms and conditions and information on how much student loan debt may cost over time, if federal student loans are included.

 
SMCM is committed to providing students transparent and easy to understand information about the costs associated with their college experience.

To read more on the College Cost Transparency Initiative (CCT), visit collegeprice.org