Net Price Calculator vs. Actual Cost

[LisaKinVA]

If you've used the Net Price Calculators for college costs, how close were they to what you actually paid?  There are already plenty of variables I can't adjust for (such as schools not putting information about how much competitive scholarships might be worth). We used the same numbers in all of the calculations, and are using the same basis for comparison (not including loans or work-study).  Just trying to get a general idea...

[whitestavern]

For us it was spot on for all 13 schools, like within $1000, even though some of the schools asked for much more detailed information than others. And that was both FAFSA and CSS profile schools. We didn't know what portions of that aid would come in as merit vs financial, but were pleasantly surprised that most of it was merit.

 

[LisaKinVA]

24 minutes ago, whitestavern said:

For us it was spot on for all 13 schools, like within $1000, even though some of the schools asked for much more detailed information than others. And that was both FAFSA and CSS profile schools. We didn't know what portions of that aid would come in as merit vs financial, but were pleasantly surprised that most of it was merit.

 

Good to know.  Right now, the schools have estimates ranging from $37,000 to $8,000.  Kind of a crazy range!

 

[Nancy in NH]

Spot on for us, too, within $1000-$2000.  Some NPCs didn't include merit aid in the calculation, so that part was a big question mark until merit was awarded upon admittance.

[8filltheheart]

9 minutes ago, LisaK in VA is in IT said:

Good to know.  Right now, the schools have estimates ranging from $37,000 to $8,000.  Kind of a crazy range!

 

What types of schools are giving you that broad of a range?  Publics vs meets need schools? Some schools will give a break for a sibling in college; some don't care.

Since she is a current jr, this yr's tax return (2018) is the yr the info will be based on, so that info should be accurate.  In terms of unpublished merit, for some schools reading CC will give you enough information to pretty much know $ amts if they are pretty generic for stats (Pitt, CWRU, Temple, UR, etc....all of those seem to be generally close to "if you have this/get that" even though they don't publish.)  For really competitive merit (meaning like a handful offered), amts are typically on their websites.

[LisaKinVA]

3 minutes ago, 8FillTheHeart said:

What types of schools are giving you that broad of a range?  Publics vs meets need schools? Some schools will give a break for a sibling in college; some don't care.

Since she is a current jr, this yr's tax return (2018) is the yr the info will be based on, so that info should be accurate.  In terms of unpublished merit, for some schools reading CC will give you enough information to pretty much know $ amts if they are pretty generic for stats (Pitt, CWRU, Temple, UR, etc....all of those seem to be generally close to "if you have this/get that" even though they don't publish.)  For really competitive merit (meaning like a handful offered), amts are typically on their websites.

All but two schools are private.  I'll check out CC.  Due to extenuating circumstances, our tax information is not always a great reflection of reality (at least until 2020).  I know a good portion of the differences in amounts has to do with the schools that ask about medical costs not covered by insurance (ours have been really high for 5 years... just added another $18,000 in 2018).  Athletic scholarships vary greatly (we're not expecting a lot from any school, though).  But, at least I know the NPC is pretty reliable.  It's a starting point when DD starts talking $$ with the coaches.

[Sebastian (a lady)]

1 hour ago, LisaK in VA is in IT said:

If you've used the Net Price Calculators for college costs, how close were they to what you actually paid?  There are already plenty of variables I can't adjust for (such as schools not putting information about how much competitive scholarships might be worth). We used the same numbers in all of the calculations, and are using the same basis for comparison (not including loans or work-study).  Just trying to get a general idea...

 

It partly depended on if colleges included merit aid in their NPC.  Some did, but others just used EFC and gave broad strokes.

If you look on College Navigator, it has a tab for Net Price.  That gives info on average cost for 5 income groups.  That can give you some sense of how much they discount the listed cost of attendance.  For public universities, it only gives averages for students at in-state rates, unfortunately.  

[Sebastian (a lady)]

27 minutes ago, LisaK in VA is in IT said:

All but two schools are private.  I'll check out CC.  Due to extenuating circumstances, our tax information is not always a great reflection of reality (at least until 2020).  I know a good portion of the differences in amounts has to do with the schools that ask about medical costs not covered by insurance (ours have been really high for 5 years... just added another $18,000 in 2018).  Athletic scholarships vary greatly (we're not expecting a lot from any school, though).  But, at least I know the NPC is pretty reliable.  It's a starting point when DD starts talking $$ with the coaches.

 

These tip sheets are written to provide guidance to financial aid officers on how to consider situations that aren't easily encompassed in FAFSA or CSS filings.  I think they give some good background for families who have situations that aren't typical.  They can be helpful in putting together a packet of additional information to send after the initial filing or as part of an appeal request.  There is one that specifically addresses unusual medical expenses.

https://professionals.collegeboard.org/higher-ed/financial-aid/im/tips

[GoodGrief]

Since I know you have both Princeton and Dartmouth on your list, I will say this: Princeton is much more generous with aid for middle class sorts than Dartmouth. Signifcantly more so. The aid for Princeton for the first year brought us down to well below $10,000 (I think it was $6500) in cost. Dartmouth's initial offer had us paying $35,000 for the year. However, when you bring Pricneton's offer to Dartmouth, they will match it. This is not going to show up in the cost calculators and there is no way to know if you will have that option until she is accepted to both. Also, if cost is an issue, it is a big reason to NOT ED to Dartmouth, because you will not get additional Ivy League financial aid offers.

[kokotg]

Ours have ranged from very similar to NPC estimates to significantly lower. None of the actual FA packages have been more than we were expecting based on NPC.

[teachermom2834]

Ours were pretty accurate. Watch for the “personal expenses” category. I always disregarded that and just looked at the tuition and room and board. We had some schools list $1000 and others $5000. That can make the bottom line look different than reality.

Our financial aid offers always came in as expected based on NPC and other published info regarding automatic aid.