GV Announces Pilot of Innovative Financing Plan
The heart of the Financial Empowerment Plan is a personalized degree-financing plan that is prepared specifically for an individual student and family. As a result of those planning sessions, students and families will understand the various forms of financial aid … and come away with a recommended level of loans over all four years that is specific to that student’s intended career. Each personal plan will also calculate a monthly payment for all four years the student is in school, as well as a projected monthly loan payment for ten years after graduation.
Students in the Financial Empowerment Plan are asked to make certain commitments that are designed to assist with four-year graduation. As the student progresses at Grand View, there will be opportunities for personal financial assistance and counseling to help the student stay on track with his or her financial plan – and stay on track to graduate in four years. There’s not much doubt that students will graduate with a pretty good foundation for budgeting and financial planning.
Another attractive aspect of the plan is that increases of rates for annual tuition and campus-based room and board are held to 2% or less for participants. College costs do rise, just like costs of most other products and services, and have historically been within the range of 4 – 6% per year. Grand View is already among the most affordable private universities in the Midwest; in fact, many students find that the cost of Grand View is comparable to a state university. After grants and scholarships, seventy-five percent of 2013 full-time, residential GV freshmen paid tuition, fees, and room & board that were comparable to or less than the published in-state prices at Iowa’s public universities. The tuition guarantee in the FEP is an integral part of a plan that seeks to make a student’s GV education even more affordable.
The pilot is limited to incoming freshmen in 2014, but if it is successful, it may be extended and modified for others in the future. Incoming freshmen can learn more HERE. Parents of incoming freshmen, HERE.