A year from this fall, colleges will need a net price calculator on their websites — and the government’s provided one they can use.

But now experts say the federal calculator is flawed.

“The federal calculator asks families few questions and is so generic that it will produce wrong numbers for many parents,” says Lynn O’Shaughnessy, a financial journalist who writes for MoneyWatch.com.

The Association for Institutional Research also has warned the calculator may prove inaccurate for most private colleges, since they give out numerous scholarships.

And when the calculator was analyzed by StudentAid.com (which used well over 140,000 student profiles), it was found to be accurate only 35% of the time.

The solution for many colleges so far has been to create their own calculators for students and parents to use when visiting their websites.

Purdue University has been been using their calculator for more than two years — albeit, a paper one. With the recent federal mandate, the university decided to bring its calculator up to date, and has added it to their website.

So far, the feedback is positive, says Pam Horne, Assistant Vice President for Enrollment Management and Dean of Admissions in an interview with the National Association for College Admission Counseling.

“We’ve seen decreases in our phone calls and e-mails about ‘what kind of aid might I be eligible for’,” says Horne.

What kind of calculator would give the fairest estimate of a school’s net price? Let us know what you think in the comments section below.

Tags: federal college calculator, financial aid