As of Oct. 29, a federal mandate requires all colleges to offer a "net price calculator" on their websites. Also known as "financial aid estimators," these tools will give families a better approximation of what they might actually pay at a particular institution. It is important to remember that a) these are estimates and only as good as the numbers the family provides and b) calculators differ from institution to institution. Some calculators are very simple and ask for minimal information. Other calculators are complex and ask for a significant amount of financial detail. Most calculators ask about the student's academic credentials. After completing a net price calculation, the family should have a "net price" number (cost of attendance minus institutional gift aid, minus any federal or state aid for which the student may be eligible) that will help them to know if a given school may be affordable.

A word of caution: financial aid, merit scholarships and institutional gift aid programs vary widely among institutions and between private and public colleges. For example, Minnesota's private colleges have very generous scholarship and grant programs. These programs make the "net price" of attending a private college far more affordable than many families think. Families are encouraged to carefully explore net price calculators at a variety of institutions (both public and private) and to consider the value of each type of education. Many families will find that a Minnesota private college or university education is an investment they can afford; one that will provide a high quality educational experience for their student. For tips and more analysis by college representatives, read the recent story, The net price calculator effect and find links to the calculators at our institutions.