In about 10 minutes, anyone can find out exactly how much it would cost them to study at Brandeis University—including their tuition, room, board and any discounts from merit and financial aid. 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.” Nearly half (49 percent) said the same about colleges with a “straightforward” process.
