Financial Aid Calculators

These are some of the most useful sources of interactive financial aid tools on the Internet. Before making any financial commitments, you can use these tools to make calculations for Expected Family Contribution, financial budgeting, projecting tuition costs, planning savings for college and projecting returns from savings, calculating your ability to carry debt, computing loan paymments, estimating life insurance needs for a college student, and a variety of student loan computations.

ABCs of Financial Aid Calculations.

If you are unfamiliar with terms like Cost of Attendance (COA), Expected Family Contribution (EFC), or Financial Need, you should take the time to read the following information.

Important Note:Ultimately, the amount of NEED you have, and the amount of aid you will receive, must be computed by the financial aid office at the school you will be attending. Calculating the amount offinancial aid you need, or will receive, for college can be a very involved process. The calculators on these pages are intended only to give you the tools to educate yourself before you go to the financial aid professionals. They are intended to supplement, not replace, the advice and responsibility of your school financial aid staff.

Skip the ABCs and go directly to the calculators.

Determining Financial Need

When you apply for federal student aid, the information you report is used in a formula, established by the U.S. Congress, that calculates your Expected Family Contribution (EFC), an amount you and your family are expected to contribute toward your education. If your EFC is below a certain amount, you'll be eligible for a Federal Pell Grant, assuming you meet all other eligibility requirements.

All Federal aid is determined using an EFC calculated by the Federal Methodology. Schools can award additional non-federal aid using either the Federal Methodology or by using an Instititutional Methodology. The calculators below can calculate either of these methods.

There isn't a maximum EFC that defines eligibility for the other financial aid programs. Instead, your EFC is used in an equation to determine your financial need:

Cost of attendance - Expected Family Contribution (EFC)= Financial Need

Your financial aid administrator (FAA) calculates your cost of attendance (COA), and subtracts the amount you and your family are expected to contribute toward that cost. If there's anything left over, you're considered to have financial need. In determining your need for aid from the SFA programs, your FAA must first consider other aid you're expected to receive.

Your FAA can adjust the EFC formula's data elements or adjust your COA if he or she believes your family's financial circumstances warrant it based on the documentation you provide. However, the FAA does not have to make such an adjustment.




Calculators

If you see a box around this text, your browser probably supports most of these calculators. If you are using a browser that does not see this box (supports tables, HTML 3.0), someof these calculators may not format the results properly. Estimating the Cost of Attendance

The College Cost Projector calculates an estimate of how much college will cost when you are ready to matriculate several years from now. By Mark Kantrowitz at FinAid: The Financial Aid Information Page (www.finaid.org).

Forecasting College Costs By the Student Loan Marketing Assn. (SLMA) (www.salliemae.com)


Budgeting Tools

Budgeting and Forecasting Future Income and ExpensesBy the Student Loan Marketing Assn. (SLMA) (www.salliemae.com)

Interactive Budget Tool By Bank Of America (www.bankamerica.com)Estimating the Expected Family Contribution (EFC) and Need

Financial Aid Estimation Form This calculator uses the Federal Need Analysis Methodology and a generic Institutional Methodology to calculate and accurate estimate of your Expected Family Contribution (EFC) and financial need. By Mark Kantrowitz at FinAid: The Financial Aid Information Page (www.finaid.org).

Estimating the Expected Family Contribution Calculates an approximation of the EFC. By the Student Loan Marketing Assn. (SLMA) (www.salliemae.com)

Expected Family Contribution (EFC)Uses federal methodology. By the College Board (www.collegeboard.com)


Planning for College Savings Growth

Savings Growth Projector This calculator illustrates how regular contributions to aninterest-bearing bank account or investment fund can grow due to compound interest. By Mark Kantrowitz at FinAid: The Financial Aid Information Page (www.finaid.org).

Annual Yield Calculator This calculator computes the annual yield required to achieve agiven total return over a specified number of years. By Mark Kantrowitz at FinAid: The Financial Aid Information Page (www.finaid.org).

Savings Plan Designer This calculator shows you how much money you must save in an interest-bearing bank account or investment fund each month in order to reach your savings goals. By Mark Kantrowitz at FinAid: The Financial Aid Information Page (www.finaid.org).

Savings Plan Yield CalculatorThis calculator computes the annual interest rate required to reach your savings goal given the present value of your savings, the value of your regular contributions, and the amount of time available. By Mark Kantrowitz at FinAid: The Financial Aid Information Page (www.finaid.org).

Forecasting Savings Requirements and Savings Growth By the Student Loan Marketing Assn. (SLMA) (www.salliemae.com)

Compound Interest Calculator This calculator computes the effective interest rate for an investment compounded at different intervals. It illustrates the effects of compounding on the effective interest rate. By Mark Kantrowitz at FinAid: The Financial Aid Information Page (www.finaid.org).

College Savings Advisor By the College Board (www.collegeboard.com)

Forecasting Savings Requirements and Savings Growth By the Student Loan Marketing Assn. (SLMA) (www.salliemae.com)


Loan Advisors

Loan advisors help you estimate how much debt can you and your parents can afford.

This calculator provides you with an estimate of the amount of educational debt you can reasonably afford, given the expected starting salary for your major. There are separate calculators for Undergraduate, Master's, and Doctoral students. By Mark Kantrowitz at FinAid: The Financial Aid Information Page (www.finaid.org).

Student Loan Advisor By the College Board (www.collegeboard.com)

Parent Loan Advisor. This calculator provides you with an estimate of the amountof educational debt you can reasonably afford for your children'seducation, given your current salary and other debt obligations (i.e., autoloans, mortgage/rent, credit cards, etc.) By Mark Kantrowitz at FinAid: The Financial Aid Information Page (www.finaid.org).

Parents' Net Worth Worksheet and Debt Planning Worksheet for Parents By the College Board (www.collegeboard.com)

Estimating Net Assets By the Student Loan Marketing Assn. (SLMA) (www.salliemae.com)

Estimating Borrowing Needs By the Student Loan Marketing Assn. (SLMA) (www.salliemae.com)Student Loan Payment Calculators

Loan Payment Calculator This calculator computes an estimate of the monthly loan paymentsrequired for different educational loan balances and interest rates.It also calculates the suggested annual income necessary to manage themonthly loan payments without too much financial difficulty. By Mark Kantrowitz at FinAid: The Financial Aid Information Page (www.finaid.org).

Loan Comparison Calculator. This calculator computes an estimate of the size of your monthly loan payments for three loans at the same time. You can also use it to compare the total payments and total interest paid for different interest rates, loan terms, and monthly payments. By Mark Kantrowitz at FinAid: The Financial Aid Information Page (www.finaid.org).

Cost of Interest Capitalization CalculatorCapitalizing the interest on a loan increases the total cost of the loan. This calculator computes an estimate of the accrued interest and the new loan balance at the end of a deferment period. It also presents the impact of capitalization on the total amount paid over the lifetimeof the loan. By Mark Kantrowitz at FinAid: The Financial Aid Information Page (www.finaid.org).

Parent Loan Repayment CalculatorBy the College Board (www.collegeboard.com)

Estimating Loan Payments By the Student Loan Marketing Assn. (SLMA) (www.salliemae.com)

Calculating the Cost of a Deferment By the Student Loan Marketing Assn. (SLMA) (www.salliemae.com)

Estimating Loan Balances By the Student Loan Marketing Assn. (SLMA) (www.salliemae.com)Insurance

Life Insurance Needs Calculator Helps you estimate how much life insurance you should carry, so that there will be enough money to pay for your children's education and your family's living expenses should you die. By Mark Kantrowitz at FinAid: The Financial Aid Information Page (www.finaid.org).