Choosing a college is one of the most important financial decisions that students will ever make. But many who are going through the college-application process have usually had little in the way of meaningful cost estimates to guide them.
The official “sticker price” of an institution is what dominates most kitchen table discussions, but most students don’t pay anywhere close to that amount.
Grants, scholarships and other forms of financial aid can radically alter the all-important “Which school is most affordable?” question. Some private colleges, especially those with large endowments, offer generous aid packages that can make going to Harvard cheaper than attending a state university.
Now, in response to new federal requirements, every accredited college and university across the country — about 7,000 in total — must post on their websites a “net price calculator” that estimates how much out-of-pocket expenses a prospective student will incur.
The calculator projections are based on a student’s academic qualifications and family income, and allow families to stop talking about sticker price and start talking about the number that really matters: their price.
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