The "sticker price" you see on a college website is rarely the price you actually pay. For example, Northwestern's cost of attendance is upwards of $90,000 for one year. But rarely do Senn students pay that much. In fact, many Senn students pay zero dollars to attend Northwestern. 

So how do we get those big sticker prices down? How do you know how much a college might cost so that you don't waste time applying to schools out of your price range?

The amount you will pay for college is calculated by by subtracting your total amount of financial aid from the sticker price. This means that students pay different amounts to attend college because they each have a unique situation. 

In the world of college funding, "Financial Need" isn't just a general feeling of needing help to pay for school. When we talk about financial need, we're referring to a very specific mathematical formula that colleges use to determine exactly how much financial aid you qualify for.

Think of it as the gap between what college costs and what your family can realistically afford to pay. Colleges calculate your need using this equation:

Cost of Attendance - Student Aid Index = Financial Need

• Cost of Attendance (COA): This is the "sticker price" of the college. It includes everything for one year: tuition, fees, housing, food, books, and transit. 

• Student Aid Index (SAI): This is a number calculated by the government when you submit your FAFSA or Alternative Application. It is an index score based on your family’s income, tax records, and household size. It represents what the government calculates your family can contribute toward college (note: your SAI can be as low as - 1,500).  If your SAI is $6,000, ideally you should expect to pay about $6,000 per year for college. However, you often have to pay your SAI plus any unmet financial need.

• Financial Need: This is the resulting number. It represents the exact dollar amount of financial assistance you require to attend that school. 

In an ideal world, you should be able to have all your financial need covered by the college you attend. However, many colleges will leave you with a 'gap,' meaning they give you some scholarships and loans, but it's not enough to cover the full financial need you have. So you may need to pay your Student Aid Index plus a certain amount of unment need. 

What to do with this information:

• Complete the federal student aid estimator with your most recent tax returns. This will give you an SAI and let you know if you qualify for the pell grant. 

• Look for schools that meet 100% of your financial need. These would be schools that give you the most amount of need based financial aid possible. 

You don't have to wait for an acceptance letter to see your bill. Every college in the country is required by law to have a Net Price Calculator on its website.

• What to do: Google the "[Name of College] + Net Price Calculator" (for example: UIC Net Price Calculator).

• How it works: It will ask you a few quick questions about your family’s size, income, and GPA. It takes about 5 minutes and doesn't require official tax forms—just rough estimates. The more accurate the input, the more accurate the output.

• The result: The calculator will immediately spit out an estimate showing what students will most likely pay to attend the school based on the information you entered. The results can sometimes be confusing or misleading, so check out the section on reading financial aid awards or talk with a counselor about the results. 

Some colleges, like Macalester College, have started to offer an Early Financial Aid Assessment. This goes one step farther than a Net Price Calculator. The assessment comes directly from the financial aid office (vs. an online calculator) and is a statement of your merit and need based eligiblity before applying. It is a great way to get a hyper accurate prediction into your cost to attend a school.

Any student interested in Early Decision is required to complete a net price calculator before their counselor will sign the ED agreement. 

The best way to know if you can afford the colleges on your list is to talk with your family about your budget for college and complete net price calculators. 

Don't want to complete 20 different net price calculators? Or not even sure where to start on finding affordable schools? 

Check out the categories below for tips on low, medium, and high financial risk schools. These are general suggestions crafted for the majority of Senn's population. For more specific advice, please meet with Ms. Rochelle. You may also find helpful info on the pages for Middle to High Income families or Lower Income Families. 

• STAR scholarship: Any CPS student with a 3.0 weighted GPA can attend the City Colleges of Chicago for free and receive free textbooks for up to three years

• DePaul University: Chicago Promise provides a $25,000 scholarship to any graduate with a 3.7 weighted GPA or higher

• University of Chicago: full tuition scholarships awarded to select CPS applicants, regardless of financial need

• Wabash College: $10,000/year scholarship for Senn students and free transportation to campus visit and overnight stay

• Columbia College: scholarship for Senn Arts students

• Loyola University: David Prasse scholarship is awarded to 5 seniors every year. This scholarship meets 100% of a students demonstrated financial need (not a full ride, includes loans). Apply within LOCUS portal in February of senior year.