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The cost of a college education is increasing at an astonishing rate, and at the same time funding for federally sponsored grants and scholarships are being cut. If you want to ensure that your child will be able to afford college, and take advantage of the many benefits and experiences it has to offer, it would be wise to set them up a college savings plan as soon as possible. To maximize the value of your college savings you need to have a game plan, and our College Savings Calculator is one tool that can help you develop one.
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.
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.
This calculator is most useful if you:
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.
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.