Using College Calculators

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college calculators

Parents and students who understand and plan for the cost of college are wise consumers. Before applying to college, it makes sense to plan ahead and know your options before making a decision about college. The College Board and FinAid.org provide parents and students with several different college calculators to determine college costs, the expected family contribution for financial aid, and how much student loan payments will be upon repayment. Knowing these figures will help you better plan for the costs associated with college.

College Savings Calculator

Use this calculator to see how much money you’ll need for college, whether you’re on track to save enough, and what you need to do to reach your goal.

Cost Projector

Since college costs increase at about twice the inflation rate, this calculator helps project how much college will cost when you are ready to enroll. In order to calculate the costs you would enter thecurrent costs of attendance and the number of years until attendance. The calculator then projects the estimated cost.

EFC (Expected Family Contribution) Calculator

This form is used to calculate the financial need which is used by colleges to determine the financial aid package. It calculates the need for a single year and helps you know in advance the amount colleges will expect you to pay toward your college education. This figure will also determine the amount of financial aid you receive.

Loan Payment Calculator

This calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them. Students should always calculate the loan repayment amounts before taking on student loans that they are unable to repay upon graduation. Once calculated, this tool gives you an estimated annual salary needed to afford repayment. It is always wise to know your college costs before you make a college choice. Knowing these figures also helps you when evaluating financial aid packages and comparing the various offers from the colleges you are considering.

Net Price Calculators

Almost all colleges offer a net price calculator on their website. You can also use the College Board’s Net Price Calculator to estimate your net price at hundreds of colleges.

Parent Loan Repayment Calculator

If you are considering borrowing for your child’s education, this worksheet will calculate your monthly repayments based on the repayment period (in years), annual interest rate, and loan principal amounts you enter. Complete the form to calculate your estimated monthly repayments based on your borrowing plans.

Student Loan Comparison Calculator

Before taking out a college loan, compare your options to find the best deal. This tool shows you how much each loan will cost you.

Parent Debt Calculator

This simple tool can help parents figure out how taking out a college loan will affect their finances.

Compare Your Aid Awards

When your student receives financial aid awards from several different colleges, this tool can help you figure out which one is your best choice. Enter details on up to four colleges’ aid packages and costs to get a comparison.

Prepayment Calculator

Calculator shows the impact of making regular extra payments on the loan, the interest savings, and the number of payments saved from the repayment schedule as compared with a regular loan that has no prepayment.

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