I know when I started researching colleges and doing net price calculators I was surprised how affordable (less than FAFSA EFC or slightly more) some private colleges were. On the other hand it was disappointing to see how little aid we would receive from some (instate) public options. So we knew in order to go to a school like that we would need to aim for major merit aid to get the cost down. Of course some schools still remain unaffordable even after merit and some need-based aid, and it’s good to see some of these numbers early on before all applications are sent.
I liked this quote from the article “Students and families should use net price calculators as a starting point for figuring out which colleges may be within their financial reach and for learning about the forms of aid they may be eligible
for”
We do not qualify for need-based aid. We used the NPCs to target schools that would offer merit aid. My D has received merit aid offers from 6 EA and 1 RD school so far. Most of the COAs come within a few hundred $$ of the NPCs, except for 2 outliers. One came in about $6K less and the other came in about $20K more (!!!). Most of these NPCs asked for details including GPA, class rank, test scores, etc.
Starting point is right. I was lulled into thinking that what the NPC said was supposed to be correct but half the schools NPCs I completed did not take into account assets. Just income. So yes, it was a big shock as my husbands’ peers were all getting aid…guess that meant they had no savings beyond the allowable amount.
Many parents are easily misled by marketing materials put out by expensive private colleges claiming that their “average” amount of financial aid is, say, $40K. The critical number missing is the percentage of the incoming freshmen who actually received any. One could call the school and inquire about that but most don’t. In reality, the percentage is extremely low (in single digit); a few may receive a token amount. Colleges use this tactic to get as many applicants as possible to appear more “selective”. So, parents out there do be aware – unless you could afford to pay the full price, the public schools (state flagships in particular) still offer the best value for most families. As one parent put it: affirmative action for the rich is practiced everywhere, especially at expensive private colleges.
From our experience, throw a wide net and see what you catch in terms of financial aid. My son’s offers were all over the place. His top choice offered little, as did three others (though there was some ok merit); the state school was going to cost 26,000. He received a very nice package from a private school which ended up costing us thousands less than the state school. We are very grateful. We are hoping the same will happen for our daughter.
One thing that was very important about the NPC for us was that it gave an expected merit amount. When the offer came from the school, it didn’t match, and was $5000/yr less than expected. Because I had used the npc I asked why. Turned out they hadn’t updated scores. So, had I not used the npc, I wouldn’t have known to look for the error.
@hildalgo23, it really depends on the school. The ultra-selective elite privates that promise to meet full need give need-based aid to close to half their student body or more.
We just got killed in California. State calculator in August said we would receive $11,1171 in financial aid. Just got financial letter from San Diego State and they advised we would receive nothing. All calculators were pretty accurate for other two daughter currently in college. Never this far off. I think the “dream Act” may have just killed our dreams. King of like bait and switch would never have applied had we known no aid. Private school is only way out for us.
The NPC can only be set using current year info or expected “next year” info. Unforeseeable things like a big reduction in the aid budget will obviously necessitate big reductions to aid that might have been expected due to the NPC. This is absolutely an issue, and it is one I predicted when the NPC regulation was put in place. Other issues for families can be due to schools having to make a one-size-fits-all tool when they don’t have a one-size-fits-all system for awarding institutional aid (I am thinking in particular of schools that use Profile to award institutional aid). So yes, NPC is a starting point, but by its nature, it is not an “ending point.” I can tell you that there is no school that wants it to be misleading … that is not helpful to anyone … but it exists as a static calculator in a not-so-static environment.