Since 2011, each postsecondary institution participating in Title IV federal student aid programs (enrolling fulltime, first-time degree- or certificate-seeking undergraduate students) has been required to post a net price calculator on its website, in accordance with the Higher Education Act of 1965 (HEA), as amended on October 29, 2011.  The calculator uses institutional data to provide estimated net price information to current and prospective students and their families based on a student’s individual circumstances.  The calculator also allows students to calculate an estimated net price of attendance at the institution (defined as cost of attendance minus grant and scholarship aid) based on what similar students paid in a previous year. Both input and output elements are included in the calculator:

• Input elements include data elements to approximate the student’s Expected Family Contribution (EFC), such as income, number in family, and dependency status or factors that estimate dependency status.
• Output elements include:  Estimated total cost of attendance; Estimated tuition and fees; Estimated room and board; Estimated books and supplies; Estimated other expenses (personal expenses, transportation, etc.); Estimated total grant aid; Estimated net price; Percent of the cohort (full-time, first-time students) that received grant aid; and Caveats and disclaimers, as indicated in the HEA.