Williams College And U.Va Adopt Wellesley's Quick College Cost Estimator

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Sep 22, 2015, 12:57 ET

WELLESLEY, Mass. and WILLIAMSTOWN, Mass. and CHARLOTTESVILLE, Va., Sept. 22, 2015 /PRNewswire-USNewswire/ -- To help prospective students and their families more easily see what colleges will cost them, Williams College and the University of Virginia have implemented My inTuition, the groundbreaking tool developed by Wellesley College that is the quickest college cost calculator available to the public.

Each school's version of the calculator asks just six basic financial questions before providing a personalized estimate of what it would cost an individual to attend. The calculator takes the average user about three minutes to complete and provides a breakdown of the estimated cost paid by the family, work-study, and loan estimates, in addition to grant assistance provided by the institution.

According to Joy St. John, Wellesley's Dean of Admission and Financial Aid, the College's motivating force for developing and sharing the tool with other schools is to increase transparency around college costs. "All families benefit from having an earlier understanding of cost in the college selection process, but this tool can be particularly helpful to students from low- and middle- income families who may have a misconception that we, and many other elite colleges, are not affordable. With Williams' and U.Va.'s adoption of the tool, we hope that more students and families will realize that top colleges are within reach for any qualified student, regardless of their financial situation," said St. John.

"We want every student to know what assistance is available, and that cost should not be a barrier to attendance," said Williams Provost William Dudley. "We hope that the calculator, which quickly generates accurate, personalized price estimates, will encourage all qualified students to apply."

"While not a replacement for the Net Price Calculator, the My inTuition college cost estimator is a speedy tool that prospective students can use to estimate quickly the affordability of the college or university in which they are interested," said University of Virginia President Teresa A. Sullivan. "It demonstrates true estimated cost, helping to avoid the possibility of losing prospective students due to misperceptions about cost."

Wellesley launched My inTuition in 2013 to give students a simple, accurate, and personalized estimate of their expected cost to attend the College. The tool has provided more than 42,000 estimates in the two years since its initial release--more than eight times the number provided by the Net Price Calculator, which is also available on Wellesley's website, in the same time period. Since 2011, the federal government has mandated that colleges and universities introduce a net price calculator to provide prospective students with an estimate of the cost of attending the institution. Although these calculators have been in place for some time, they remain difficult to use, requiring answers to 40 or more questions and access to detailed financial records.

Wellesley's Katharine Coman and A. Barton Hepburn Professor of Economics Phillip B. Levine, who invented My inTuition, said, "I created My inTuition and customized the tool for Williams and U.Va. because of the clear need to better communicate what college actually costs. How can we expect students to ever consider attending a college when they have no idea what it costs? The personalized estimates that My inTuition provides helps address that problem."

In a 2014 survey of prospective applicants to Wellesley indicate that 85 percent of individuals with family incomes below $100,000 report that My inTuition was easy to use and 75 percent said it was helpful. In response to a qualitative survey conducted in August 2015, one student wrote: "My inTuition was the first proof I got of what was up to that point an unconfirmed myth that certain schools will cover 100% of your financial need." Another wrote: "I wouldn't have applied at all had My inTuition not given me hope that it could be affordable."

Diane Whitmore Schanzenbach '95, Director of the Hamilton Project at the Brookings Institution and a Wellesley graduate, expects that greater adoption of the tool could help increase college access for low-income students. "Lack of individually tailored information on the expected cost of college after financial aid is a significant hindrance for students weighing their college options," she said. "My inTuition provides greater clarity on expected true costs, and I expect it will increase access for students from less affluent families, as well as broaden the diversity of the colleges that adopt the tool."

www.wellesley.edu/costestimator

http://williams.edu/costestimator

www.virginia.edu/costestimator

About Wellesley College

Since 1875, Wellesley College has been a leader in providing an excellent liberal arts education for women who will make a difference in the world. Its 500-acre campus near Boston is home to some 2,400 undergraduate students from all 50 states and 75 countries.

About Williams College

Founded in 1793, Williams College is the second-oldest institution of higher learning in Massachusetts. The college's 2,000 students are taught by a faculty noted for the quality of their teaching and research, and the achievement of academic goals includes active participation of students with faculty in their research. Students' educational experience is enriched by the residential campus environment in Williamstown, Mass., which provides a host of opportunities for interaction with one another and with faculty beyond the classroom. Admission decisions on U.S. applicants are made regardless of a student's financial ability, and the college provides grants and other assistance to meet the demonstrated needs of all who are admitted.

About University of Virginia

The University of Virginia is distinctive among institutions of higher education. Founded by Thomas Jefferson in 1819, the University sustains the ideal of developing, through education, leaders who are well-prepared to help shape the future of the nation. A recognized leader in teaching, research, health care and service, the University of Virginia is made up of 11 schools in Charlottesville, plus the College at Wise in Southwest Virginia.

The University of Virginia Health System is a nationally renowned academic medical center committed to providing outstanding patient care, educating tomorrow's health care leaders, and discovering new and better ways to treat diseases.

The University consistently earns national recognition for the quality and value of its education. The Princeton Review this year listed U.Va. as the nation's top public school for affordability, academics and career prospects. U.S. News & World Report rates U.Va. as the No. 3 public university in the nation, while Kiplinger's Personal Finance magazine has rated the University as the nation's No. 2 best value among public universities for three straight years.

Press Contacts
Sofiya Cabalquinto, Wellesley College, 917-691-7558, [email protected]
Mary Dettloff, Williams College, 413-597-3401, [email protected]
Matt Charles, University of Virginia, 434-924-7384, [email protected]