Why use the Student Loan Calculator / College Savings Calculator?
The purpose of the Student Loan Calculator / College Savings Calculator is to help people develop a savings plan for a college education, be it their own or their children’s’. The calculator takes into consideration the increasing cost of education, as well as your current circumstances regarding savings. You can view your results in terms of balances and expenses by the year or total costs by child.
How to use The Student Loan Calculator / College Savings Calculator
Not sure where to start? Let us help you. In the interest of simplicity, any statistics quoted are based on public four-year college courses.
- Input the amount you expect the cost of college education to increase by each year as a percentage. To give you an indication, between 2011 and 2016, tuition and fees increased by 13%. 3% is a middling estimate, so put that if you have no idea.
- Type in the amount you currently have saved, that you intend to use for college education
- Enter the amount you intend to contribute to the savings each month and the rate of return you are expecting to receive
- Enter your child/children’s details, keeping each child’s expenses in their own section. If you aren’t sure about the Tuition and Room and Board amounts, the averages in 2015 were around $9,100 and $9,800 respectively.
- Click Calculate, and the text in the blue background will give you a brief analysis of your situation
- Click View Report to see your savings in more detail.
Who is this Calculator for?
This calculator is most useful if you:
- Have one or more children and intend to pay for them to attend college
- Want to assess the viability of paying for college education
- Have a family member, such as a grandchild, who you wish to save for.
I can’t save enough; what are my options?
If you don’t have enough capital, but do own a property, you may wish to look into a Home Equity Line of Credit. This enables you to borrow larger sums of money than a typical loan, secured against the positive equity of your property. If your child is still very young, and you want to have this option when the time comes, click the orange Get FREE Quote button above. You will be taken through a very brief set of questions, after which we will ask local lenders to get in touch with you to discuss your options.
This service is provided completely free of charge and with no obligation – and best of all, it only takes five minutes of your time. There’s no easier way to start on the road of purchasing a property, and that might be exactly what you need to finance your child’s college education years down the line.
Where can I find more information about student loans?
Our Knowledge Base is full of useful articles on the topic of savings and loans in general. In particular, we recommend that you look into our articles on Student Loans & Rates and College Financing for more advice.