It’s a piece of the modern higher education website that has a lot of names (ie. The Financial Aid Calculator, Financial Needs Estimator, Net Price Calculator). The most important thing that insitutions need to be aware of is that there is an important mandate surrounding this piece of web based software.
The Higher Education Opportunity Act (HEOA) was signed into law August 14, 2008. It includes many new reporting and disclosure requirements. Specifically, in terms of Financial Aid, it states that by August of 2011, every College/University/Higher Education institution most have a net price calculator on its website. The U.S. Department of Education recently released a template that institutions can use as a starting point. All insitutions will have the choice of customizing the DOE Financial Aid Calculator template themselves, or working with a vendor such as SimpleApply LLC which is capable of creating this dynamic form for them. It is important to note for many schools that the DOE template is NOT Section 508 compliant.
We are currently offering a free, fully hosted, Section 508 compliant SimpleApply Net Price Calculator template