How brand new? Well by the end of last month (October) institutions of higher learning were told to have the calculator posted on their websites. A requirement of the Higher Education Opportunity Act of 2008, this federal mandate is aimed at helping students and their parents figure out what a college will cost - based on family size, savings, financial aid and other factors.

The calculator first estimates a prospective student's financial aid (including federal student loans, the federal Pell grants, state grants, institutional grants, work study programs, etc. Then it subtracts that dollar amount from the college's sticker price (or full cost). Finally, it gives a "net price" or the amount a student must pay or borrow to attend the school.

Bottom Line: The calculator should give people an estimate of the true cost of each given school they look into.

Colleges and universities can create their own calculator or use the standard form - actually a template, devised the Department of Education.

Caution: The calculators, however may not be 100% accurate. For example, a college that grants merit aid, rather than need-based scholarships, will require different information from students and this may or may not lead to a correct dollar amount. All schools, however, must include costs for room and board and books and supplies.

Some college calculators, such as Harvard's - have just one page; others are longer. So plan on 15 to 30 minutes to complete the form. And have your most recent tax return handy.

TIP: Before starting the process, read the helpful background information on the College Net Price Calculator at www.collegeboard.com.

Note: If the schools in which you are interested use the College Board template, you can fill in the information just once and then send it to all participating schools without having to re-enter the data.

Keep in mind, however, that the Department of Education's calculator does not include merit aid.

It is hoped that the College Net Price Calculator will accomplish two other goals:

1) That it will encourage students and their parents to take a close look at schools they think are too expensive.

2) And that it will point out to many middle- and upper-income families that they are indeed eligible for financial aid and should apply.

For additional information: Check out the dependent financial aid website, www.FinAid.org.

This is also an excellent source on how to get financial aid, scholarships and grants.