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UNITED STATES -- Colleges and universities across the country will soon have a new way to help potential students see just how much their education will cost.

The federal government has required schools to provide a net price calculator on their website in an effort to increase transparency. The tool allows students to put in family financial income, academic information and test scores to see an estimate of what their out-of-pocket expense would be at each institution. However, getting an accurate price tag may prove difficult.

"For example, we award merit scholarships that are influenced by musical or theatrical talent, leadership abilities, one's essay, etc.," said Eric Maguire, Vice President of Enrollment and communications at Ithaca College. "Those kinds of subjective measures are very difficult to equate for in an online calculator."

The schools have until October 29th to have the online calculators up and running.