Did you know that by October 29, 2011 all colleges are required to have a net price calculator posted somewhere on their college’s website?  They are; and many colleges have already have them on their website.  But you may be wondering, “Exactly what is a net price calculator?”

Here is an article found in our Varsity Newsletter, an e-newsletter specifically geared for high school juniors and seniors, explaining the basics of net price calculators.  Essentially, a college has a “sticker-price” or the price that they list in their admission’s materials that includes their tuition, fees, room and board.  However, many students end up paying a lower cost than the sticker-price listed.  The net price calculator is designed to gather information from families, such as their adjusted gross, taxes paid, number of students in college, etc. and let a student know what they may receive in their financial aid package if accepted.  The more accurate the information you provide the calculator, the more accurate the information you will receive back from it.

Not all calculators ask the same questions; some are more in-depth than others and may or may not provide information about eligibility for scholarships.  To read more about the different nuances between the calculators and some pros and cons to using them, read this article. 

It is important to note that net price calculators are not your student’s financial aid application, nor do the results guarantee you will receive the financial aid package described.  Every student must still complete a FAFSA form, and possibly a CSS Profile or other paperwork required by the college.  This tool is simply meant to provide a family information about what the college may actually cost the student or family before submitting an application.

If you have questions, please call our expert counselors at the Center for College Planning at 888.7.GRADUATE ext. 119 for assistance.

Best,
Val