Students College Planning Calculators
Use our below four calculators to help you plan and pay for college.
To estimate how much college will cost, either currently or when student will be attending in the future.
*Recommended college cost increase rate is 5% per year.
If 25% to 35% of college costs come from savings :
Remember that the average family saves 25% to 35% of the cost of college. Scholarships, grants, and other forms of aid help you make up the difference.
What is a 529 plan?
A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs.
529 plans, legally known as qualified tuition plans, are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code.
For more details, click here
Average Annual United States of America College Cost, Including Tuition, Fee, and Living Cost for 2019-2020
| Duration | Cost |
|---|---|
| 4-year private: | $53,980 |
| 4-year public (in-state): | $26,590 |
| 4-year public (out-of-state): | $42,970 |
| 2-year public: | $18,420 |
source: the college board, click here for school specific information.
Important Ten Tips for Saving Money in College
1. Take advantage of free food
2. Buy used textbooks
3. Purchase a coffeemaker
4. Take advantage of student discounts
5. Be strategic at the grocery store
6. Stay on your parents insurance
7. Cancel memberships
8. Take care with credit
9. Sell items you donot need
10. Limit spending on alcohol
See how unpaid interest on your student loans can grow, and the impact of paying interest as you go
How Accrued Interest Calculator Works
This Accrued interest calculator is an online interest assessment tool to calculate accrued interest rate, total interest and new loan balance from the given values of investment amount, months required payments(holding period) and interest rate.
Note: This accrued interest calculator assumes the interest rate remains the same and that unpaid interest is not capitalized added to the principal amount of your loan at any time.
Advantage
See how accrued interest could affect your college loan balance.
Even if you are not currently making loan payments, interest continues to grow. Paying a little more toward your students loan may reduce your total loan cost.
To estimate your college savings based on your contributions and the number of years until school.
*Assumed your savings will earn 1% per year.
The Best Ways to Save for College
1. Set up an Education Savings Account (ESA).
2. Invest in a 529 College Savings Fund.
3. Build saving for college into your budget.
4. Use our calculator to estimate what your savings might be worth by the time you enter college.
College Expenses to Expect
Following are common expenses students may expect to be responsible for:
Housing: Whether students live in dorms or in off-campus accommodations, this is likely to be one of their largest monthly expenses.
Books: Usually purchased at the beginning of the semester, books can add up to a little or a lot depending on whether students purchase them used or new.
Utilities: Electricity, gas, water, cable and internet bills typically are covered for students living in on-campus housing.
Transportation: Students with vehicles must consider costs related to auto loan payments, insurance, maintenance and repairs, fuel and parking
Other Expenses
1. Groceries
2. Dining out
3. Childcare
4. Entertainment
5. Medical/Health
6. Clothing
7. Laundry
To estimate how much your monthly payments might be after you graduate from college.
Student Education Loan Calculation, formulas
When you are considering taking out a new student education loan, or about to start paying off a current one, use this calculator estimate what your monthly payment might be.
(All you have to do is, Just enter the educational loan amount, Period (in months) and the annual rate of interest, and you are done.)
The Education repayment loan calculator uses the following formulas:
EMI = ( P × r × (1+r)n ) / ((1+r)n - 1)
Total Loan Repayment = EMI × n
Where,
EMI = Equated Monthly Installment
r = Interest rate / 1200
P = Loan Amount
n = Period
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