Price and Cost Transparency

• Online Financial Aid Calculators

• Providing Better Consumer Information

• Online Institutional Financial Statements/Explaining Campus Budget Decisions to Students and Parents

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Online Financial Aid Calculators

Under the Higher Education Opportunity Act of 2008, all colleges and universities must have a net price calculator available on their websites by October 29, 2011.  NAICU has created a mini-website on net price calculators to provide information on this important consumer information resource.  In addition to background information, the site includes links to a number of net price caluculators already in place.

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Providing Better Consumer Information

Private colleges and universities are working to give prospective students and parents the information that consumers consider necessary to make their best college choice, and present it in a user-friendly format.

U-CAN (www.ucan-network.org) (Washington, DC)

U-CAN was launched by the National Association of Independent Colleges and Universities in September 2007 to give, in a common format, prospective students and their families concise, web-based consumer-friendly information on nearly 600 individual private colleges and universities.  Each college profile includes a break down of the price of attendance, percentage of students who receive financial aid and the average award amount, average loan debt at graduation, and average net tuition (list price minus grants).

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Online Institutional Financial Statements/Explaining Campus Budget Decisions to Students and Parents

To keep students, their families, and policymakers informed on tuition and student aid trends, budget priorities and the rational for major campus expenditures, private colleges are better communicating consumer and institutional financial information.

Drake University (Des Moines, IA)

Drake posts audited financial statements on the web, distributes letters and e-mails explaining tuition increases, holds town meetings on the budget, and e-mails financial updates to the campus community.

Emory University (Atlanta, GA)

Emory posts its financial statements online.

Gannon University (Erie, PA)

Gannon’s president sends an annual letter to all students, undergraduates, and parents explaining the rationale for tuition increases, and outlining major expenditures.