Paying for college: net price and financial aid

Sticker price and net price

The cost of attendance is the full published price: tuition, fees, housing, food, books and other expenses. The net price is what a family pays after grants and scholarships. Most students pay less than the published price, and at many private universities the difference is large.

Each university page on Student Verdict shows the average net price by family income, from federal data. Every university that receives federal aid must also offer a net price calculator on its website, which gives an estimate for your family.

Applying for aid

The FAFSA is required for federal grants, loans and work-study, and most universities also use it for their own aid. It usually opens on October 1 and uses tax information from two years earlier. Many private universities also require the CSS Profile.

Types of aid

• Grants and scholarships do not have to be repaid. Pell Grants are federal grants for students with financial need.
• Federal student loans must be repaid with interest. Subsidized loans do not accrue interest while you are enrolled at least half-time.
• Work-study provides part-time jobs, usually on campus, to help pay expenses.

Comparing offers

Compare aid offers by the net cost after grants alone, and treat loans as money that must be repaid. If an offer is lower than you expected, contact the financial aid office; universities may review an offer when a family’s circumstances have changed.