Subscribe by RSSHappy Halloween! Know what’s really scary? Not knowing how your Net Price Calculator compares with your competitors’!
October 29 has come and gone, and the much anticipated (and sometimes dreaded) deadline has arrived when families now have the ability to compare institutions based on “net price.” Meeting the compliance date does not mean you can breathe a sigh of relief and move on. How does your clearly labeled NPC stack up against the competition? Now’s the time to run some test cases through your own calculator as well as your competitors’, and note the differences! Try at least five cases: high quality/high need, high quality/low need, average quality/average need, low quality/high need, and low quality/low need.
How do the results compare? Are you at a competitive advantage or disadvantage, taking publically available quality measures (like US News rankings, average SAT/ACT score, acceptance rate) into consideration? Are your admission recruiters ready to answer families’ questions about why their net price at your institution is different than at your competitors? Are senior administrators prepared for similar questions from trustees?
In addition to the net price results, here are some other points of comparison to evaluate:
- Simplicity vs. complexity: completion time, number of questions, appropriateness of instructions;
- Presentation of results: ranges in addition to specific dollar amounts, general vs. specific awards, how unmet need is portrayed;
- Affordability messages: return on investment information on results page.
The Net Price Calculator is here – are you prepared for the “trick” or “treat”? Now is the time to ensure that your NPC is a recruiting asset, not a liability.
Rodney Morrison:
Nov 09, 2011 at 09:58 AM
For schools like mine (Rutgers Univ.) who do not meet full need, I do worry about a couple things:
1. The decision was made to have a more accurate estimate which means that we ask a lot of questions. It can up take to 10-15 min to fill it out which is very, very long. It will be interesting to see how many start, but don't finish it.
2. For those who don't like the result, given there is no human element, will we lose students to a similiar costing school who's calculator able to communicate their results in a more affordable manner?
3. Will this place more of a burden on the fin aid office?
I guess we'll find out soon enough.....
Jennifer Wick:
Nov 14, 2011 at 02:41 PM
Rodney, thanks for sharing your thoughts on the implications of the NPC. I think you're right, only time will tell regarding completion rates, and the potential added burden for the aid office. A Director of Financial Aid recently shared with S&K that she has had the two most unpleasant conversations of her career with parents in the last week, as a result of NPC comparisons. It's important to know how your competitors' NPC results are displayed, and to be prepared for potentially difficult conversations.