A new tool for calculating the cost of college hopes to cut down on sticker shock.
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This tool reveals what you'll actually pay to go to elite colleges
Tuition costs are rising at breakneck rates, but the MyinTuition calculator reveals the costs may not be as high as the sticker price.
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MyinTuition is an online questionnaire that produces an estimate for what families will actually pay for a student's yearly tuition — as opposed to the stated price on the college or university's website.
Users input a number of demographic data to determine how much financial aid they're likely to receive. That includes whether their parents are married or divorced, their parents' combined income, how much their house is worth, and the value of their savings and retirement accounts.
At the end of the survey, MyinTuition spits out a Best, Low, and High Estimate for how much parents and students will need to chip in and how much need-based scholarship they can expect to receive.
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Over time, Levine hopes the tool can help high-achieving students from low-income families increase their presence at elite universities.
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