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Fed Law Requires College Net Price Calculators, Experts Question Accuracy

June 23, 2011

Fed Law Requires College Net Price Calculators, Experts Question Accuracy

by Alexis Mattera

How much will it cost to attend the school of your dreams? The federal government hopes its new law will make that question easier to answer but higher education experts have their doubts where accuracy is concerned.

By this October, the federal government will require all U.S. higher education institutions to offer net price calculators on their websites so prospective college students can easily compare attendance costs earlier in their college searches. Users will be asked questions about their financial and academic backgrounds and their answers – and the calculator’s tallies of tuition, fees, books, housing and food, minus scholarships and grants – will reveal the net price to attend that particular school. Though many experts are glad students will have access to this information, accuracy is a concern. Certain factors won’t be taken into consideration because direct student-to-school contact has been eliminated; for example, Washington University is willing to adjust financial aid packages if a parent loses their job and this might not be reflected in the calculators’ answers.

It’s likely the law will be revised to make side-by-side comparison more accurate before the calculators are implemented - read more about the net price calculators in today’s St. Louis Post-Dispatch - but would you use this new technology or do you think it’s still too early to glean accurate information?


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