In a continuing pursuit of clarifying the cost of college to the greatest degree possible, Hamilton is implementing MyinTuition, an online tool that quickly and easily provides accurate college cost estimates. Prospective students will now be able to estimate costs to attend the college by answering six basic financial questions.
“Hamilton’s financial aid budget is $42 million dollars, about half of our students are receiving financial assistance, and our average financial aid award is north of $47,000,” said Vice President for Enrollment Management Monica Inzer. “Yet, somehow, too many families think that financial aid might not be for them. Hopefully, MyinTuition helps us debunk that myth, and more families that would likely qualify for assistance will understand that this money is reserved for them.”
Hamilton joins MyinTuition with Babson College, Boston College, Brown University, Colby College, Davidson College, Duke University, Grinnell College, Johns Hopkins University, Middlebury College, Northwestern University, Skidmore College, Smith College, St. Olaf College, University of Rochester, and Yale University and the 15 original member institutions.
“Families can provide answers to six questions and are provided with an estimated range of their student's financial aid eligibility at Hamilton,” said Cameron Feist, director of financial aid. “MyinTuition can be found using Hamilton's Quick College Cost Estimator button on the Hamilton financial aid website. For families who want even more information, we encourage them to take the 10-15 minutes that are required to complete Hamilton's Net Price Calculator.”
MyinTuition requires no tax forms, asking users to provide basic and readily known financial characteristics including total family income, value of their house, any remaining mortgage balance, cash in the bank, and savings held in retirement accounts and other investment accounts. It takes the average user just three minutes to complete. Between April 2017 and January 2018, more than 150,000 people used the tool to generate college estimates.
Hamilton does not consider a student’s financial circumstances in its admission decisions and meets the full demonstrated financial need of every student it accepts.
MyinTuition demonstrates to high-performing students from lower-income families that a top college is still accessible – and may even be the most affordable option. It provides an accurate estimate of college cost after factoring in financial aid, separately reporting loan and work study expectations.
For Inzer, ensuring that prospective families know about Hamilton’s generous resources is more than just part of her job; it is personal. “I was from the first generation in my family to attend college, and I know all about the misconceptions so many students and their parents have about private college education and who it might or might not be for,” said Inzer. “The more tools we have to dispel those myths and break down barriers, particularly when it is about college cost, the better. MyinTuition is one of those tools, and I’m so pleased that Hamilton has one more way to make sure prospective families know about our generous financial aid commitment.”
MyinTuition was created in 2013 by Phillip Levine, Katharine Coman and A. Barton Hepburn Professor of Economics at Wellesley College and now founder and CEO of MyinTuition Corp.