net price
(3) Net price The term “net price” means the average yearly price actually charged to first-time, full-time undergraduate students receiving student aid at an institution of higher education after deducting such aid, which shall be determined by calculating the difference between— (A) the institution’s cost of attendance for the year for which the determination is made; and (B) the quotient of— (i) the total amount of need-based grant aid and merit-based grant aid, from Federal, State, and institutional sources, provided to such students enrolled in the institution for such year; and (ii) the total number of such students receiving such need-based grant aid or merit-based grant aid for such year.