net price calculator: developing a tool that works for you and your students
DESCRIPTION
Net Price Calculator: Developing a Tool That Works for You and Your Students. Presenters. Jana Albrecht Illinois State University Kim Donat Indiana State University Amanda Fijal University of Chicago Dan Mann University of Illinois at Urbana-Champaign. Overview. - PowerPoint PPT PresentationTRANSCRIPT
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Net Price Calculator:
Developing a Tool That Works for You and Your
Students
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Presenters
• Jana Albrecht– Illinois State University
• Kim Donat – Indiana State University
• Amanda Fijal– University of Chicago
• Dan Mann– University of Illinois at Urbana-Champaign
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Overview
• Background of Net Price Calculator Regulations
• Net Price Calculator Requirements
• Approaches from Four Schools
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Net Price Calculator History
• August 14, 2008 - HEOA was signed and included a requirement that every institution have a Net Price Calculator
• October 29, 2009 – U.S. Department of Education/NCES released their Net Price Calculator Template
• October 29, 2011 – Deadline for institutions to post their Net Price Calculator on their websites
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PurposeP.L. 110-315, sec. 132(h)(1)
A Net Price Calculator is intended to help current and prospective students, families, and other consumers estimate the individual net price of an institution of higher education for a student. The calculator shall be developed in a manner that enables current and prospective students, families, and consumers to determine an estimate of a current or prospective student’s individual net price at a particular institution.
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What is Net Price?
Cost of Attendance for FTFT students(tuition/fees, room/board, books/supplies, & other expenses including transportation)
- Total federal, state, and institutional grants awarded to FTFT students/Number of FTFT students receiving such aid (Does not include private/outside grants)
= Net Price
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Net Price Calculator Requirements
Required only if you have full-time, first-time, undergraduate students
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Net Price Calculator Requirements
• Institutions may use either the Net Price Calculator developed by the Department of Education, use a third-party vendor or other template, or develop their own calculator
• At a minimum, institutional and third-party developed calculators must include the same data elements found in the Department of Education calculator
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Net Price Calculator Requirements
• Minimum NPC input elements (should try to approximate EFC):– Income– Number in Family– Dependency Status
• Institution may use Federal Methodology (FM) or Institutional Methodology (IM)to approximate the EFC
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Net Price Calculator Requirements
• Minimum NPC output elements:– Estimated total price of attendance
• Total tuition and fees• Total room and board• Total books and supplies• Total other expenses
– Estimated total grant aid– Estimated net price– Percent of cohort that received gift aid– Caveats and disclaimers
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Things to Do/Consider
• Educate yourself and others on the Net Price Calculator requirements and options
• Review your data and consider the complexity of your data
• Look at your IPEDS Report
• Think about what will make the most sense to your students and parents
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Things to Do/Consider
• Inform other offices about the Net Price Calculator requirement
– Institutional Research– Admissions– Registrar– Information Technology– Public Affairs– Colleges and Departments
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Institutional Approaches
• Use Federal Template– Illinois State University
• Use Third Party Vendor– Indiana State University– University of Chicago
• Build Your Own Calculator– University of Illinois at Urbana-
Champaign
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Illinois State University
Net Price Calculator Location: On the Cost of Attendance page of the Financial Aid website http://financialaid.illinoisstate.edu/prospective/estimator/
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Illinois State University
• Steps in our selection process:– Meetings/Discussions
• Needs of our students• Time, Resources, Money• Admissions and EMAS opinion
– Decision/Plan
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Illinois State University
• Statistics– Initial release Fall 2009
•400 hits– Fall 2010 to Fall 2011
•4990 hits•2673 made it to the summary
page
• Evaluation and Planned Revisions
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Illinois State University
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Indiana State University
Net Price Calculator Location:
Located in three places: ISU home page
Financial Aid websiteAdmissions website
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Indiana State University
ISU began with a generic product.
It didn’t provide the calcs that we were interested in seeing.
Needed a more complete package.
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Indiana State University
Goals for ISU Calculator Meet the NPC requirement
Provide student information - Indiana scholarships - ISU scholarships - Veterans resources
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Indiana State University
Ultimate Goal: Provide NPC data and use as a
recruiting tool
- Honors program - Honors prospectus
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University of Chicago
Net Price Calculator Location:
Admissions website, Cost & Aid page for prospective student: https://collegeadmissions.uchicago.edu/costs/apply/calculate.shtml
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University of Chicago
• Decision points:– IT resources– Flexibility– IM support– Programming difficulty– Peers
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University of Chicago
• Third-Party Vendor Selection– Talked with peers– Webinars– Conference presentations
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University of Chicago
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University of Chicago
Net Price Calculator Location:
College Board website
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University of Illinois
Net Price Calculator Location: Office of Student Financial Aid Home Page (link also available on all financial aid web pages)
http://www.osfa.illinois.edu/aid/ifac/IFAC.asp
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University of Illinois
Enhancements made to our calculator:•Added independent calculation•Added disclaimers•Revamped Output Page•Added Google Analytics
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University of Illinois
• Complex tuition/fee structure and costs
• Average information did not provide an accurate representation for students and families
• Already had a successful home-built calculator
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University of Illinois
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University of Illinois
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University of Illinois
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University of Illinois
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Net Price Calculator Resource Center
• http://nces.ed.gov/ipeds/resource/net_price_calculator.asp
• http://airweb.org/page.asp?page=2106
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Questions? / Discussion!