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NET PRICE CALCULATOR GUIDANCE COUNSELOR WORKSHOP 2012

NET PRICE CALCULATOR GUIDANCE COUNSELOR WORKSHOP 2012. Presented by Stephanie Rovello Assistant Director Office of Financial Aid and Scholarship Services Stony Brook University. Background on Higher Education Opportunity Act. Signed into law August 14, 2008

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NET PRICE CALCULATOR GUIDANCE COUNSELOR WORKSHOP 2012

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  1. NET PRICE CALCULATORGUIDANCE COUNSELOR WORKSHOP 2012 Presented by Stephanie RovelloAssistant DirectorOffice of Financial Aid and Scholarship ServicesStony Brook University

  2. Background on Higher Education Opportunity Act • Signed into law August 14, 2008 • Includes new reporting and disclosure requirements: -institution must disclose info to public in some manner -requires institutions to have net price calculator for full-time, first-time degree/certificate seeking undergraduate students (FTFT) • Required - Net Price Calculator must be installed by October 29, 2011

  3. Purpose “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.” - P.L. 110-315, sec. 132 (h) (1).

  4. Requirement of Net Price Calculator • An institution may use either the net price calculator developed by Department of Education or it may develop its own • An institution’s developed calculator must include the minimum required data elements found in the Department’s template

  5. Minimum Required Elements • Input Elements: -Data elements to approximate student’s EFC such as income, number in family, and dependency status • Output Elements: • Estimated total price of attendance • Estimated tuition and fees • Estimated room and board • Estimated books and supplies • Estimated other expenses (personal expenses, transportation, etc.) • Estimated total grant aid • Estimated net price • Percent of the cohort (full-time, first-time students) that received grant aid • Caveats and disclaimers, as indicated in the HEOA

  6. Definition of Net Price Institution’s price of attendance for Full Time First Time students Total need and merit-based federal, state, and institutional grant aid awarded Net Price

  7. Table Comparison of the Net Price Calculators of Private and Public Academic Institutions

  8. Private 4 Year Academic InstitutionDeveloped by Institutional IT Staff This process took a total of 14 minutes to complete! Your Estimated Out-of-Pocket Expense…$26,570

  9. Public 4 Year Academic Institution Third Party Software This process took a total of 6 minutes to complete!

  10. Public 4 Year Academic Institution- SUNY Delivered Estimated Cost for 1st Year of Attendance This process took a total of 13 minutes to complete!

  11. Contact Information Stephanie Rovello 180 Administration Stony Brook, NY 11794-0851 Phone: (631) 632-1943 Fax: (631) 632-9525 stephanie.rovello@stonybrook.edu

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