How to Use a Net Price Calculator?
To find a specific college's NPC, do a Google search with the college's name and the term "Net Price Calculator." Example: Harvard Net Price Calculator. The calculator itself should be a straightforward process that involves filling out your family's financial details.
Keep in mind that the accuracy of the NPC relies entirely on the accuracy of the information you provide. If you're putting in inaccurate information, the estimated net price will be off, so you should be as thorough as you can be.
When filling out NPCs, you’ll probably need the help of a parent or guardian since many of the questions revolve around a parent’s or guardian’s income and assets.
Each school has a separate NPC, and each one needs the same information. Yes, it can be a bit time-consuming. But if you can’t pay for college out of pocket, then filling out NPCs is an important part of the college application process.
Once you have your results, don't forget to save them for each school. Take a screenshot or download a PDF and save it somewhere you’ll be able to find later.
Having the documentation is important because it serves as a reference point once you receive financial aid packages from the colleges to which you applied.
If you are accepted to a college and their financial aid package varies significantly from the NPC’s data, you can use the NPC data to discuss your concerns with and appeal to the financial aid office. They might be able to help you out.
What if the Net Price Calculator says I can’t afford a college or university?
Just because the NPC says you can’t afford a college or university doesn’t necessarily mean you shouldn’t apply. The NPC is a starting point. It will give you a realistic idea of what it would take financially to attend that school.
Does that mean you won’t be eligible for other merit or talent scholarships or other kinds of outside funding? Of course not.
But if you know from the NPC that a college would cost more than you can afford, then you’ll need to look extra hard for those other kinds of financial aid.
TL;DR
The NPC is more than just a tool; it's a way to learn about college costs. It helps you estimate, compare, and plan for your education expenses at different institutions, which can ultimately influence your college choice. So, when you’re creating your list of colleges, be sure to understand the financial implications by using the Net Price Calculator. It’s an essential part of your college application journey and can make the decision process easier for you and your family.
