A Net Price Calculator (NPC) is an online tool provided by colleges and universities that helps prospective students and their families estimate the actual cost of attending a particular institution. The “net price” is the amount a student pays to attend a college after subtracting scholarships and grants from the total cost of attendance, which includes tuition, fees, room and board, and other expenses.
Federal law requires that every school have an NPC but even with this requirement, schools are not taking full advantage of what this can mean for them. There are many different third-party companies that exist specifically to provide an NPC to schools, but it requires additional integrations, scheduling of data transfers, limitations in design and customization, and loss of product if contracts lapse or end. As an institution using Slate, you have a very robust system already at your disposal. Putting an NPC within that instance provides more positives, especially if you harness the power of Slate to your advantage. Here is what I mean:
Real-Time Data Access
A Net Price Calculator within Slate provides real-time data from the moment the student submits their form. If enough information is provided, a record can also be created at the moment of submission.
Eliminating Third-Party Integrations
By having the NPC directly within Slate, institutions can avoid the complexities and potential pitfalls of third-party integrations. This direct approach minimizes technical issues, enhances data security, and streamlines the user experience. There’s no need to rely on external vendors to send you the data, making the process smoother for both administrators and users.
Complete Customizability
One of the standout benefits of an in-house NPC is the level of customization it offers. Institutions can tailor the calculator to reflect their unique financial aid models, tuition structures, and specific student demographics. Adding questions that allow the student to provide additional information that can prompt their results to inform them of other scholarship opportunities that the calculator can not include by default. This customization ensures that the estimates provided are as accurate and relevant as possible, enhancing trust and engagement with prospective students.
Ownership and Control
Once built, the NPC is part of your Slate instance, meaning your institution owns and controls it entirely. This ownership allows for ongoing adjustments and updates without the need for external approval or support. Having full control over the NPC ensures that it evolves in tandem with your institution’s policies and financial aid offerings.
Seamless Integration with Communications
Integrating the NPC within your application comm flow, can add additional transparency for the student, additional data for your institution, and automatically connects submissions to records.
And So Much More
Beyond these points, the benefits of having an NPC within Slate and using the data it provides extend to overall operational efficiency and enhanced user experience. The streamlined process, coupled with accurate and personalized financial information, helps build trust with prospective students and allows institutions to make more informed financial decisions based on accurate data. It positions the institution as transparent and student-focused, crucial elements in today’s competitive higher education market.
In summary, embedding a Net Price Calculator within your Slate instance is a strategic move that offers real-time data, eliminates third-party dependencies, allows for complete customization, ensures compliance, leverages rich data insights, and integrates seamlessly with communication flows. These advantages collectively enhance the prospective student experience, foster trust, and streamline institutional operations, making it a vital tool for any forward-thinking educational institution.
Let JET Slate Consulting help you move your Net Price Calculator into your instance and start harnessing the benefits of Slate and your NPC together.