Net Price Calculator
The Department of Education has released a Net Price Calculator template that institutions can use to comply with one of the new requirements that was created in the Higher Education Opportunity Act. Title IV institutions are required to post a net price calculator on their web site that uses institutional data to provide estimated net price information to current and prospective students. The law requires that institutions provide a net price calculator on their website by October 29, 2011.
The Department’s template is available at the following link:
http://nces.ed.gov/ipeds/netpricecalculator
There is also a guide to the calculator available:
http://nces.ed.gov/ipeds/netpricecalculator/download/QuickStart_IE.pdf
The estimates that are generated by the calculator do not represent a final determination or award of financial assistance or final price by the school. Rather, they are only estimated based on the cost of attendance and financial aid provided to students in any given year.
The Department has released informal guidance that graduate and professional schools do not need to comply with the net calculator requirement since they do not have “first time” students at their school.
The HEOA states, “The calculator shall be developed in a manner that enables prospective students, families and consumers to determine an estimate of a prospective student’s individual net price at a particular institution.”
The Calculator template has eight elements for the students to enter:
Age
Marital Status
Children
Family Size
Number of family members in college
Parent income for dependents (or household income for independents)
Living status (on campus, off campus, or with parents)
Residency Status (in-state or out of state).
The first three questions are designed to estimate a student’s dependency status, which is used to determine the student’s expected family contribution (EFC). The next three questions are also used to determine the students EFC. The final two questions are used to approximate the student’s COA.
The following is the data that the institutions must provide to populate the calculator. The institution can add data to provide a more accurate estimate of their net price. At a minimum each institution must provide the following data:
Estimated total rice of attendance
Estimated tuition and fees
Estimated room and board
Estimated books and supplies
Estimated other expenses (including personal expenses and transportation)
Total estimated merit-and need-based grant aid
Estimated net price (price of attendance minus grant aid)
The school also needs to reach some preliminary decisions, including what calculator will be used. The institution has three options: use the template issued by the Education Department, customize the template, or use a calculator developed by an outside organization.
It is strongly suggested that the institutions test their data so they are not surprised by the results. .
Gainful Employment
To be eligible for funding under the Title IV programs, an educational program must lead to a degree or prepare students for “gainful employment in a recognized occupation”. In addition off programs offered by proprietary institutions must prepare students for “gainful employment in a recognized occupation.” Gainful Employment Programs include non-degree programs, including all certificate programs.
The institution is required to report certain information about students who are enrolled in title IV eligible educational programs that lead to gainful employment in a recognized occupation (GE Programs). First reports must be submitted to the Department no later than October 1, 2011, and must include information on ALL students(whether or not they receive financial aid) enrolled in a GE Program during the 2006-2007 award year, the 2007-2008 award year, the 2008-2009 award year and the 2009-2010 award year. Report 2006-2007 award year to the extent that the information is available. If you cannot provide information for any year, an explanation must be included.
Draft Reporting Requirements:
This information will be sent to the Department using the Enrollment Reporting Process currently used by schools to submit enrollment information to the National Student Loan Data system (NSLDS). First reporting must be made no later than October 1st.
There are 27 data elements for each student that must be reported and these are attached for your review. A student that was enrolled in more than one program must be reported separately for each of those programs as would a student who “stopped out” and
reentered the same program during the same award year. (See Attachment 1) These include:
Identifying information about each student who enrolled in the program that prepares students for gainful employment in a recognized occupation
The Classification of Instructional Program (CIP) code for the program
If a student completed a program during an award year:
The date the student completed the program
The amount the student received from private educational loans and institutional financing plans that the student owes when completing the program.
Whether the student matriculated to a higher credentialed program at the institution or another institution
The CIP code for the program and the total number of students enrolled in the program at the end of each award year, along with identifying information about the students.
Information must be reported by:
October 1, 2011 deadline for 2006-2007 award year - to extent possible.
October 1, 2011 deadline for 2007-2008 through 2009-2010 award year
No earlier than September 230th, but no later than date published in Federal Register for most recently completed award year.
If information not available, must provide an explanation.
