Financial Aid Calculator
It is important for students to know the true cost of their college tuition-not just the tuition price tag, but room and board, the cost of text books as well as travel to and from campus, and personal expenses as well. Knowing this bigger and more encompassing number allows students and their families to have a more accurate understanding of how much they need to save or how much money they need in the form of student loans. Since there are various aspects of college tuition costs, it is never easy to figure out how much amount you have to pay for your education in total. However, there are certain tools such as financial aid calculators that can help you to know what exactly you need to pay for college tuition. Also, using a financial aid calculator allows you to know how much financial assistance you may need in the form of grants, loans or other financial aid programs.
Types of College Financial Aid Calculators
There are different kinds of college financial aid calculators that you can take advantage of to shed some light on your finances. Depending on what part of your college costs you want to plan for, you could use a standard college cost calculator or projector, but if you’re looking for student loans and want to know how you can repay them, you can use a loan payment calculator. A basic college cost calculator will take into account the Cost of Attendance (COA) at any given college, plus travel and additional financial information you provide, and will give you a total figure of what you may need to pay.
Alternatively, a loan payment calculator, much like our own PayBackSmarter tool, is a financial aid calculator designed to help you project, understand, and most effectively conquer the process of repaying your student loans.
Benefits of Using Financial Aid Calculator
A financial aid calculator can assist you to plan your education in the best possible manner by helping you know how much money you need to save or how much money you require in form of financial assistance. Knowing all the costs you’ll need to cover is pretty important when putting your finances for college together, so using a financial aid calculator is essentially a no-brainer. The more you know about your financial picture and how you will pay for college, the better.
To get the most out of using a financial aid calculator, students need to provide the most accurate information possible. Not only do you need to provide the overall costs of attending each university you are running your financial aid estimates for, but you also need to provide figures for your family’s financial standing, including annual income, the value of any held assets or businesses owned, net worth, and whether or not any other children/siblings are also in college. Providing such information ought to make the results of using a financial aid calculator more accurate and more helpful.
What is the purpose of a college financial aid calculator?
The main purpose of using a college financial aid calculator is to estimate the amount of money needed to either save or contribute towards a student’s college education based on the student’s/family’s expected family contribution, or EFC. This tool allows students and parents to determine their eligibility for federal financial aid and federal education tax benefits. With the help of this tool, students may get a rough sense for their financial aid awards and thus will be able to better plan for how they will finance their college education.
While I was reading about the financial aid calculator, I came across the term Cost of Attendance. What is this?
Cost of attendance refers to the total expenditure that a student will incur in college. These include costs such as living expenses, dorm expenses, tuition fees, book expenses, and any other education related expense. When applying for aid, a student’s total cost of attendance is calculated to determine how much monetary assistance he or she will need.
Financial Aid Basics