Is Your NPC Adding Up?

Have you checked your Net Price Calculator? Is It current?

If you search your institution’s name and “net price calculator,” then click the link and go through the pages as a student would, you’ll see what award year comes up and when award year specific data was last updated. Many NPC award years are from 2017 or earlier. Does it even matter, and how did we get here?

• The History of Net Price Calculator:
  In 2008, the Higher Education Opportunity Act required colleges and universities receiving federal Title IV funds to post a Net Price Calculator on their website. This had to be implemented by late 2011.
• Purpose of a Net Price Calculator:
  NPC helps students estimate the cost of college after subtracting financial aid, such as grants and scholarships. Its goal was to also let students know if their dream college was affordable.
• How NPC works:
  A Calculator uses institutional data to estimate net price information based on a student’s individual circumstances, such as academic and financial profiles.
• When should it be updated?
  NPC should be updated every year with current cost of attendance values, as well as funding level values relevant to the current award year.

If your NPC isn’t updated, there is potential negative impact to students and enrollment as older data can muddy the waters for students as they make enrollment decisions.

Scheduling an annual review to update the data for the new award year is a great way to mitigate this issue. Another option is to outsource this update. Global offers a Net Price Calculator that we update for each award year and keep current for our clients. You can find more information on Global’s NPC solution at https://globalfas.com/solutions/global-calculator

You can also contact Chesa Donovan, Executive Director of Business Development, on our website, at 228.523.1797 or at cdonovan@globalfas.com.