EdTech Nonprofit Delivers Transparency into College Affordability to Boost Graduation Rates, Decrease Student Loan Debt
SAN FRANCISCO, April 26, 2022 /PRNewswire-PRWeb/ -- It's college acceptance season and high school seniors across the country are facing big decisions on where to spend their time and their money over the next four or more years. But for one million college-bound students, that also means assessing financial aid options. Studies show 90% of the students that qualify for support don't receive adequate guidance and nearly two million students dropout of college every year due to financial hardship. That's why Moneythink, the student-first nonprofit that demystifies college costs, is providing students with greater transparency into college affordability, so they have a better understanding of how their financial aid offers play out post-graduation.
"Students today put so much effort into college admissions, but for many – especially those who have been historically marginalized or are first in their families to attend college -- that's only half the battle," said Joshua Lachs, CEO of Moneythink. "We help students, along with their advisors and families, cut through the clutter for a clearer and more complete picture of college affordability. Our solutions decode complicated financial aid packages and contrast them with enrollment choices to ensure long-term, post-graduation success."
Moneythink's college affordability tool, DecidED, allows students to upload jargon-filled financial aid award letters and delivers a personalized comparison of their college options that considers important factors like college graduation outcomes, average future earnings, and campus demographics. As a result, users are more likely to enroll in the school that best aligns with both their academic goals and financial circumstances.
The program has proven to be successful. To-date, Moneythink has helped nearly 40,000 students across 42 states, including supporting $2.4MM in financial aid. Moneythink users have borrowed 42 percent less than their peers nationally. In addition, 82 percent have submitted the Free Application for Federal Student Aid (FAFSA) compared to 55 percent of their peers. Even more importantly, nearly nine in 10 Moneythink students created a financial plan upon entering college.
"The great part of Moneythink is how students are interacting with the solutions - for example, with the DecidED tool, I can see that one of my students has been admitted to two colleges...I love how they are ranking them from most affordable," said Andrea Cova, College Counselor and High School Program Director at College Match LA. "By providing a universal way of reviewing financial aid packages, we, as advisors, have more tools to guide students and help them make the decision that is best for them."
In order to help students make the right decision, the experts at Moneythink are revealing their top 5 tips when evaluating college enrollment:
- 1. Knowing your financial aid package: Your financial aid award is the single most important document you will receive from your college after you are accepted. You will usually receive this award letter after your college has sent you an acceptance letter. Your financial aid award letter may come in the mail, via e-mail, or in your college's student portal. This will list how much money the college, the state, and the federal government are able to provide for you in grants, scholarships and/or loans.
- 2. Comparing your financial aid packages: It is critical that you assess awards appropriately to ensure you understand the amount you will be responsible for paying after all awarded scholarships and grants related to the cost of attendance at the college are applied.
- 3. Calculate costs upfront: Ask how much your college of choice will require in loans and as such, if it's the right place to enroll.
- 4. Graduation rates matter: Looking at graduation rates can assist you in getting a sense of the quality of the college. These metrics give you insight into not just how many students are enrolling at that college, but also how many are finishing their degrees in a timely manner. It's important to pay attention to how colleges support students on their campus, especially students like you.
- 5. Find the right fit: Make sure the school aligns to your needs to be successful- and pay close attention to student demographics, majors, graduation rates, the campus environment, and most importantly, affordability for you.
Moneythink's major philanthropic supporters include the Bill & Melinda Gates Foundation and the Michael & Susan Dell Foundation, The Charles Schwab Foundation, Discover Financial Services, Capital One Foundation and more. The Moneythink team has grown 100 percent year-over-year and the company plans to add key hires across product, programming and education partnerships, fundraising, and operations in the year ahead. For more information about how to get started with Moneythink's DecidED tool, visit https://decided.org.
About Moneythink
Moneythink demystifies college costs to empower more students to graduate with minimal financial burden. With a mission to leverage its education technology for good, Moneythink is a student-first nonprofit that combines the first automated college affordability tool with decades of direct mentoring expertise to help traditionally underserved and first-gen students make informed, personalized college enrollment decisions. By translating financial aid packages and delivering insights into cost comparisons, Moneythink's solutions provide students, families and advisors with easily accessible data and resources to ensure college and career success. To get started, visit https://moneythink.org/.
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SOURCE Moneythink
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