How the college cost calculator works
Enter one year of costs, the way a college lists its cost of attendance. The calculator raises the total by your yearly increase for each later year, adds up every year, and subtracts grants and scholarships to get your net cost. It then subtracts what your family can pay. What's left is the gap, shown as a total and per year.
Loans aren't subtracted. You can borrow to cover the gap, but you pay it back with interest, so the calculator treats the gap as money still to find. Scholarships are the part you can still change.
Where to find your numbers
- Cost of attendance: on the college's financial aid website, usually split into tuition and fees, housing and food, books, and other expenses.
- Grants and scholarships: on your financial aid offer. Count only gift aid, not loans or work-study.
- Before you have an offer: every college that takes federal student aid has to post a net price calculator on its website. Use it to estimate grants.
- Yearly increase: look up the college's tuition for the past few years. If you can't find it, run the calculator at a couple of rates to see a range.
Worked example
A college lists $12,000 tuition and fees, $13,000 housing and food, $1,200 books and $2,500 travel and other costs. That's $28,700 for the first year. With a 3% yearly increase, years two to four cost $29,561, $30,448 and $31,361, for a 4-year total of $120,070.
You get $8,000 a year in grants and scholarships, or $32,000 in total. The net cost is $88,070. Your family can pay $10,000 a year, which leaves a gap of $48,070.
To close it with scholarships, you'd need about $12,018 a year, or $48,070 ÷ 4.
Common questions
What's the difference between sticker price and net price?
Sticker price is the full cost of attendance a college publishes. Net price is what's left after grants and scholarships. Two colleges with very different sticker prices can end up with similar net prices, so compare net price.
What yearly increase should I use?
Use the college's own tuition history if you can find it. Public colleges in states with tuition freezes may not rise at all for a year or two. If you're unsure, run the calculator at two rates, such as 3% and 5%, and plan for the higher one.
Why aren't student loans subtracted?
Loans pay the bill today, but you repay them later with interest. Leaving them out shows how much money you still need to find. If you plan to borrow, try the student loan calculator to see what the gap would cost each month.
Do scholarships renew every year?
Some do and some don't. Many college merit scholarships renew for four years if you keep a minimum GPA and stay enrolled full-time. Many private scholarships are one-time awards. Check the terms, and if an award is one-time, enter only the amount you're sure of each year.
Can an outside scholarship reduce my financial aid?
It can. Colleges must count outside scholarships in your aid package, and if your total aid would go over your financial need, the college reduces something. Many cut loans or work-study first, but some reduce grants. Ask the financial aid office how it handles outside awards before you accept.