<p>My child is only in middle school, but like many parents I'm thinking ahead about costs, and wondering whether I'll be in the position to allow him to attend a good school without a lot of debt. I want to know if I'm saving enough. So whenever I'm looking at a college website, usually because a friend tells me their kid got in and I'm curious and go check out the school, if they have a price calculator I use it. Generally, I've been pleased because the numbers have seemed reasonably aligned with what I believe I can afford without him needing to take on debt. </p>
<p>Are these numbers accurate? If I go to 10 different colleges, use their calculators, and they all say that he can afford to pay X, does it actually make sense to budget for X? Tuition at our instate schools is less than the EFC I get from those places, and within my budget, so we would have state schools as financial safeties, but is it reasonable to assume that his EFC would be as predicted, and he'd find at least a few schools that would meet his EFC?</p>
<p>I should add that I don't want to count on merit aid. I think he's too young to make those predictions. I also don't want to assume we're talking about HYP or other schools that are particularly generous.</p>
<p>Those predictors are new. It’ll be over time they will be proven.</p>
<p>What’s the CC anecdotal data? Did people who used them this year find that they matched what they ended up receiving as far as EFC and financial aid?</p>
<p>This is the first year I have seen them used and there is a thread here where people who actually got money ran their numbers to see how close the calculators are. As with everything, they will depend from school to school.</p>
<p>Any time there is an element of chance in something, there can be great variances. The best way to cover that possibility is by finding some schools that are affordable and sure to take your child. THey also should provide the education he needs and wants. Those schools are the most difficult to find and should make up the core of the list. ONce you have those school, you can apply anywhere else. Certainly look for some schools where the numbers look good on the npcs but also take some chances too, as long as you and your child understand exactly what you are doing.</p>
<p>We found the price calculators to be fairly accurate, within $2k. They are only as good as the information entered.</p>
<p>I think that X would not be a good idea to budget because, obviously, prices rise… The right thing to budget is probably best represnted by the equation:</p>
<p>(current x ) * (1.06) ^ (how many years till graduation)</p>
<p>Because the price will increase by ~ 6% every year. Maybe more! Maybe less! But if your child has 5 years and X is currently $40k that could be almost $55k in a few years. And if you make more money, your X is going to be increasing independently of inflation/cost of tuition increase.</p>
<p>Good luck!</p>
<p>First off, it’s great that you are saving and planning now for college.</p>
<p>For 2-parent families with straightforward income and assets, everyone that I’ve talked to this year, found them to be accurate within a few thousand dollars.
For single parents, or families with other circumstances not accounted for in the calculator, they aren’t accurate.</p>
<p>One caution about trying to predict for future years- these calculators are based on the school’s financial situation today, not in 5 or 6 years. They may change their formulas, and they may be more or less generous with grant aid in years to come. Most likely, with rising costs, the money is going to get tighter. But if the economy turns around and endowments grow significantly, aid could be better in a few years.</p>
<p>I have heard before that the NPCs dont work for single parents. I am a single parent but I can 100% guarantee they wont ask for income from anyone else (there is no noncustodial parent). Are the NPCs accurate in that circumstance?</p>
<p>I am taking into account inflation as I plan, and we do have good instate backups.</p>
<p>If you are taking into account inflation AND the very possible possibility of getting an increase in pay over the next 4-6 years, than you are planning properly. </p>
<p>My experience with NPCs was very accurate. The school I am now attending underestimated on the NPC (which makes me a happy student :D), but only slightly/insignificantly…</p>
<p>I’m a single parent with very straightforward financials. The NPC’s I ran were all fairly accurate, within 2-3k. They were all FAFSA schools, none that would be known on a national level. The more info they asked, the more accurate they were.</p>
<p>If no noncustodial parent and no stepparent, then they are accurate.</p>
<p>Sent from my DROID2 GLOBAL using CC</p>
<p>What I find to be great about the net price calculators is the ability to project fin aid after the first year. My youngest will have a sibling in college when he starts, but in years 2-4 will be the only one in college. I (and my son) need to understand what financial aid will be like in years 2-4 much more than the first year.</p>