Net price calculators enable families to get an estimate of what they would pay at an institution long before they receive an official notification of their financial aid award.
Wondering if you should encourage students and families to use net price calculators to estimate college costs? According to Brian Lindeman, financial aid director at Macalester College, the answer is yes. He ran calculations for students at three family income levels at five different types of institutions. The net price results were sometimes quite different from the listed prices — suggesting that it can be useful for families to use these tools.
When it comes to using the Paying for College videos, let us start to count the ways. View some options for counselors to consider.
When it comes to using the Paying for College videos, let us start to count the ways. The topic of counselors using the Minnesota-produced resources that were released in late 2013 was the theme of a breakout session at a MACAC Financial Aid Workshop, led by Council staffer John Manning and Ann Kjorstad, college and career center counselor, Academy of Holy Angels.
The real price families paid for tuition at our colleges in 2011-12 after factoring in institutional, federal and state grants was less than half the sticker price. The net price for low-income students was even lower.
Families are understandably concerned about the cost of college. And when the time comes to apply, students and parents may mistakenly assume that private colleges aren’t an affordable option. What these families don’t know is that even though the average tuition at Minnesota’s Private Colleges is above $30,000, the net price — the real price families pay for tuition after factoring in institutional, federal and state grants — was $14,661 in 2011-12. That’s less than half the initial sticker price.
The new Paying for College videos showcase the many ways families can finance a four-year college degree and are packed with advice from local experts and families. Check out a few quotes and watch some clips.
The new Paying for College videos showcase the many ways families can finance a four-year college degree. The program is airing on public television stations across the state. Several separate videos are available online — with shorter clips posted as well.
Efforts are underway with the Minnesota Office of Higher Education (OHE) to determine a Minnesota State Grant amount that may be used by all institutions to determine estimated eligibility for students for the 2013-14 academic year.
Efforts are underway with the Minnesota Office of Higher Education (OHE) to determine a Minnesota State Grant amount that may be used by all institutions to determine estimated eligibility for students for the 2013-14 academic year. Gov. Dayton’s budget proposes a significant increase in the program but the final decision about the actual amount will be determined by the Legislature and the governor. A firm date for this decision is currently unknown.
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.
Estimating out-of-pocket costs is about to get easier for students and families. All colleges now offer a “net price calculator” on their websites. View all calculators
Estimating college costs is about to get easier. Starting this October, a federal mandate requires colleges to offer a "net price calculator" on their websites. Also known as "financial aid estimators," these tools will give families a better idea of what they might pay at a particular institution.
New data show that the actual amount paid by low-income students is significantly lower than the average paid by students overall at all types of institutions in Minnesota.
New data from the National Center for Education Statistics shows that the actual amount paid by low-income students is significantly lower than the average paid by students overall. The total cost of attendance, which includes tuition, fees, room and board, minus grants and scholarships, averaged about $23,500 for students attending Minnesota Private College Council (MPCC) member institutions in 2009-10. For students with family incomes below $30,000, the amount was about $14,350. This lower amount is due to State Grant awards, Pell Grants, institutional grants and scholarships.
By this fall, all colleges will be posting a net price
calculator or estimator on their websites. "Net price" refers to what
a student actually pays to attend, after subtracting grant aid. Families often are
not aware that the listed price of a college isn't the price they'll actually pay.
At Minnesota's Private Colleges, nine out of 10 students
receive aid that they don't have to pay back; the average student pays about
half of the posted price. So that students and parents don't eliminate colleges
too soon that might be a good fit - encourage them to make use of these new
A key factor in the decision of what college to attend is the financial aid award letter. Financial aid directors explain how to decipher these letters and provide tips and advice.
For parents with college-bound seniors, spring means more than just planning graduation parties — it's also the season for making major decisions about college. After finding out which schools have accepted them, students have a limited amount of time to choose where they will attend college. A key factor in that decision is deciphering financial aid award letters.