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Net Price Calculator: One Size Does Not Fit All

Net Price Calculator: One Size Does Not Fit All. Navigating By the Stars this H.E.O.A. Requirement. Net Price Calculator. HEOA required the Department of Education to develop a net price calculator Department posted their calculator on 10/29/09

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Net Price Calculator: One Size Does Not Fit All

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  1. Net Price Calculator: One Size Does Not Fit All Navigating By the Stars this H.E.O.A. Requirement

  2. Net Price Calculator • HEOA required the Department of Education to develop a net price calculator • Department posted their calculator on 10/29/09 • All Title IV schools must make one available on their web site within 2 yrs of that date

  3. What is Meant by “Net Price” • “Net price” is defined as the average annual price charged to full-time, first year undergraduate students receiving student aid at a university or college. It is calculated by subtracting the average need-based and merit-based grant from the COA

  4. Why a Calculator? • The intent of the calculator is 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.” P.L. 110-315,sec 132(h)(1)

  5. How Do You Comply? • Use the Department of Education’s NPC—It meets the requirement, but does it meet your institution’s needs? • Build your own—Do you have the resources? Will it be the “attack of the pocket protectors?” • Purchase one and have the entity/organization maintain it. They keep up with federal changes.

  6. Where to Put it? • Front and center point of sale (POS)? • Admissions? • Financial Aid? • All of the above? • Bury it in alumni donations tab

  7. Department of Education’s Calculator-the Good News • It is free • Sufficient functionality for schools not needing institutional methodology • It is already available

  8. …Possible Falling Stars • • Fails to consider student achievement and related merit aid eligibility • • Fails to consider assets in the EFC calculation • • Fails to consider different population segments (e.g., majors, denomination) • • Fails to include self-help aid to show families true out-of-pocket costs • • Lacks data-collection and reporting capability • • Preliminary testing at Noel-Levitz suggests it will over-estimate net cost, particularly among certain kinds of students Source: Noel- Levitz

  9. Resources for Questions • Contact Ruba Nuwayhid of IT Innovative Solutions Corp. at (240) 252-1707,or Ruba@inovas.net • Contact Meihua Zhai at mhz00544@yahoo.com • • Phone:202.502.7318 • Email: Elise.Miller@ed.gov• Phone: 240.361.1334 • • Email: Mohamad@inovas.net

  10. Building Your Own • School built calculators must include “at a minimum the same data elements” in the Department’s template • School built calculators must include a disclaimer that the estimate is neither binding or final, and that the student must complete a FASFAA • A link to the FAFSA website must be included

  11. Purchasing a Net Price Calculator • Frees up internal resources for other needs • Can shop for necessary level of sophistication • Maintenance fees should be considered • Make admissions pay—

  12. Organizations Offering a NPC • Think Ahead/Studentaid.com • Noel-Levitz • Regent (no NPC but SNAP available in June) • SimpleApply • Others to announce in 30 days

  13. Constellations You Can See Today in North Carolina! • CFNC.org Financial Aid Estimator Go to… Paying for College Then… Tools and Calculators

  14. Clouds Blocking the Stars • Does your calculator create more phone traffic? To whom? • Level informational playing field with your cross-applicant institutions? • Financial aid becomes admissions or vice versa? • False expectations? • Heightens bargaining or negotiating awards letters in advance? • Professional judgment? • Explaining self-help aspects of awards? • Divorce

  15. NPC to Do’s • Assemble relevant parties • Assign “to do’s” with timelines • Work around admission and financial aid calendar • Articulate the importance of the NPC and the need for resources to “get it right” for your institution • Write explanation text around the calculator • Test and Monitor—make sure you are moving prospective families to the next step not scaring them away • Go Green—see what brochures you can stop printing and save $$$$$

  16. Today’s Star Gazing • Today’s millennium generation will judge its first impressions of a school by this tool. Lack of ease of use or technical sophistication will be seen as a negative. Millennium students are quicker to dismiss products and services and preceding generation if not perceived as competent. “Helicopter” parents will also gravitate to information that is the most comprehensive • “The medium is the message.” Marshall McLuhan

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