"The tool, developed by Phil Levine, an economist and college cost transparency advocate, uses just one data point-household income-to predict how much it will cost for a student to attend that college. The estimate aligns a prospective student's family income with the incomes of current students. Based on what those students pay, it then provides a range of possible tuition prices, as well as the tool's "best estimate" of what the cost will actually be."
"For example, at Washington University in St. Louis, which has been piloting the resource since late last year, a student whose family makes $130,000 annually and who has no siblings attending college would see that the highest annual cost they'd likely pay would be $33,000, the lowest would be $14,300, and the best estimate would be $23,600. The estimator notes that 90 percent of students with that family income will pay somewhere between $14,300 and $33,000 a year."
Twenty-two selective private colleges launched a net cost estimator that predicts attendance costs using only household income. The estimator aligns a prospective family's income with incomes of current students and, based on what those students pay, provides a low, high, and a "best estimate" annual cost range. The tool also factors in whether the student has siblings in college. At Washington University in St. Louis, a family earning $130,000 with no siblings would see a high of $33,000, a low of $14,300, and a best estimate of $23,600; 90 percent of similar families will pay within that range. The rollout coincides with colleges clarifying real cost via tuition promises and tuition resets.
Read at Inside Higher Ed | Higher Education News, Events and Jobs
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