PAULA BUNCE, IR SPECIALIST KATHY CHUNG, PLANNER ANALYST CENTRAL CONNECTICUT STATE UNIVERSITY CONNAIR FALL CONFERENCE, UCONN OCTOBER 22, 2010 HEOA Net Price Calculator Requirement

Higher Education Opportunity Act (HEOA) Central Connecticut State University Signed into law August 14, 2008 Includes many new reporting and disclosure requirements Requires every institution to have a net price calculator on its website Details at AIR website (Alert #36)

Net Price Calculator: Requirement Central Connecticut State University On October 29, 2009, U.S. Dept of Education made available a template for this calculator that institutions may use An institution may use either the net price calculator developed by the Department or it may develop its own Deadline is October 29, 2011 AIR NPC Resource Center:

Net Price Calculator: Purpose Central Connecticut State University to help current and prospective students, families, and other consumers estimate the individual net price of an institution of higher education for a student. The calculator shall be developed in a manner that enables current and prospective students, families, and consumers to determine an estimate of a current or prospective students individual net price at a particular institution. -P.L , sec.132(h) (1).

Net Price Calculator: Definition of Net Price Central Connecticut State University Institutions price of attendance for FTFT students Total need- and merit-based federal, state, and institutional grant aid awarded to FTFT students Number of FTFT students receiving such aid Price of attendance = average annual cost of tuition and fees, room and board, books, supplies, and transportation

Net Price Calculator : Access the Template - Screen Walkthrough Central Connecticut State University Office of Postsecondary Educations HEOA site: NCES-Resources section of the IPEDS website:

Preliminary Analysis of Template Data Central Connecticut State University Identify cells with large variance (template wont work well for these, so you may want to augment the template in some way) Identify factors that most affect net price for your students (scholarships and other non-need based grants) Identify cells with small Ns Identify students with missing EFC, COA & reasons why

Selecting the Net Price Calculator Central Connecticut State University Which Net Price Calculator to use? 1. Use Dept. of Education (ED) template 2. Use a third-party calculator* 3. Update a current calculator* 4. Customize an alternative in house* *minimum requirements must be met Find out what peers will be using

Advantages Disadvantages Central Connecticut State University Meets Fed Requirements Easier Faster Cheaper Less testing More comparable if peers use ED template one-size-fits-all template not as accurate as a custom calculator Doesnt support institutional methodology for EFC Prior Year vs Future Year Cant take into account future policy/funding/market changes ED Template

Actions to take Central Connecticut State University Identify parties involved in the process (IR, FA, IT, Admission) and start the conversation ASAP Develop a timeline & who does what (programming, testing, updating future years, marketing) Decide where the NPC will reside on your institutions website (IPEDS Survey will ask for link) Consider posting two Net Price Calculators Develop caveats and explanations

Questions? Central Connecticut State University