The New Net Price Calculator: Don’ts, Dos and FAQs

Using the net price calculator can help you, as an institution that participates in the Title IV federal student aid program, make sure your students and their families understand the net price of schooling. There are some dos and don’ts of using the net price calculator that you should know. FA Solutions LLC aligns with the Federal Government and recommends these as some of the best practices for Financial Aid Directors. 

When Using the Net Price Calculator, Do These Things 

When trying to find the correct net price for a program, make sure you’re inputting the largest program at your institution. Even if that program isn’t Title IV-eligible, you should still use your largest program for the purposes of the calculations. 

Do remember to input the student’s data for the entire year if you have an “Academic” calendar at your school. If you have a “Program” system, then you should use the entire length of the largest program. 

Do update yearly; but wait until the new year’s data is released before updating the new year data into the template. New year version is typically available in January.  

When using the Net Price Calculator, Don’t Do These Things 

There are some mistakes you could make when using the net price calculator. Remember not to make modifications to the source code of the net price calculator template unless your IT department is capable of understanding the implications. The National Center for Education Statistics will not be able to guarantee they can help if you do so and have questions in the future. 

Another thing to avoid is including loans in the net price calculation. The net price calculation is meant to show the cost of an education minus scholarships and grants, but it must show any money that has to be repaid. If you include loans, your institution will not be in regulatory compliance. 

Frequently Asked Questions 

Where Will I Find the URL for My Net Price Calculator? 

You’ll find your URL at the Institution Identification screen that is found within the IPEDS system. Where Should My Institution Place the Net Price Calculator? 

Include the net price calculator on your website. There is no specific requirement for location but consider making it easy to get to. 

Can I Call the Net Price Calculator Something Else on My Website? 

No, you need to call it “Net Price Calculator” to be in compliance.

When is the Net Price Calculator required? 

Any institution that enrolls full-time, first-time students is required to have a Net Price Calculator.  

Stay in Compliance with FA Solutions 

At FA Solutions, we have a knowledgeable staff that can help with all aspects of the financial aid process. We’re here to help your team, so you can be sure you’re in compliance. Reach out to us today for a complimentary consultation .