Estimate College Costs with Net Price Calculators

When you're trying to determine which college you can afford, the most important number is the school's "net price." Every college offering federal financial aid programs is required to provide a college Net Price Calculator (NPC). This tool helps families with the college affordability question by providing an estimated financial aid offer based on the family's financial and household information. Though these estimated offers are just that—estimates—and not a guarantee of the financial aid to come, they do give families a sense of what they'll pay at each college or university, by allowing the family to subtract their estimated financial aid from the college's full cost in order to determine the "net price" the family will owe at each school.

How to Use a College Net Price Calculator

Each NPC will request parent and student financial information, and in some cases the student's academic credentials. After you provide that data, each college's Net Price Calculator will give you a rough estimate of the amount you can expect to receive in financial aid, and your resulting net price. This information:

1. Allows you to assess affordability as you make decisions about where to apply
2. Lets you determine the true out-of-pocket cost of a school with a high "sticker price"
3. Helps you identify financial "safety" schools—colleges that you know you can afford

Things to Consider

Here are some important factors to keep in mind when using a school's Net Price Calculator:

• The number of questions, information collected, and type of output will vary by school. Some may provide an estimate of only the need-based aid available at the college, while others will include the potential for merit-based aid. Those that require more in-depth financial and academic information are likely to be more realistic.
• They are as accurate as the information you provide. If you enter inaccurate financial or academic information, the estimated financial aid is also likely to be inaccurate.
• NPCs only provide estimates. The calculator might be based on current or upcoming academic year costs and financial aid policies. The farther away you are from enrollment, the more likely it is that the actual financial aid offered will change. And the output given is often based on averages of what similar students have received, so your actual financial aid could be higher or lower.
• They might overlook certain types of aid. Because the calculator may not consider your eligibility for certain merit-based scholarships, you may not receive a complete picture of the different types of aid offered by the school. Also, the calculator will not include potential private scholarships, and might not include loan and work-study eligibility.
• NPCs are not financial aid applications, but an estimation tool. You will still be required to submit the Free Application for Federal Student Aid (FAFSA^®) and any other required applications to apply for financial aid.
• They should be used in conjunction with other resources. The calculator is not intended as the sole resource in determining a college's affordability. You should contact each school's financial aid office to learn about all aid opportunities and eligibility criteria.
• NPCs don't provide the opportunity to explain special circumstances. Your family may have a unique financial or household situation that will affect your ability to pay for college expenses and may therefore affect your eligibility for financial aid. NPCs don't have the capacity to consider these special circumstances. When it comes time to apply for financial aid, make sure you explain any unique situations to the financial aid office.

Where to Find It

Each college's Net Price Calculator is located somewhere on the college's website. Check for it on the financial aid or admissions page, or use the homepage search feature to find out where it's located.