Net price calculator
University adds net price calculator to website
11:08 a.m., Oct. 28, 2011--The University of Delaware has added a net price calculator tool, which can be used by prospective students and their families to estimate how much they will pay for a UD education, to its website. Calculator results will include the amount and types of financial aid for which students might quality if they enroll at UD as full-time college freshmen.
The net price calculator, which can be found on the UD home page, is required of postsecondary institutions by Oct. 29 in accordance with the Higher Education Opportunity Act of 2008.
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"The University of Delaware heartily agrees with the intent of the law, which is to make financing a college education as transparent as possible," said Louis L. Hirsh, UD director of admissions.
The goal of the net price calculator is to provide students a more realistic assessment of the actual cost of their post-secondary education.
The calculator will ask families to provide financial and academic information in order to receive an estimated eligibility for need and merit based financial aid. For the best results, said Melissa J. Stone, UD director of student financial services, be sure to use information that is accurate and complete when using UD's net price calculator.
“Our goal was to provide a user-friendly tool that collects the necessary data to estimate a family’s out-of-pocket expenses so they may make informed decisions about college affordability," Stone said.
An additional feature being offered to families is an affordability scenario planner to educate prospective students on the longer-term financial impact of borrowing decisions to meet educational expenses.
Those using the net price calculator are encouraged to keep in mind that no student ever pays the full cost of his or her college education. "In an important sense," Hirsh said, "the education of every UD student is subsidized, and some of that subsidy comes from the generosity of alumni, friends and other donors who have given to the University so that the next generation of UD students can experience the same advantages that they enjoyed."
The cost of a UD education for in-state students is further offset by state support to the University. In addition, through its Commitment to Delawareans, the University meets the full demonstrated financial need of Delawareans -- up to the full cost of tuition, room and board, books and fees -- and caps their debt upon graduation.
University officials note there are limitations to the net price calculator results. For instance, final decisions about merit-based scholarships -- like decisions about admissions -- are not made mechanically by looking solely at grade point averages or standardized test scores.
"Unfortunately, what a computer-based net price calculator can't take into consideration are such nuances as the rigor of our applicants' high schools and high school curricula, the trend in their grades, the scope of their out-of-class accomplishments and honors, and what we can infer about them from reading their letters of recommendation and admissions essays," Hirsh said. "That is why we urge all students who have outstanding academic records to submit an application for admission so that we can consider them for scholarships, as well as need-based awards. Because of these nuances, there will be students who will qualify for merit-based awards that might not be reflected in a net price calculator."
Conversely, it is also possible that a student could see a higher estimated merit based award on the net price calculator than would actually be offered.
The figure students arrive at with the net price calculator, even using the most accurate and complete information, is not a bottom line quote but an estimate. Neither tuition nor scholarship assistance is static. Because of this, UD will have caveats in multiple places on the net price calculator web pages to make clear that these are estimates that could vary based on multiple factors, including but not limited to the student’s record.
Furthermore, the net price calculator estimates are based on current year applicants and costs. University officials do not know how the UD applicant pool might change from year to year, which would have an impact on admissions and scholarship decisions. Detailed information about admissions practices, including application deadlines, can be found at this website, and information regarding financial aid resources, such as educational loans, is available at the Student Financial Services site.
"We believe that we have an encouraging story to share with families," Hirsh said. "The Commitment to Delawareans makes a UD education affordable for a large number of Delaware families, and for out-of-state students we believe that UD is very much 'smart money,' particularly when you factor in the quality of education that we offer and the opportunities that await students after they graduate with their UD degrees."
The University plans to host an evening chat in November for parents and families of prospective students to further explain the net price calculator and also scholarships and financial aid at UD.
Tips for using UD's net price calculator
• Good information in, good information out. For the best results, be sure to use information that is accurate and complete when using the UD NPC.
• Inexact science. The figure you arrive at, even using the most accurate and complete information, is not a bottom line quote but an estimate. And, as noted in the article above, neither tuition nor scholarship assistance is static. Things will change.
Article by Neil Thomas