New federal mandate requires online aid estimators for colleges

Aug 15, 2011

A new federal mandate could make it easier for families to budget for college. Net price calculators will be required by all colleges and universities starting October 29th. At a minimum, net costs are based on a student’s income, how big their family is and their dependency status.

Keith Williams works in the financial aid office at Michigan State University. He says MSU’s net price calculator has been around for several years.

"It just allows a student to make a real, realistic comparison as to what the net price will be at one school versus another school," Williams said.

Margaret Rodriguez works in the financial aid office at the University of Michigan. She says the mandate is a good thing.

"The more information that we can make available to families about the availability of financial aid, the better it is," she said.

Schools can use their own system or the generic calculator provided by the federal government.

- Amelia Carpenter - Michigan Radio Newsroom