Do you wonder how much it will really cost for your student to attend a specific school? You already know that tuition alone isn’t a good measure. But how do you take into account all the other factors, including potential aid?
That’s where a net price calculator comes in. If cost is a concern as your child chooses a college, you would be wise to use this tool to get an accurate price comparison.
What Does a Net Price Calculator Measure?
Every school that participated in the federal financial aid system – which is basically all of them – must post a net price calculator.
This calculator helps you see what “free money” your student would likely receive if they applied, and shows you the cost of the school once that is taken into account.
For instance, if based on your student’s current GPA, school standing, and SAT score, they would qualify for $10,000 in aid from the school and a $5,000 state award, the $15,000 would be deducted from the total cost of attendance to show you the next price.
Colleges have different financial aid policies and available resources, and the net price calculator lets you compare “apples to apples.” Based on the financial strength of your family and other factors, you will find out what grants, scholarships, and other aid is likely to be available at each school. This allows you to compare more accurate prices of each college.
What Information Do You Need?
Net price calculators are often quite comprehensive. Keep in mind that a calculator with fewer questions will not give you as accurate of a result. If a calculator only asks the minimum handful of federally-required questions, it’s almost useless.
For a high-quality calculator, you will need information about your student’s GPA, school standing, ACT and/or SAT, parent incomes, assets, and more.
The good news is that you can use the net price calculator to test difference scenarios. Does a slightly higher SAT matter? If so, your student may want to retake the test. If not, there’s no reason to spend the time and money.
You’ll also find out how schools treat assets such as home ownership, and how that will impact the aid your student is likely to receive. The best part is you can do all this anonymously if you want – without applying or sending any specific information to the school.
At the same time, keep in mind the net price calculator is not a guarantee or an application for aid. It’s meant to give you a rough idea of cost and help you compare schools to each other.
Why Use a Net Price Calculator?
A net price calculator is essential to understanding the true price of a school compared to other options. The “sticker price” does not take into account your financial situation, your student’s academic strength, and a variety of other factors.
You may find that an “expensive” private school has a net price lower than a public school because they offer more merit aid. Or, you may find that the local university is even more affordable than you thought, and your student won’t need to take out as many loans.
You don’t have to apply, send in fees, or provide any information to the school unless you want to. You can compare dozens of schools to find out the ones that are best for your student and financial situation.
The easiest way to find a college’s net price calculator (if it’s not obvious on their website) is to google the name of the college and “net price calculator”.
We know how important it is to understand the real price of college so that you can plan accordingly. We love to help educate families on everything they need to know to make an informed college buying decision.
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