What is a net price calculator and why is it needed?

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Welcome To

• Net Price Calculator

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What is a net price calculator and why is it
needed?
Fostering informed financial decisions through
cost transparency in university education
According to a study conducted by Michael and
Robert in 2008, the cost of college is an
essential consideration for students and their
parents when choosing an institution. The cost of
education, in particular, is a deciding factor
for students from economically poor backgrounds.
Only 60 of students complete a college degree
within six years of beginning their studies. As a
result, the federal government requires that all
academic institutions that offer federal student
aid provide an online net price calculator (NPC)
to assist families in making informed college
decisions for their children based on their
financial circumstances.
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The federal government provides a framework for a
net price calculator to assist families in
determining their education affordability.
Families can use that calculator to figure out
the difference between the net and sticker
prices. The sticker price is the amount that the
college advertises on its website, but the net
price is the amount that families are expected to
pay once financial/scholarship aid is taken into
consideration. In brief, a net price calculator
promotes cost transparency and aids families in
making the best financial decisions possible. The
federal net price calculator provides a framework
for calculating the net cost of attendance, but
it has some limitations that admissions
departments would wish to avoid. Instead, Virtue
Analytics works with colleges to construct a net
price calculator that can be easily integrated
with the college website.
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Why do colleges need a net price calculator?
Prior to the invention of net price calculators,
students had no idea how much money they would
have to pay out of pocket until they applied for
admission, applied for financial assistance, and
received an award letter. The expense of
education is a major consideration for many
students and parents. As a result, the federal
government mandated in 2011 that every college
and university offering federal student aid have
an online net price calculator. Students and
families are more likely to apply and enroll when
they have a nice and informed experience with a
net price calculator. The Net Price Calculator
also assists students and families in becoming
more financially literate and cost-transparent,
which aids in better college financial planning.
Auto-fill Free Demo of Virtues Intelligent Net
Price Calculator
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Why Virtues net price calculator?
1. Accurate and up-to-date Virtue provides
active support with zero downtime and
helps to keep the calculator up-to-date with
scholarship calculations. 2. Adaptive survey
form Assessing the financial resources to
calculate the estimated family
contribution can be lengthy. Virtues net price
calculator calculates the family contribution
in a fraction of seconds using an adaptive
questionnaire 3. The Virtue net price
calculator shows a low bounce rate and a high
completion rate. 4. Virtues NPC collects the
student data and can be leveraged as a lead
generation tool. 5. The students leads are
collected and processed on US servers. 6.
Universities receive periodic leads via email and
are backed by an interactive dashboard where
the admissions office can study the student
interests and develop a data-backed student
engagement program. 7. NPC can work as a vehicle
of social change by bringing cost transparency
and helping families with budgeting, which
ultimately fosters intergenerational mobility
and financial security for disadvantaged
families.
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Your data is safe with Virtue Analytics. Virtue
Analytics promises its clients and users the
highest level of privacy protection. The data
collected from students is stored in disparate
data silos and cannot be replicated or misused by
any third party. This is in contrast to free net
price calculators available elsewhere, which
misuse the student's data. Virtue stands for its
professional ethics, which ensures that its
users' data is completely secure. Virtue complies
with the Privacy Act of 1974 as well as the
Federal Trade Commission Act, which establishes a
code of fair information practices that govern
the collection, maintenance, use, and
dissemination of information about individuals
stored in record systems by federal agencies in
the United States.
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