While the cost of sending your kids to college may seem overwhelming, there's a new tool to help parents determine exactly how much they'll have to shell out. Adding up the cost of a college education may now be as simple as logging onto your computer.
The net price calculator is designed to help students and parents figure out how much it will cost them to go to school. In just weeks, every college and university across the country must post the calculator on the school's website.
At McDaniel College in Maryland, 90 percent of first year students receive merit or need-based financial aid. But few of them knew exactly what it would cost to go to school. Now, the net price calculator will help new and current students add up the final numbers.
Patty Williams, director of the school's financial aid office, says this new tool will take some of the guess work out of filling out college costs.
"What ours does is it takes all of the financial information that we're going to ask a parent or s student when they apply for financial aid," Williams said. "Ask for it up front, run it through a calculator. Give them as estimate of what they're going to pay to come to McDaniel."
Already, some students are giving the calculators high marks.
"I think it's a very helpful tool considering I depend on financial aid greatly with college and stuff, so I mean it's a great tool for any college student no matter grad or undergrad," said Amy Baumgardner.
"I mean it's definitely a good idea to do because you know you can just go on it and then know exactly how much everything costs," another student said.
The online calculators require students and parents to pass along tax information, earnings and bank statements. It also takes into account student grade point averages, class ranking and SAT scores.
"So now they can sit down and go well, let's see and it's an estimate," Williams said. "The information's only as good as they put in as what comes out. So they have to be pretty careful about what they put in but it will give them an idea."
School officials say this computer program can serve as a good first step in helping families to at least estimate how much they'll have to pay for school.
Would you find the calculator useful? Have you started saving for college? Are you intimidated by the rising cost of tuition? Leave your thoughts below.
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