The Higher Education Opportunity Act (HEOA) signed into law on August 14, 2008 includes several new reporting and disclosure requirements. One of those requirements is that every institution of higher education install a Net Price Calculator on its Website by Saturday, October 29, 2011.
The purpose of the Net Price Calculator is "to help current and prospective students, families, and other consumers estimate the individual net price of an institution of higher education for a student. The calculator shall be developed in a manner that enables current and prospective students, families, and consumers to determine an estimate of a current or prospective student's individual net price at a particular institution." P.L. 110-315, sec. 132 (h) (1).
A few things to know about the Net Price Calculator:
1. Resources and financial aid policies vary from college to college, so your "net price" may vary from institution to institution. Also, special circumstances are considered by financial aid offices on a case-by-case basis. If your situation is unusual, you may want to contact the financial aid office at the colleges to which you are admitted. The CSS Profile, one of our required forms, also allows you to explain any special circumstances.
2. How does it work? The calculator measures the financial strength of your family and uses other facts you provide to estimate the amount of grants and other financial aid that may be available to you. Your net price is the difference between the cost of attendance and any grants ("free money") that you may be eligible to receive.
3. The calculator is designed to give you an early indication of how much and what types of financial aid you might qualify for if you were a full time first year undergraduate student in the academic year indicated. It is a tool which we hope will give you a clear picture of options and opportunities so you can make more informed decisions about your college choices.
4. As you use the calculator, please remember:
5. Completing the calculator should take no more than 20 minutes of your time. You will need to answer some basic questions about your parents' financial situation so it might be helpful to have recent tax forms or pay stubs on hand before you begin.
6. Your identity is unknown to Franklin & Marshall College when you submit your calculations. We do not track or have any way of tracking submissions and aligning them to anyone. So please submit your calculations with that in my mind.