The US Department of Education will soon release links to net price calculators for all colleges with full time students. Proactive schools are capturing their public facing data not only to prove compliance but to mitigate reputation risk and for compliance purposes.
The Department is assisting schools as they develop and implement their net price calculators. The HEOA requires institutions to provide students with a net price calculator by late October of this year.
The calculator will give students and their families an idea of what college costs would look like based on their individual circumstances, such as the size of their family and their family’s income. This information would go beyond a school’s “sticker price” to help students and families better estimate their actual costs to attend that institution, once grants and scholarship aid are taken into consideration.
To aid institutions in meeting this requirement, the Department provided a Web application that allows them to build a calculator for their websites; schools are also welcome to design their own net price calculator. By early 2012, the Department plans to include links to institutions’ net price calculators on its College Navigator site.