Disclosure Requirements:
The following must be disclosed to prospective students in promotional materials and on the school’s web site. By July 1, 2011(the effective date of the regulation) the institution will receive a “disclosure form issued by the Secretary to provide the required information.” The first disclosure must be made no later than July 1st.
Below is a summary for the information that must be disclosed for each GE Program at your institution.
The U.S. Department of Labor’s Standard Occupational Classification (SOC) code of the occupations that the program prepares students to enter, along with links to occupational profiles on the U.S. Department of Labor’s O*NET web site.
The On-time graduation rate for students completing the program:
Determine the number of students who completed the program during the most recently completed award year.
If a student transferred into a program, the transfer credits have no bearing on the timeframe to complete the program.
A student who changes programs must complete within the timeframe beginning from the date the student began attending the prior program.
THEN
4. Divide the number of students who completed the program within normal time by the number of students who completed the program and multiply the result by 100.
The tuition and fees the institution charges a student for completing the program within the normal time.
The typical costs for books and supplies (unless these costs are included as part of tuition and fees).
The job placement rate for students completing the program, as determined by NCES when that rate is availability. If accrediting agency or State requires a placement rate calculation at an institutional level or other than program level, this rate must be disclosed
The Median loan debt incurred by students who completed the program (separately by Title IV loans and by other educational debt to include both private educational loans and institutional financing as provided by the Secretary.
Other information the Secretary provided to the institution about the program.
IMPORTANT NOTE: Each student record includes student specific information for any student who was enrolled at any time during the reporting award year (Data Element #1) in any of an institution’s educational programs. An institution’s unique educational program is identified by the first six numbers of the institution’s OPEID (Data Element #7); the program’s CIP Code (Data Element #11), and the program’s Credential Level (Data Element #12). A student who was enrolled in more than one program during the award year must be reported separately for each of those programs, as would a student who ‘stopped out’ and reentered the same program during the same award year.
Data Element Number Data Element Description Length
1 Award Year Award year student was enrolled at any time in the educational program being reported on. All award years begin on July 1 and end the following June 30.
Award year is indentified as the four digits of the first calendar year and the four digits of the second calendar year of the award range. (Example: the award year for July 1, 2008 - June 30, 2009, would be identified as 20082009. 8
2 Student SSN Student ‘s Social Security Number 9
3 Student First Name Student’s First Name 35
4 Student Middle Name Student ‘s Middle Name or Middle Initial, if available 35
5 Student Last Name Student’s Last Name 35
6 Student DOB Student’s Date of Birth (MMDDYYYY)
If Date of Birth not available, enter ‘01011901’ 8
7 Institution’s OPEID Eight‐digit OPEID, as included on the institution’s Department of Education’s eCAR. First six digits identify the institution. Last two digits identify the specific location where the student attended the educational program being reported on. 8
8 Institution Name Institution’s Name. Official name of the institution as included on the institution’s Department of Education’s eCAR. 65
The next five fields describe the institution’s educational program that the student (identified in fields 2 – 6) was enrolled in during the award year.
Data Element Number Data Element Description Length
9 GE Program Indicator ‘Y’ if the program being reported is a Gainful Employment educational program.
Otherwise – ‘N’ 1
10 Program Name Name of the educational program, as determined by the institution, in which the student was enrolled during the award year. 80
11 CIP Code Classification of Instructional Program (CIP) Code for the educational program in which the student was enrolled during the award year. 6
12 Credential Level Level of degree/certificate/credential for the educational program in which the student was enrolled during the award year.
01= UNDERGRADUATE CERTIFICATE
02= ASSOCIATE’S DEGREE
03= BACHELOR’S DEGREE
04= POST BACCALAUREATE CERTIFICATE
05= MASTER’S DEGREE
06= DOCTORAL DEGREE
07= FIRST-PROFESSIONAL DEGREE 2
13 Medical or Dental Internship or Residency. Required if Field #12 is ‘07’.
‘Y’ if student is or will be required to complete a medical or dental internship or residency after completing the educational program.
