The tool being examined provides an estimate of the cost to attend a specific higher education institution after factoring in potential grant and scholarship aid. This individualized estimate contrasts with the sticker price, which represents the full published cost of tuition, fees, room, and board. The calculator uses financial information provided by the prospective student and their family to determine an estimated Expected Family Contribution (EFC) and subsequently projects the amount of need-based aid the student might receive.
Accessing a personalized cost projection prior to applying allows families to better understand the financial implications of attending a particular college. It facilitates informed decision-making by providing transparency and enabling comparison of costs across different institutions. Historically, a lack of clear cost information often deterred prospective students from considering options that may have been financially feasible with appropriate aid.
