Unfortunately federal mandate does not require post-secondary institutions to provide this level of detail. Some net price calculators give you a breakdown of each deduction factored into your net price. But some colleges also deduct other types of aid for which you may qualify, including: That’s because many schools deduct only your family’s estimated federal need-based aid from their calculations. While net price calculators are very useful tools, it’s important to know that the estimates provided by one school’s calculator may differ significantly from another’s. National Center for Education Statistics – Resources & FAQs.Department of Education College Affordability & Transparency Center Check out these resources for more information about net price: To get an estimate of your net price, simply enter the required information into the tool to find out what students like you paid to attend the school in the previous year. So, rather than concentrating on a school’s sticker price, focus on determining your net price instead.īy federal mandate, every college or university participating in federal student aid programs has an online net price calculator. For most students, the net price is considerably lower than the published costs. It’s based on your individual and family circumstances as well as the institution’s financial aid policies. Therefore, your net price for a particular school is specific to you. Net price is a college’s published cost for a single academic year for a first-time, full-time undergraduate student minus aid for which the student may be eligible. And, although news headlines call our attention to steady and significant increases in college costs, what matters most as you assess college affordability is the net price you’ll have to pay to attend a particular school. Focus on net price – not sticker price.Īs a result of financial aid and / or other forms of assistance (such as merit or other scholarships), most undergraduate students pay less than their college’s “sticker price”, commonly known as cost of attendance.So, when you and your family assess college costs, be sure to: And you should know that, in many respects, the college pricing model is similar to buying a car. But it won’t be long until you’re searching for colleges. Now it may be a while before you shop for a car on your own. On the other hand, when the sticker price isn’t the real deal, it makes it hard to compare the true cost of one vehicle to another. The last time your parents bought a new car, did they spend days (or maybe months) comparing vehicle costs online - only to find that they were able to purchase a car for less than sticker price? If so, that’s good news, right? After all, your family saved some money. Sticker Shock: How to Estimate College Costs
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