College and University Blog
College Net Price Calculators Now Required by Law
As of October 29, 2011 all U.S. colleges and universities that enroll full-time, first-time degree seeking undergraduates and participate in Title IV federal student aid programs must have a net price calculator on their website to help clarify the actual out-of-pocket expenses a student can expect to pay to attend the school.
The net price calculator estimates the price of attending a particular college minus the average amount that students receive in grants or scholarships, which are both types of financial aid that do not have to be repaid. As reported by the National Center for Education Statistics, in order to be in compliance with the Higher Education Opportunity Act of 2008, the U.S Department of Education now requires colleges and universities to include the estimated price of attendance; estimated tuition and fees; estimated room and board; estimated books and supplies; estimated personal expenses, such as transportation; estimated total grant aid; estimated net price; percent of full-time, first time students that received grant aid; and caveats and disclaimers.
How Much College Costs
Published prices, or sticker prices, are the amounts for tuition, fees, room and board that colleges and universities post publicly, explains the College Board. Students pay the full sticker price to attend a particular school if they do not receive any type of financial aid, but many students receive tuition discounts from the school itself as well as gift aid, such as scholarships or grants from other sources, drastically lowering the amount that college really costs.
MSN Money
Melissa Rhone+
Melissa Rhone earned her Bachelor of Music in Education from the University of Tampa. She resides in the Tampa Bay area and enjoys writing about college, pop culture, and epilepsy awareness.