College Net Price Estimator
Use this simplified calculator to get an estimated idea of what a college might cost you after grants and scholarships. This is an estimation and not an official offer of financial aid.
Understanding College Net Price
The "net price" of a college is the actual cost a student pays to attend an institution after subtracting any grants and scholarships received. It's a crucial figure because it represents the true out-of-pocket expense for a family, offering a much more realistic picture than the sticker price or "Cost of Attendance" (COA).
What is Cost of Attendance (COA)?
The COA is the total estimated cost to attend a college for one academic year. It typically includes:
- Tuition and Fees: The direct cost for instruction and institutional services.
- Room and Board: The cost of housing and a meal plan, whether on-campus or an allowance for off-campus living.
- Books and Supplies: An estimate for textbooks and other necessary academic materials.
- Personal Expenses: An allowance for miscellaneous costs like toiletries, entertainment, and clothing.
- Transportation: An estimate for travel expenses to and from campus.
The COA is the starting point for determining financial need and is used by colleges to calculate financial aid packages.
Expected Family Contribution (EFC)
The Expected Family Contribution (EFC) is an index number used by college financial aid offices to determine how much financial aid a student is eligible to receive. It's calculated based on the information provided in the Free Application for Federal Student Aid (FAFSA) and, for some private institutions, the CSS Profile. The EFC is not the amount of money your family will actually pay, nor is it the amount of federal student aid you will receive. Instead, it's an indicator of your family's financial strength and ability to contribute to college costs.
Factors influencing EFC include family income (taxed and untaxed), assets (savings, investments, real estate equity), family size, and the number of family members attending college during the year. Our calculator uses a highly simplified estimation of EFC based primarily on Adjusted Gross Income (AGI) and household size, which is not as comprehensive as the official federal methodology.
Types of Financial Aid That Reduce Net Price
The net price is reduced by "gift aid," which includes grants and scholarships. These are funds that do not need to be repaid.
- Grants: Often need-based, awarded by federal or state governments, or by the college itself. Examples include the Pell Grant or institutional grants.
- Scholarships: Can be need-based or merit-based (awarded for academic achievement, talent, or other criteria). They can come from the college, private organizations, or external sources.
It's important to note that student loans and work-study programs are generally *not* factored into the net price calculation, as loans must be repaid and work-study is earned income, not a direct reduction of the bill.
How This Calculator Works (Simplified Estimation)
This calculator provides a rough estimate of your potential net price by:
- Estimating your EFC: Based on your family's Adjusted Gross Income (AGI) and household size, using a generalized formula.
- Estimating Need-Based Grants: By calculating your "demonstrated need" (COA – Estimated EFC) and then applying a percentage to estimate the portion of that need that might be met by grants.
- Estimating Merit-Based Grants: Based on your student's GPA, using a generalized scale.
- Factoring in External Scholarships: Any known scholarships you've already secured.
- Calculating Net Price: Subtracting the total estimated grants and scholarships from the College's Published Cost of Attendance.
Limitations of This Calculator
This calculator is designed for illustrative purposes only and provides a highly generalized estimate. It is NOT an official net price calculator. Key limitations include:
- Simplified EFC: The actual FAFSA/CSS Profile EFC calculation is much more complex, considering assets, taxes paid, and other factors not included here.
- Generalized Aid: Financial aid policies vary significantly from college to college. Some colleges are more generous with grants, and merit aid criteria differ widely.
- No Specific College Data: This calculator does not use specific institutional data, which official college net price calculators do.
- Does Not Guarantee Aid: The estimated aid amounts are not guaranteed and are subject to change based on actual financial aid applications and college policies.
For an accurate estimate, always use the official net price calculator on the website of each college you are considering and complete the FAFSA and CSS Profile.