Data in the Buyers and Sellers list is collected from the Common Data Set that each school provides or from Integrated Postsecondary Education Data System (IPEDS). Common Data Set data generally reflects the most recent school year. For schools in which the most recent year was not available, the prior year might be used. IPEDS data, which includes the net price, is from two years ago.
Glossary of terms:
Buyer/Seller for Private Institutions - Buyers are schools that are more likely to offer discounts by way of merit scholarships to attract students. Sellers are less likely to give merit scholarships, but some are generous with need-based aid. These ratings are based on each school's acceptance rate and the percentage of tuition it typically gives in the form of merit aid. Ratings are only available for private schools; public school distribution of merit aid to in-state and out-of-state students is difficult to quantify, so ratings for public schools would be inaccurate.
Acceptance Rate - The overall acceptance rate of applicants in the most recent year for which we have data.
Percentage of Students That Choose to Enroll - Also known as the Yield Rate, this is a measure of how popular a school is amongst those who apply. Generally speaking, schools with lower rates are more likely to offer merit aid to convince students to attend.
Merit-Based Scholarship Percentage - Of those first-year students who were determined to not have financial need, this is the percentage who received merit aid (scholarships) from the school in the most recent year.
Average Merit-Based Scholarship Amount - Average amount of merit scholarship in the most recent year for first-year students.
Percentage of Institutional Aid Without Respect to Financial Need - Schools give aid based on both need and non-need (i.e., merit aid). This number represents the percentage of the total need that is given without respect to need. Generally speaking, the higher the percentage, the more generous the school is with merit aid.
Need-Based Institutional Scholarship - Total dollar amount of endowed scholarships, annual gifts, and tuition-funded grants awarded by the college in the most recent year, based on student financial need.
Non-Need-Based Institutional Scholarship - Total dollar amount of endowed scholarships, annual gifts, and tuition-funded grants awarded by the college in the most recent year, not based on student financial need.
Total Institutional Aid - The total of need and non-need aid granted.
Average Net Price - Net price is calculated by adding the advertised price for tuition, fees, books, supplies, and the average living costs at the school and subtracting the average grant and/or scholarship aid (e.g., Pell grants, school-based grants, merit scholarships). Net price is calculated as the average over all full-time, first-time students who receive federal financial aid and may not reflect a specific student's annual costs. For public schools, this is the average cost for in-state students. Negative values indicate that the average grant/scholarship aid exceeded the cost of attendance.
Average Net Price by Income - Based on adjusted gross income. Income is a crude measure that doesn't consider assets; families are encouraged to use the Net Price Calculator on a school's website to determine an estimated cost for their student to attend the school.
Public/Private - Public schools are state-funded schools. Buyer/Seller ratings are only available for private schools due to differences in merit awards between in-state and out-of-state students.
Retention Rate - Percentage of students at the school who returned for a second year.
Four-Year Graduation Rate - Percentage of students completing their program within the normal period of time.
Six-Year Graduation Rate - Number of students completing their program within a time period equal to one and a half times (150%) the normal period of time.
Total Undergraduates - Number of undergraduates enrolled in the most recent year.