October 25, 2011
WOOSTER, Ohio — By the end of October, prospective college students and their parents will have access to a new tool that will estimate how much they will have to pay in tuition and fees after taking financial aid into account. The federally mandated Net Price Calculator (NPC) is required to be posted on all college and university websites in the U.S., but how helpful will it actually be?
Scott Friedhoff, vice president for enrollment and college relations at The College of Wooster, believes that the NPC, which is an automated system, has the potential to provide inaccurate and even misleading information. “Although I believe there were good intentions behind the concept of the NPC, for many it's just too blunt and too general,” says Friedhoff. But instead of simply being critical, Friedhoff and his colleagues have designed what they believe is a much more effective and efficient tool.
Wooster’s Early Aid Estimator (EAE) is a unique resource for high school seniors and their families because the information is evaluated by financial aid professionals on a case-by-case basis. The online form asks for academic credentials and includes the option to add family income information to determine a customized estimate of the aid they would likely receive upon admission. The system is designed to reduce the unknowns, which will help families make more informed decisions.
“We provide an aid estimate months before a family typically learns about any college’s financial aid package and, for some, even before applying for admission,” says Friedhoff. “We understand that families are anxious and concerned about how they invest (and if they can) in a college education. Our Early Aid Estimator answers that early and accurately.”
Through the loyalty and generosity of its alumni, Wooster is able to offer considerable financial assistance in the form of merit scholarships and need-based aid. The Early Aid Estimator provides a customized estimate of a student’s eligibility for Wooster’s Dean’s Award (up to $20,000 annually) and need-based assistance (grants, work study, and loan options).
Not only is the Early Aid Estimator more accurate, it is also timely. Results will be sent to students and parents within a few days of the online form’s completion. As of Oct. 25, 156 EAEs have been received (152 online and four printed forms).
1189 Beall Avenue, Wooster, Ohio 44691. (330) 263-2000
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