NEW YORK Students checking out colleges this fall shouldn’t rule out any options based on price alone.</p>
<p>The tuition and fees that schools publish online are often far more than what families end up paying.</p>
<p>The problem is that the true cost of attendance, after subtracting federal, state and school grants, isn’t always clear until students receive their financial aid award letters.</p>
<p>But starting Oct. 29, colleges will be required to provide ‘net price calculators’ on their websites. These will give families a better sense, early on, of what their actual costs would be for that particular year. This is expected to help students get a more accurate assessment of the range of schools that are within their reach…</p>
<p>…If the net price calculator isn’t immediately available on the homepage, look under the ‘Financial Aid’ section, which is usually under an ‘Admissions’ heading. Note that the calculator also may be listed under a different name, such as ‘financial aid estimator.’</p>
<p>Remember that schools aren’t required to post their calculators until later this month. So if you don’t see it right now, check back in a few weeks.</p>
<p>Once you’ve located the calculator and entered all your information, you also want to be sure that you’re looking at the right figure.</p>
<p>Some schools may also provide a figure called ‘out-of-pocket cost’ or ‘remaining cost.’ Don’t be confused; this is the cost after the school factors in projected income from work and loans.</p>
<p>For example, a study by the Institute for College Access & Success this spring found one school subtracted more than $33,000 in ‘loans or work study’ to give students an ‘upfront cost’ of zero. This gives off ‘an illusion of affordability and can easily lead students and their families to believe that they will have no out-of-pocket costs,’ the study noted.</p>
<p>These figures may also combine federal and private loans into one lump sum, even though their interest rates and terms can vary significantly.</p>
<p>Even if the calculator spits out a net price that’s slightly out of your reach, don’t be discouraged. The calculator might not have taken into account special circumstances, such as recent unemployment or academic achievements, that could qualify you for more aid.</p>
<p>‘If you see a number that’s on the margin, call the financial aid office to continue the conversation,’ Asher says. ‘The purpose is to provide an estimate. It’s personalized but not precise.’