TAILIEUCHUNG - Financial Aid in Theory and Practice - Why It Is Ineffective and What Can Be Done About It

The actual decisions of how to select and then organize the content to address these questions were far less clear. Through the course of the design and testing, we were cognizant of the importance of developing a neutral notice—a notice that objectively presents the information GLBA requires and does not itself seek to direct the consumer’s behavior. As a result, we avoided using “marketing” techniques. We chose to present information objectively and factually. We stayed away from inflammatory and provocative words and phrases to attract attention. We also neutralized many of the design elements so that participants focused on content | Financial Aid in Theory and Practice Why It Is Ineffective and What Can Be Done About It Andrew Gillen Center for College Affordability and Productivity A Report from the Center for College Affordability and Productivity April 2009 Financial Aid in Theory and Practice About the Author Andrew Gillen is the Research Director of the Center for College Affordability and Productivity. He received his BBA from Ohio University and his . from Florida State University. About the Center for College Affordability and Productivity The Center for College Affordability and Productivity is a nonprofit research center based in Washington DC that is dedicated to research on the issues of rising costs and stagnant efficiency in higher education. 1150 17th ST. NW 910 202-375-7831 Phone Washington DC 20036 202-375-7821 Fax www. www. . com 2 Andrew Gillen Table of Contents Executive How Financial Aid Is Supposed to Theory Meets Reality. 10 Flaws in the Theory. 11 Unintended Consequences Ravenous Cookie Monsters Engaged in an Arms Race . 12 Evidence that the New Theory of Financial Aid Is Correct. 18 The Impact of Current Financial Aid Programs on College Affordability .24 The Impact of Current Financial Aid Programs on College The Impact of Current Financial Aid Programs on Equality of Recommendations for Reforming Financial Figures Figure 1 Higher Education with No Financial Figure 2 Higher Education with State Figure 3 Higher Education with State Appropriations and Figure 4 Higher Education with State Appropriations Loans and Means-tested Figure 5 Financial Aid Enrollment Spending and Tuition 1986-2007 . 10 Figure 6 The Prestige Curve and Demand. 14 Figure 7 The Prestige Curve and Costs. 15 Figure 8 Price Discrimination. 16 Figure 9 The Real Prestige Curve . 19 Figure 10 Reputation and Applications per

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