Wednesday, November 19, 2014

6:2 Paying for College: The Cost

College can be pricey (just check out this calculator here with any college's tuition)! Oftentimes though, the "sticker" price (the full cost of tuition and fees you see on a school's website) isn't what a student or family would pay at that school because it doesn't account for financial aid. That's why many colleges and organizations have developed "Net Price Calculators."

As College Board explains,  "Net Price Calculators" are tools that students can use to estimate their “net price” to attend a particular college or university. Net price is the difference between the “sticker” price (full cost) to attend a specific college, minus any grants and scholarships for which students may be eligible. Sticker price includes direct charges (tuition and fees, room and board) and indirect costs (books and supplies, transportation, and personal expenses).

Every school that receives money from the federal government (so basically all of them) are required to have this on their website. Be sure to use them to estimate how much you might be paying for the school's you're interested in. You could also use College Board's website to find participating schools' net price calculators.