Types of Student Loan and College Cost Calculators

Find Out What it Will Be Costing You First

During your exploration of the online world of college financing assistance, you will begin to see a pattern. While articles on college savings accounts and essay-tips for scholarships vary from site to site, you will find that that almost all resources contain some kind of college loan or college cost calculator. This common thread in college resources and loan providers indicates the premium importance of knowing exactly how much you will have to pay, when, for how long, and with what interest.

These calculators are fairly savvy and comprehensive, and can show you financial data and statistics in an easy-to-understand light. While these tools are certainly useful and can be fun to play around with, let’s find out how you can maximize their helpfulness and use them as leverage in your journey to an affordable education. Faced with such an array of options, you may be wondering:loan calculators

You will find a confusing assortment of different types of calculators among lender websites, each designed to help you best plan, estimate, and make decisions about your own college education or that of your children. The typical types of tools include a range from tuition calculators, student loan calculators and college savings calculators and vary in style from basic widget to complex matrix. Used in combination with smart financial aid strategies, many college cost calculators can be effective financial planning tools, and a great supplement to a well-thought-out financial aid package.

College Tuition Calculators

College tuition calculators are fairly simple and self-explanatory. They will show you what your tuition or that of your child’s will be in a particular year in the future, taking into account fluctuation and changing figures. Utilities like these are designed to return estimated college cost calculations based on a combination of data, including historical and trend predictors.

Over the years, statistics have been diligently gathered and when plugged into these tools the resulting logical calculations are able to show the average increases in tuition rates each year. They may even be “smart” enough to estimate your textbook costs. Use these figures as a rough estimate of a total four-year cost of tuition and attendance. The ability to know your total cost in the end can help you know when to save, plan, apply for loans and scholarships, and partition your money appropriately.

It is key to arm yourself with advance knowledge of your tuition’s bottom line after four years, and consequently empower yourself to make better financial choices when the time comes.

Student Loan Calculators

If you know how much your college tuition or your child’s may cost 5 or 15 years down the road, you also know that’s not the real cost of education, all-told. You will also probably anticipate the presence of loans in your future. If you are like most American students, you’ll need to take out at least one or two college loans, among them those from the Federal government as well as private, or alternative, sources. These necessary student loans also accrue interest and come packaged with associated fees, or borrowing costs.

When you take the cost of college tuition and add to it the costs of borrowing money, this critical intersection of data is where you realize a more accurate total expense for a college education, rather than simply estimated tuition costs.

College Savings Calculators

College savings calculators give you the additional flexibility within the tool to figure how much you could potentially save prior to college and how that savings could impact the amount you would finally need to borrow. This is a great widget to use as an incentive to open up a college savings account or put aside money regularly with dramatic results when it comes time for college.

Other Sources for College Cost Estimators

Besides the few tools we’ve highlighted, you will also find similar utilities on your state student loan website, through your personal bank like the Wells Fargo’s Student Loan Repayment Calculator, at general sites like the Financial Industry Regulatory Authority’s College Savings Calculator, or on almost any student loan provider’s website, such as a major lender like Sallie Mae. You will find customized calculators that allow you to figure various costs associated with a particular lender’s student loan interest rates and costs, and a few other types of calculators such as loan consolidation tools. Used in conjunction with each other, these tools can give you a comprehensive look at what you are financially capable of and help keep you aware of changes in tuition costs, loan interests, and other fluctuating fees.

Calculators like these can be your best friend as you do your financial planning. Loan and tuition tools show predictive technology at its best: when it helps you to make choices that are savvy for you and your family’s finances, and gives you a leg up on the hurdle of paying for a college education in the most efficient and effective manner.