"The institution recently launched Faye (a play on "FA," for financial aid), an AI-powered tool that will tell prospective students the real price to attend after they enter their financial information, academic transcripts and test scores. The tool goes a step beyond other net price estimators by giving students an all-but-guaranteed price of attendance (once accepted, their financial and academic information will be verified) and could, Brandeis leaders hope, change the game around cost confusion in higher ed."
"With exorbitant sticker prices and double-digit tuition discounts, colleges have come under increased criticism about the lack of transparency about what students pay to attend their institutions. Lawmakers and prospective students are pressuring them to provide more clarity. A recent survey of students, parents and the general public by the Strada Education Foundation found that confusion around the cost of attending a college sows skepticism about institutions-76 percent of respondents said that colleges with a "very confusing" financial aid process "care more about making money than educating students.""
"While colleges have tried to address the issue of transparency with tuition guarantees, free-tuition income thresholds, instant price estimators or a commitment to the College Cost Transparency Initiative, none of these have gone as far as giving students the price they will pay on day one. In a recent conversation with Inside Higher Ed over Zoom, Arthur Levine, the president of Brandeis University and the former president of Bradford College and of Teachers College at Columbia University, said higher ed should be no different from other"
Brandeis introduced Faye, an AI-powered tool that calculates the real cost to attend by using a prospective student’s financial information, academic transcripts, and test scores. The tool aims to provide an all-but-guaranteed price of attendance after acceptance, when financial and academic details are verified. The initiative targets widespread confusion caused by high sticker prices and large tuition discounts that make the final cost unclear. Critics and lawmakers have pushed colleges to improve transparency in how much students actually pay. A Strada Education Foundation survey found many respondents believe confusing financial aid processes reflect a focus on profit over education. Existing transparency efforts have not provided the day-one price students will pay.
Read at Inside Higher Ed | Higher Education News, Events and Jobs
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