The price on a college's website is rarely what a family pays. The number that matters is the net price, and you can estimate it for almost any college in about fifteen minutes.
The sticker price, often called the cost of attendance, adds up tuition, fees, housing, food, books, travel and personal costs for one year. The net price is what is left after grants and scholarships, money your family does not repay.
The gap can be large. A private college with a high sticker price may cost some families less than a public university, once its grant aid is counted. It can also go the other way. The only way to know is to check each college.
| College A (example) | College B (example) | |
|---|---|---|
| Cost of attendance | $78,000 | $32,000 |
| Grants and scholarships | $56,000 | $6,000 |
| Net price for one year | $22,000 | $26,000 |
Every college that takes federal aid is required to post a net price calculator on its website. Search the college's name plus "net price calculator." Have last year's tax return nearby. Some calculators take five minutes; others ask more questions and give a more precise estimate.
| Type | Repaid? | Where it comes from |
|---|---|---|
| Grants | No | Federal, state and college funds, usually based on need |
| Scholarships | No | Colleges and outside groups, based on merit, talent or need |
| Work-study | No, it is earned | A part-time job, often on campus |
| Loans | Yes, with interest | Federal student loans, parent loans, private lenders |
An aid offer that looks generous may be mostly loans. When comparing colleges, compare the net price after grants and scholarships only. Chapter 10 walks through reading aid offers line by line.
Need-based aid depends on what your family can afford, calculated from the FAFSA and, at some colleges, the CSS Profile. Merit aid rewards grades, talent or other strengths and does not depend on income. Some colleges offer mostly need-based aid, some mostly merit, many a mix. A college's website and its Common Data Set usually show how much of each it gives.
Multiply by four, and ask how prices and aid change. Some scholarships require a minimum GPA to renew. Some colleges raise tuition each year. College credit earned in high school may shorten the path at some colleges, which can lower the total. Each college decides how that credit counts.
Before the list is final, decide as a family what you can pay each year and how much borrowing, if any, is acceptable. It is much easier to build a list around a budget than to turn down an admission in April.
Want someone to handle this part? Your Caveat advisor runs the net price numbers for every college on the list, builds the list around your budget and compares the aid offers line by line in senior year.
Book a free 20-minute callThe Caveat Family Guide to College is general information, not legal, tax or financial advice. Each college decides admission, aid and how credit counts, and requirements change; check each college's own pages. Examples are examples, not promises. Caveat Academic Services is an independent college preparation company. Students do all of their own work.