Know before you visit - Net Price Calculators and Student Aid Index
Updated: Sep 9
School visits can be expensive and not always a good investment. Students should thoroughly research schools and perhaps attend a virtual event before investing in an on-campus visit.
Knowing your budget before visiting a school is like having an underwritten mortgage before buying a home. Understand the tools available to you before you commit resources to campus visits.
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What are net price calculators?
Each school has its own variables and not every school meets 100% of a family's demonstrated financial need. To have a better idea, and by law, each school has to offer a net price calculator, which will provide you with an expectation of cost based on your family's reported income.
Are net-price calculators accurate?
It benefits the school to offer the best net price calculator, so the applicant has the best idea of what they will pay. If a school's net price calculator takes you less than a minute to complete, it is not very accurate.
Do the results include academic merit scholarships?
Some net price calculators will request information on the student's academic profile to also provide an expectation of merit scholarships in addition to need grants.
There is merit-based aid, based on the student's academic profile, and there is need-based aid. Every school looks at need-grants and merit scholarships differently.
What is the difference between the results from completing the FAFSA vs. a school's net price calculator?
Completing the FAFSA will provide families with eligibility for Federal grants and student loans. A school's net price calculator will also include grants awarded from the institution.
Is the FASFA changing in 2023-2024
The Federal Government is simplifying the FAFSA form and changing some terms. For example, eligibility for grants and loans is now calculated using a Student Aid Index (SAI.) Before the terminology and results were defined by the Expected Family Contribution. Because of a new form rollout, the FAFSA will be available to complete in December 2023, whereas before, the form was available to complete in October.
I have a budget, what should my plan be?
What you want to do is start with your Student Aid Index (SAI). Consider the schools you are looking at, throw a wider net, and avoid the trophy school trap. If you have a low SAI, you want to look at schools with a good track record for offering generous need packages. If you have a high SAI, you want to look at schools that have a good track record of offering generous merit packages. Every school is different.