Many four year institutions, both private and public, have already determined that they may not be well-served by the standard ED template. Schools with merit scholarship programs that do not take need into account, or that have differential need-based grant policies determined, in part, on desired characteristics of an incoming class, are those most likely to consider alternative NPCs. In addition, when loans and work-study programs are typically part of the larger affordability factor for a college or university, this information will best be portrayed in some way in the NPC output results.
Institutions will need to strike the right balance between the accuracy of “putting their best foot forward” in displaying appropriate results for subpopulations of students and the complexity of collecting so much information from prospective students that the process is tantamount to filing a FAFSA. Consider the response in a 2010 Student Poll survey conducted by the College Board and the Art & Science Group where students ranked various aspects of the college admissions process according to difficulty. According to the report, “Students and Parents Making Judgments About College Costs Without Complete Information,” researching scholarship opportunities and filling out applications for aid, such as the FAFSA, were rated more difficult than either preparing for or taking the ACT/SAT. Completing an admissions essay was the only item rated more difficult than the scholarship search and aid application processes...
The new net price calculator requirement has implications for marketing professionals as well as financial aid folks. This article discusses factors all schools should consider as they meet this federal mandate. Please call our office at 585-381-1120, or to contact us directly through our website. We look forward to hearing from you!