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A college cost calculator, in the United States, is an online tool allowing students and their parents to calculate how much college is likely to cost. [ 1 ] [ 2 ] Numbers are input into the online calculator, and if done properly, it gives an estimate of the likely expenses for that student attending that particular college.
When comparing college costs, don’t stop at the published tuition and fees.
These costs factor in tuition, housing, food, university fees, and supplies such as textbooks, manuals, and uniforms. Two year public universities, such as a community college, factor in tuition and fees, and have an average yearly cost of $3,730. The average tuition and fees for for-profit institutions were 14,600. [1]
To make higher education costs more transparent before a student actually applies to college, federal law requires all post-secondary institutions receiving Title IV funds (federal funds for student aid) to post net price calculators on their websites by October 29, 2011.
In 2017, a federal endowment tax was enacted in the Tax Cuts and Jobs Act of 2017 in the form of an excise tax of 1.4% on institutions that have at least 500 tuition-paying students and net assets of at least $500,000 per student. The $500,000 is not adjusted for inflation, so the threshold is effectively lowered over time.
The average full-time undergraduate gets $6,500 in grant aid along with $1,000 in tax-based aid to offset tuition and fees. [60] Sticker price is the full price colleges list in their brochures and on their websites. Net price is the price students actually pay. Net price accounts for the fact that many students receive grants or scholarships.
Net Price (tuition less aid received) has also grown, but to a much smaller degree, as most universities have increased their "discount rate" by offering more in student aid. [2] After adjusting for inflation, average net price at public and private universities has increased by 77% and 17%, respectively, over the same time frame.
Finally, as a result of the Higher Education Act (1965), as amended, IPEDS collects data to calculate the average net price at each institution for the following two groups: (1) full-time, first-time degree/certificate-seeking undergraduate students who receive grant and scholarship aid; and (2) full-time, first-time degree/certificate-seeking ...