The U.S. Department of Education requires colleges to have a calculator on their websites.
The calculator will require information about a student’s academic standing and about parents’ finances. It is important to remember that the result is an estimate that may be off by thousands of dollars.
Be sure to look at the net price, not the net cost. The net price is the amount a family can expect to pay toward a student’s college education, including any loans. The net cost takes into account student loans, which must be repaid, so it will look lower than the net price.
Students and parents can get free estimates for up to six colleges across the nation using the “Getting the Facts” program on www.kheaa.com. To get a free estimate, a student must sign in and set up an account. Students and parents should talk with the financial aid office at each college to get more accurate information.
KHEAA is the state agency that administers Kentucky’s student financial aid programs, including the Kentucky Educational Excellence Scholarship (KEES). Its sister agency, the Kentucky Higher Education Assistance Authority (KHESLC), offers Advantage Loans to help students and parents pay for college. For more information about Advantage Loans, visit www.kheslc.com.