Net Price Calculator: Developing a Tool That Works for You and Your Students.
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Transcript of Net Price Calculator: Developing a Tool That Works for You and Your Students.
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Net Price Calculator:
Developing a Tool That Works for You and Your
Students
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Presenters
• Jana Albrecht– Illinois State University
• Kim Donat – Indiana State University
• Amanda Fijal– University of Chicago
• Dan Mann– University of Illinois at Urbana-Champaign
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Overview
• Background of Net Price Calculator Regulations
• Net Price Calculator Requirements
• Approaches from Four Schools
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Net Price Calculator History
• August 14, 2008 - HEOA was signed and included a requirement that every institution have a Net Price Calculator
• October 29, 2009 – U.S. Department of Education/NCES released their Net Price Calculator Template
• October 29, 2011 – Deadline for institutions to post their Net Price Calculator on their websites
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PurposeP.L. 110-315, sec. 132(h)(1)
A Net Price Calculator is intended 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.
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What is Net Price?
Cost of Attendance for FTFT students(tuition/fees, room/board, books/supplies, & other expenses including transportation)
- Total federal, state, and institutional grants awarded to FTFT students/Number of FTFT students receiving such aid (Does not include private/outside grants)
= Net Price
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Net Price Calculator Requirements
Required only if you have full-time, first-time, undergraduate students
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Net Price Calculator Requirements
• Institutions may use either the Net Price Calculator developed by the Department of Education, use a third-party vendor or other template, or develop their own calculator
• At a minimum, institutional and third-party developed calculators must include the same data elements found in the Department of Education calculator
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Net Price Calculator Requirements
• Minimum NPC input elements (should try to approximate EFC):– Income– Number in Family– Dependency Status
• Institution may use Federal Methodology (FM) or Institutional Methodology (IM)to approximate the EFC
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Net Price Calculator Requirements
• Minimum NPC output elements:– Estimated total price of attendance
• Total tuition and fees• Total room and board• Total books and supplies• Total other expenses
– Estimated total grant aid– Estimated net price– Percent of cohort that received gift aid– Caveats and disclaimers
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Things to Do/Consider
• Educate yourself and others on the Net Price Calculator requirements and options
• Review your data and consider the complexity of your data
• Look at your IPEDS Report
• Think about what will make the most sense to your students and parents
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Things to Do/Consider
• Inform other offices about the Net Price Calculator requirement
– Institutional Research– Admissions– Registrar– Information Technology– Public Affairs– Colleges and Departments
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Institutional Approaches
• Use Federal Template– Illinois State University
• Use Third Party Vendor– Indiana State University– University of Chicago
• Build Your Own Calculator– University of Illinois at Urbana-
Champaign
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Illinois State University
Net Price Calculator Location: On the Cost of Attendance page of the Financial Aid website http://financialaid.illinoisstate.edu/prospective/estimator/
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Illinois State University
• Steps in our selection process:– Meetings/Discussions
• Needs of our students• Time, Resources, Money• Admissions and EMAS opinion
– Decision/Plan
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Illinois State University
• Statistics– Initial release Fall 2009
•400 hits– Fall 2010 to Fall 2011
•4990 hits•2673 made it to the summary
page
• Evaluation and Planned Revisions
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Illinois State University
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Indiana State University
Net Price Calculator Location:
Located in three places: ISU home page
Financial Aid websiteAdmissions website
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Indiana State University
ISU began with a generic product.
It didn’t provide the calcs that we were interested in seeing.
Needed a more complete package.
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Indiana State University
Goals for ISU Calculator Meet the NPC requirement
Provide student information - Indiana scholarships - ISU scholarships - Veterans resources
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Indiana State University
Ultimate Goal: Provide NPC data and use as a
recruiting tool
- Honors program - Honors prospectus
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University of Chicago
Net Price Calculator Location:
Admissions website, Cost & Aid page for prospective student: https://collegeadmissions.uchicago.edu/costs/apply/calculate.shtml
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University of Chicago
• Decision points:– IT resources– Flexibility– IM support– Programming difficulty– Peers
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University of Chicago
• Third-Party Vendor Selection– Talked with peers– Webinars– Conference presentations
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University of Chicago
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University of Chicago
Net Price Calculator Location:
College Board website
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University of Illinois
Net Price Calculator Location: Office of Student Financial Aid Home Page (link also available on all financial aid web pages)
http://www.osfa.illinois.edu/aid/ifac/IFAC.asp
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University of Illinois
Enhancements made to our calculator:•Added independent calculation•Added disclaimers•Revamped Output Page•Added Google Analytics
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University of Illinois
• Complex tuition/fee structure and costs
• Average information did not provide an accurate representation for students and families
• Already had a successful home-built calculator
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University of Illinois
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University of Illinois
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University of Illinois
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University of Illinois
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Net Price Calculator Resource Center
• http://nces.ed.gov/ipeds/resource/net_price_calculator.asp
• http://airweb.org/page.asp?page=2106
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Questions? / Discussion!