Talking Stick - November/December 2011 - 10

Just in

CAlCUlATiNg EdUCATiONAl COSTS
The Higher Education Opportunity Act of 2008 (HEOA) has required all postsecondary institutions that partake in Title IV federal student aid programs to create a net price calculator (NPC) that determines the annual total enrollment cost for a full-time, first-time undergraduate student. Institutions were mandated to incorporate the tool into their website by October 29, 2011, two years after the U.S. Department of Education released the model template. (Institutions outside the U.S. that do not participate in the Title IV program are not mandated to create an NPC.) Postsecondary institutions essentially have two options for creating the net price calculator: either use the template developed by the National Center for Education Statistics (NCES) or create a new calculator specifically tailored to the “If stuDents anD unique characteristics of their school. Several colleges and universities are parents take opting to use third-party programs, like subscribing to the College Board’s aDVantage Of personalized net price calculator service.

Our npc (Or any cOllege’s fOr that matter) It shOulD help them make InfOrmeD chOIces bOth acaDemIcally anD fInancIally.”
enrollment.

Regardless of which method an institution chooses to create this tool, the calculator must meet specific requirements. Input elements must be able to determine a student’s residency, dependency status, and Expected Family Contribution (EFC), using factors like income, age, marital status, and number of family members. The output summary must estimate the total attendance cost for one year, including the following subcategory costs: tuition and fees, room and board, books and supplies, and other expenses (including personal and transportation expenses). Institutions must also determine the estimated total grant aid that would be awarded to the student, which will be subtracted from the total attendance cost to reach the overall goal of the calculator: the estimated total net price for one year of

Before deciding how to present this information, Longwood University in Farmville, Virginia, assessed multiple calculators’ capabilities, costs, time, and required staff involvement. Karen Schinabeck, the director of financial aid, shared that they chose College Board based on price, but the quality of a third party product depends on how institutions take advantage of it. She described the College Board program as a painless process, and said the calculator’s accuracy regarding financial aid was also a major factor in her decision. “Students can look at our net price calculator, put their information in, and see a good estimate of what they’d have to pay bottom line at Longwood.” Salem State University in Massachusetts used to employ the NCES-provided calculator template but recently switched to the College Board’s version. According to Kevin DeRuosi, financial aid administrator, it allows them to ask specific questions about a student’s academic scores, thus calculating a better estimate of merit-based aid. “If students and parents take advantage of our NPC (or any college’s for that matter) it should help them make informed choices both academically and financially,” he says. “It also has the option to avoid ‘sticker shock,’ as we find often that students look at tuition and fees and fail to think about room and board, travel, and personal expenses until they have already committed to an institution.” Once the NPC service is established, colleges and universities are encouraged to annually update their net price calculators based on available data for the previous year. —Kristen Lott

10

TalkiNg STick



Talking Stick - November/December 2011

Table of Contents for the Digital Edition of Talking Stick - November/December 2011

Talking Stick - November/December 2011
Contents
Online Now
Vision
Just In
Your ACUHO-I
Transitions
Res Life: Come On In
Calendar
Special Focus: Map a Path
Regroup: Certain In Its Uncertainty
Training Day
The Transformation
Conversations
First Takes
First Takes
Reporting Out
Reporting Out
Welcome
Welcome
Snapshot
Snapshot
Talking Stick - November/December 2011 - Intro
Talking Stick - November/December 2011 - BB1
Talking Stick - November/December 2011 - BB2
Talking Stick - November/December 2011 - Talking Stick - November/December 2011
Talking Stick - November/December 2011 - Cover2
Talking Stick - November/December 2011 - 1
Talking Stick - November/December 2011 - 2
Talking Stick - November/December 2011 - Contents
Talking Stick - November/December 2011 - Online Now
Talking Stick - November/December 2011 - 5
Talking Stick - November/December 2011 - Vision
Talking Stick - November/December 2011 - 7
Talking Stick - November/December 2011 - Just In
Talking Stick - November/December 2011 - 9
Talking Stick - November/December 2011 - 10
Talking Stick - November/December 2011 - 11
Talking Stick - November/December 2011 - 12
Talking Stick - November/December 2011 - Your ACUHO-I
Talking Stick - November/December 2011 - 14
Talking Stick - November/December 2011 - Transitions
Talking Stick - November/December 2011 - 16
Talking Stick - November/December 2011 - 17
Talking Stick - November/December 2011 - Calendar
Talking Stick - November/December 2011 - 19
Talking Stick - November/December 2011 - 20
Talking Stick - November/December 2011 - Special Focus: Map a Path
Talking Stick - November/December 2011 - 22
Talking Stick - November/December 2011 - 23
Talking Stick - November/December 2011 - Regroup: Certain In Its Uncertainty
Talking Stick - November/December 2011 - 25
Talking Stick - November/December 2011 - 26
Talking Stick - November/December 2011 - 27
Talking Stick - November/December 2011 - Training Day
Talking Stick - November/December 2011 - 29
Talking Stick - November/December 2011 - 30
Talking Stick - November/December 2011 - 31
Talking Stick - November/December 2011 - 32
Talking Stick - November/December 2011 - 33
Talking Stick - November/December 2011 - 34
Talking Stick - November/December 2011 - 35
Talking Stick - November/December 2011 - The Transformation
Talking Stick - November/December 2011 - 37
Talking Stick - November/December 2011 - 38
Talking Stick - November/December 2011 - 39
Talking Stick - November/December 2011 - 40
Talking Stick - November/December 2011 - 41
Talking Stick - November/December 2011 - 42
Talking Stick - November/December 2011 - 43
Talking Stick - November/December 2011 - Conversations
Talking Stick - November/December 2011 - 45
Talking Stick - November/December 2011 - 46
Talking Stick - November/December 2011 - First Takes
Talking Stick - November/December 2011 - Reporting Out
Talking Stick - November/December 2011 - 49
Talking Stick - November/December 2011 - 50
Talking Stick - November/December 2011 - 51
Talking Stick - November/December 2011 - 52
Talking Stick - November/December 2011 - 53
Talking Stick - November/December 2011 - Welcome
Talking Stick - November/December 2011 - 55
Talking Stick - November/December 2011 - Snapshot
Talking Stick - November/December 2011 - Cover3
Talking Stick - November/December 2011 - Cover4
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