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Week 8: Net Price—How to Determine What a School Will Cost You
Last week we introduced College Board’s Big Future college search tool to help you identify schools that meet your criteria.
The Big Future site is great, but it only shares averages. So how do you determine what a school will cost you? That’s where net price calculators come into play.
Net price is your cost after grants and scholarships (the money that doesn't have to be repaid). Sometimes the most expensive schools are actually more affordable because of the grants and scholarships they can offer. By looking at net price, you’ll discover that what matters isn’t how much a school costs but how much a school costs you.
To get an estimate of your net price, use your school’s Net Price Calculator (NPC). The easiest way to find a school's NPC is to go to the school's website and search for "Net Price Calculator."
Each school's NPC will ask you to provide some of your information. The school will then calculate your estimated financial aid offer. Your net price will vary (sometimes dramatically) from one school to the next, not only because schools cost different amounts but also because schools have different amounts of financial aid available.
It’s a great idea to test out the NPCs of schools you’re considering to get a sense of each school’s affordability, but keep in mind the NPC only provides a rough estimate. Never make a decision based solely on the NPC. You won’t know your actual net price for a particular school until you've been admitted to the school and have received your official financial aid offer.
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