Currently the College Affordability Index (CAI) is available to the general public (albeit through the Peer Analysis System versus IPEDS COOL) for the purpose of assisting the decision making process when choosing among institutions. The purpose of this study was to derive a more valid CAI than is currently being proposed within NCES. Two modified versions of the CAI were derived and correlated with two different low-income indicators. The first modified version included institutional aid and the second included institutional, state and federal aid combined. In addition, the means were tested among three different sectors of institutions: four-year private, four-year public and two-year public.
The findings from this research will help to determine if a more valid index should be utilized. Given the increasing demand from the public to keep colleges affordable, if a more valid index is available, it should be utilized and be made available through IPEDS COOL.