Each year, millions of students face the challenge of choosing a college – and how to afford it is increasingly daunting for families. For many, the high price tag of a college education may discourage them from pursuing a degree, and that’s why the Department has undertaken an effort to help families access better consumer data that can help students determine how to best invest in a high-quality education at an affordable price.
Part of that effort has focused on institutions’ “net price” and spreading awareness of net price calculators, a key tool that can assist parents and students in researching the cost of higher education. Net price calculators go beyond an institution’s “sticker price,” factoring in grants and scholarship aid to give families a better sense of how much they would actually pay to attend a specific school.
Earlier this year, the Department held a contest encouraging college and high school students to come up with creative videos that explain net price calculators and why they are a valuable resource. Today, ED is announcing that three students have each won a $1,500 prize for creating the top-scoring videos in the Department’s College Net Price Calculator Student Video Challenge. The winners are:
The Department plans to use these videos to broaden awareness of net price calculators among students and will continue outreach efforts to several stakeholder groups, organizations, college counselors and student body leaders. In addition, every title IV institution is now required to have a net price calculator on their website, and the Department has proactively linked to each school’s net price calculator from its College Navigator site, which contains a wealth of consumer information.
The challenge is part of a broader Administration effort to address the rising cost of college and the struggles families face paying for higher education. The Department hopes that by providing key consumer data like net price, families will have a better sense of what they can afford and will be empowered to make smart decisions about where to invest and enroll for college.
Sara Gast is press aide in the Office of Communications and Outreach