Tool calculates total college cost

The costs to attend college at IU can add up after tuition, room and board, but the bills do not stop there. Don’t overlook college-mandated extra expenses, such as books and additional fees.

For prospective students, calculating a more accurate “net cost” might have become a little easier. On Sept. 12, IU’s Office of Enrollment Management launched a net price calculator through The College Board. It is designed to help prospective students determine an accurate cost of attendance.

“With the introduction of the net price calculator, students and their families can use the calculator to help estimate their net price or cost when considering earning an education at IU,” said David Johnson, vice provost at the IU Office of Enrollment Management. “We are very pleased to be able to offer this valuable calculation to assist families in determining their estimated cost to attend IU.”

The calculator, which can be found at npc.collegeboard.org/student/app/indiana, is a five-stage questionnaire. According to the welcome screen, the calculator estimates a student’s Expected Family Contribution, the amount of grants, scholarships and other forms of financial aid and subtracts these from the total cost of attendance.

Freshman Katie Riedman, who is from Indianapolis, visited numerous universities throughout Indiana and the Midwest before choosing IU.

“When I went on college visits, it just kind of stuck out to me, and I liked the campus,” Riedman said. “I want to do psychology. I heard they have a really good psychology school here.”

Although Riedman was aware of additional costs beyond tuition, room and board before enrolling at IU, she said she is unsure how much she will pay by the end of her first year in college. However, she said the tool would have been useful when searching for schools.

“I could have planned better and saved better,” she said.

IU was the only school junior Joanna Goins, an Indiana resident, applied to because she expected to receive scholarships from the University for her grades and test scores. Each year, Goins said she receives about $9,000 in scholarships.

“I don’t really have to worry about tuition,” she said. “It’s pretty much the meal plan and textbooks that cost me the most.”

Regardless, Goins said she researched the actual cost to attend IU before she attended.

“Tuition, cost — I pretty much looked at everything,” she said. “Technology, transportation, the printing cost — they’ll get you when they can. That would have been really helpful. Oh well, I’m always a couple years too early for my time.”

When sophomore Ian Krotinsky enrolled at IU, he said he knew his education would cost more than it does for most IU students because he is from New York. However, he said he is unsure if the calculator would have been helpful for him when he was a prospective student.

“You kind of go in with knowing that you’re going to pay that cost plus some more for certain things,” Krotinsky said. “Even though it says you’re paying $30,000, you have to keep in your mind that you’re probably paying $5,000 more.”

A federal mandate requires universities to make this service available by Oct. 29. But IU launched it early, according to a University press release.

“I’m still curious to see if the education pays off, but I think it will,” Krotinsky said.