Otherwise – ‘N’ 1
Data Element Number Data Element Description Length
14 FFEL or Direct Loans 'Y' if student received FFEL or Direct Loans at any time (not just during this award year) for attendance in the educational program.
Otherwise ‐ 'N'.
Parent PLUS loans, TEACH Grants, and Perkins loans are not included. 1
15 Program Attendance Begin Date Date the student began enrollment in the educational program. Report date even if enrollment began prior to the beginning of the award year. (MMDDYYYY) 8
16 Program Attendance Begin Date for This Award Year Date in this award year that the student began enrollment in the educational program. Report beginning date of the award year if enrollment began prior to the start of the award year. (MMDDYYYY) 8
17 Program Attendance Status 'C' – If student completed the educational program at any time during the award year.
'W' – If student withdrew from the educational program at any time during the award year.
‘E’ – If student was enrolled in the educational program on the last day of the award year . 1
The following data elements are to be reported only if the student completed or withdrew from the educational program (Data Element Field #17 is 'C' or 'W').
18 Program Attendance End Date The effective date of the student’s completion or withdrawal from the educational program during the award year. (MMDDYYYY) 8
19 Private Loans Amount Gross (amount student will be responsible for repaying) amount of private educational loans received by the student at any time for attendance in the educational program (not just for this award year).
Report whole dollars only, no dollar signs, commas, or decimal points. If student did not receive any private educational loans, enter all zeros. 6
Data Element Number Data Element Description Length
20 Institutional Financing Amount Total amount owed by student from institutional financing plans for attendance in the educational program as of day the student completed or withdrew from the educational program.
Report whole dollars only, no dollar signs, commas, or decimal points. If student did not receive any institutional financing, enter all zeros. 6
21 Field Reserved To Be Determined 6
22 Enrolled in Another Program 'S' – If student enrolled in any other educational program at the same institution - same six digit OPEID.
'D' - If known, student enrolled in another educational program at a different institution - different six digit OPEID. ‘D’ does not apply to students enrolling in another program at a different location of the same institution.
'N' if neither of the above 1
23 CIP Code of Other Program Required if response to Data Element Field #22 is 'S' or if response is 'D' and new program CIP code is known. 6
Data Element Number Data Element Description Length
24 Credential Level of Other Program Required if response to Data Element Field #22 is 'S' or if response is 'D' and new program Credential Level is known.
01= UNDERGRADUATE CERTIFICATE
02= ASSOCIATE’S DEGREE
03= BACHELOR’S DEGREE
04= POST BACCALAUREATE CERTIFICATE
05= MASTER’S DEGREE
06= DOCTORAL DEGREE
07= FIRST-PROFESSIONAL DEGREE 2
25 Program Name of Other Program Required if response to Data Element Field #22 is 'S' or if response is 'D' and other program’s Program Name is known. 80
26 GE Program Indicator of Other Program Required if response to Data Element Field #22 is 'S' or if response is 'D' and other program’s GE Program Indicator is known.
‘Y’ if the program being reported in Field #22 is a Gainful Employment Education Program
Otherwise – ‘N’ 1
27 OPEID of Other Program Institution Required if response to Data Element Field #22 is 'D'. 6
28 School Name for Other Program Required if response to Data Element Field #22 is 'D'. 65
Textbook Information Disclosures
Effective July 1, 2010, institutions receiving Federal Financial Assistance, are required to the maximum extent practicable, to post verified textbook pricing information for both required and recommended materials for each class on the institution’s online course schedule or linked to the course schedule from another site, such as a college-designated bookstore, in a manner of the institution’s choosing. This pricing information must include:
The International Standard Book Number (ISBN) and retail price of the materials charged by the institution or a bookstore on the campus of, or otherwise associated with, the institution.
If no ISBN is available, the author, title, publisher and copyright date of the textbook or supplemental material.
If the institution determines that disclosure of this pricing is not practicable for some reason, the designation of “To Be Determined (TBD)” in lieu of the required pricing information.
Schools are encouraged to disseminate information to the students about:
Programs for renting or purchasing used textbooks
Guaranteed buy-back programs
Alternative content delivery programs
Other cost-savings strategies
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