NEW YORK, Jan. 9, 2024 -- Meadow today announced a partnership to provide colleges and universities across the country with access to a net price calculator that reflects all the applicable standards of the College Cost Transparency Initiative, a national movement developed by leaders in higher education representing college presidents, financial aid offices, and admissions and school counselors.
Cost is one the biggest factors for students and families when deciding where to go to college. But far too often, and for far too long, students have limited information about what the cost is - both at the moment of application as well as after admission. The majority of net price calculators obscure the cost (often showing a much higher amount) and some aid offers can be too difficult to read, understand, and compare against other offers.
Enter the College Cost Transparency Initiative.
Inspired by the need for all schools to provide information to support better decision making for all students, the CCT started with a small task force of 10 higher education associations in 2022 and has since then grown to become a movement, with hundreds of institutions committing to communicate with students and families about college costs in a way that is clear, accurate and helpful. The initiative is managed by the National Association of Student Financial Aid Administrators (NASFAA).
It could not be more timely as students across the country are applying to colleges and making decisions that will impact their financial futures right now.
While offer letters provide prospective students with information about what they will pay after they've been accepted, net price calculators support prospective students in comparing costs during the application phase. Introducing this information during the application process with Meadow's clear and easy-to-use NPC takes CCT's mission a step further and empowers universities to provide students with the information they need to plan for the costs they will incur earlier in the process - impacting a student's financial experience from application to to enrollment and beyond.
"In a few months, millions of students will begin finalizing decisions about enrolling in college for next fall. And for many, the amount of financial aid they receive from a college or university can be the deciding factor in where -- or even whether -- they choose to enroll. That's why it's imperative that students and families have clear and accurate information about how much college will cost them," said Justin Draeger, president and CEO of NASFAA and a member of the CCT task force "We welcome Meadow as a partner in our shared work in ensuring institutions have access to a Net Price Calculator that aligns with the CCT's principles and standards."
Alfredo Brillembourg, Meadow CEO and cofounder commented, "We are thrilled to be the first net price calculator to partner with the CCT and to already serve many of the schools who have committed to this initiative. We built our NPC to be student friendly and accurate, helping universities to provide students with the financial transparency they deserve." Meadow's net price calculator is mobile first, available in English and Spanish and calculates both EFC and SAI. Meadow has delivered 150K estimates in 50+ schools, a significant number of which are part of the CCT.
Meadow's student-friendly tools use advanced personalization and modern consumer design to improve the financial experience for everyone--from institutions to the students they serve. MeadowPrice is the only net price calculator that is designed to be both accurate and student-friendly. Meadow Pay is the only solution that integrates student-friendly design with advanced personalization for a superior student billing experience. The company was founded in 2021 by recent graduates from Columbia University as well as second-time founders who have worked at AmEx, Klarna, Outschool and Amazon.
About College Cost Transparency Initiative
In 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 tackle the issue of college cost transparency by improving the clarity, accuracy, and understanding of student financial aid offers by producing a set of guiding principles and minimal standards to be used when developing aid offers. The task force developed the principles and standards with broad consultation and recommendations from the higher education community.
The organizations represented on the College Cost Transparency Initiative task force are as follows: the American Council on Education (ACE), the American Association of Community Colleges (AACC), the American Association of State Colleges and Universities (AASCU), the Association of American Universities (AAU), the Association of Public and Land-Grant Universities (APLU), the National Association for College Admission Counseling (NACAC), the National Association of Independent Colleges and Universities (NAICU), the National Association of Student Financial Aid Administrators (NASFAA), the National Association of System Heads (NASH), and the State Higher Education Executive Officers Association (SHEEO).
Amy Jenkins, Meadow, 1 415-377-8292, email@example.com, www.meadowfi.com
Allie Bidwell Arcese, NASFAA, 1 202-785-6954, firstname.lastname@example.org, www.nasfaa.org