Your financial path to graduation
We’ll help you estimate how much you’ll owe in student loans and how much you’ll need to make to repay those loans. We can help you make smarter decisions about how to pay for school.
To start, it helps to have:
- Your financial aid offer (if you have one)
- An idea of how much money you and your family can put towards school
- A private loan offer (if you have one)
You may want to use this tool with someone you trust who can help you weigh your options.
Keep in mind:
Planning for how to pay for school can be complicated. It may require multiple conversations with family, advisers, and the school financial aid office to get more information. We won't store your personal information, but you’ll be able to save your link so you can come back and review your plan.
Learn how we got the numbers and guidelines for our calculations.
Your financial path to graduation
Estimate how much you’ll owe in student loans
Your estimated costs for X at :
This estimate includes tuition, books, housing and is based on the most recent data from the U.S. Department of Education.
Potential students should consider this before enrolling in an educational program placed on a HCM program.
- Estimated time frame: X years
- Estimated yearly costs: $X
- This estimate is based on the net price paid by in-state students with family incomes $X.
- Your actual expenses will depend on your situation—any financial aid you receive, your personal budgeting, rising costs, and other factors.
's graduation rate
's graduation rate falls in the of all schools granting 24-year degrees.
How much do you expect to contribute this year?
per year of your program
per year of your program
Estimated amount you could owe at graduation: $XX,XXX
This estimate is based on the data you’ve provided so far, but you can customize your estimate on the next page. School costs can increase, so be prepared in case you need to borrow more.
Estimate based on the information you provided
Estimated monthly payment:
Your payment estimate is based on making payments over 10 years on the standard repayment plan. Other plans, like income-driven repayment (IDR) plans, may be available with lower monthly payments, but the total cost of borrowing may be higher. IDR payments are based on income and family size. For some people, payments on an IDR can be as low as $0 a month.
Customize your estimate
This page will let you customize your estimate and help you assess your ability to pay the cost of attending this school.
Enter information from your financial aid offer
Include Federal grants, like Pell and SEOG grants, as well as school and state grants
Such as Military Tuition Assistance, GI Bill
Such as state or school scholarships
What other sources will help you cover the rest of your costs?
Other Loans
If you still have uncovered costs after working with the financial aid office to exhaust all the options listed above, you and your family have two more loan options to consider:
- Grad PLUS loan: For graduate or professional degree students. These loans are generally eligible for the same benefits as Direct subsidized and unsubsidized loans. More details about Grad PLUS loans can be found at Federal Student Aid website. .
- Parent PLUS loan: For parents of dependent students. These loans are generally not eligible for income-driven repayment (IDR) plans but can be consolidated to become eligible for the income-contingent repayment plan which is generally less generous than the income-driven repayment plans available to other federal loans. More details about parent PLUS loans can be found on the Federal Student Aid website. .
- Private student loan: You or a family member can apply for a private student loan from a bank or credit union. Students without a credit history are typically required to have a family member cosign as a fellow borrower on the loan.
Interest starts accumulating as soon as the money is sent to your school. The U.S. Department of Education sets the interest rate on federal student loans each July. If you are using this tool prior to July 1 for loans you will receive after July 1, then the interest rate may be different from what you see here.
This fee is deducted immediately from your loan amount, lowering the total you receive.
Private Loan
Costs not covered
The information you entered above did not cover all your expected costs. Since you may need to borrow more money to cover this amount, we're showing what it would cost to borrow this additional amount. Make a plan to get these uncovered costs down to zero by adjusting your costs and adding more resources above.
including interest accrued during school
Your total debt is X.Is this too much debt?
The cost of student loans may be a good investment in your future—if you can afford to repay them.
Check if the amount you’ll owe is more than your estimated salary
A common guideline: It can be helpful to compare your student loan total to your estimated first-year salary out of school. If your debt will be higher than your salary, consider whether it might be more debt than you can afford.
Note: Median salary is for financially-aided students working and not enrolled in school 6 years after starting at this school. It includes students who did not graduate. Your actual salary will depdend on factors like your field of work and where you live. Visit the BLS Wage Data site for more information.
How much will interest cost you?
Here's the total cost of borrowing if you repay your debt over 10 years on the standard repayment plan.
Estimated total cost of loans with interest:
Note: Other plans may be available with lower monthly payments, but the total cost of borrowing may be higher. Visit StudentAid.gov to learn about other options.
Includes interest accrued in school
Can you afford a $X payment?
Making loan payments on time can help you avoid financial and legal problems. Default—missing too many payments—can negatively impact your credit score, add additional fees, result in involuntary deductions from your paycheck and Social Security payment, and make you ineligibile for further federal student aid until you can get your loans out of default.
See if the monthly payment fits in an average monthly budget
Note: Median salary is for financially-aided students working and not enrolled in school 6 years after starting at this school. It includes students who did not graduate. Students tend to overestimate their starting salaries. A median is the middle—half of the students make more, but half make less.
Compare this school to others like it
Now that you understand how much debt you’re considering, make sure to research how well the school serves students. You’re investing a lot—make sure it pays off.
Ask the school to provide the metrics you care about, such as:
- On-time completion rate
- Job placement rate
- Loan default rate
- Loan repayment rate
- Persistence and retention rate
You should consider asking multiple schools for this information, so you can compare this school’s results.
Now that you understand how much debt you’re considering, let’s look at some statistics that indicate how well the school serves students. You’re investing a lot—make sure it pays off.
Example University
Graduation rate
's graduation rate falls in the of all schools granting 24-year degrees.
Transfer to graduation rate
's transfer to graduation rate is [2% higher] than the median of all US community colleges. It falls in the [middle third] of these schools.
Loan default rate
Loan repayment rate
's repayment rate falls in the of all schools granting 24-year degrees.
Review your plan and projected outcomes
As you look over these numbers again, think about whether you are confident about the benefits of going to this school with this financial plan. If you have multiple offers, use this summary to compare them.
You will also have a chance to print all documents at the end.
School and living situation
- School:
- Program type:
- Program name:
- Number of years:
- Tuition type:
- Where do you plan to live?
Covering your costs
|
Total estimated cost this year |
|
|---|---|
Direct costs subtotal |
|
Tuition and fees |
|
Housing and meals |
|
Additional direct costs |
|
Indirect costs subtotal |
|
Books & supplies |
|
Transportation |
|
Other/miscellaneous expenses |
|
Additional indirect costs |
|
Total funding |
|
|---|---|
Non-debt subtotal |
|
Grants and scholarships |
|
Work-study |
|
Other resources |
|
Debt subtotal |
|
Federal Loans |
|
Private loans |
|
PLUS loans |
Affording your loans
|
Estimated total debt at graduation |
|
|---|---|
Estimated debt from this program |
|
Includes Parent PLUS loans? |
|
Current student debt from prior schooling |
|
| Median first-year salary of this program's graduates Median salary of this school's recent students Median first-year salary of this program's graduates | Ask the school for salary data |
| How does the projected total debt compare to the median salary? |
The projected total debt is $0 moreless than the median salary. |
|
Estimated interest |
|
|---|---|
| Total cost of borrowing over 10-year repayment period |
|
Estimated monthly loan payment |
|
|---|---|
| Can I afford my payment within a monthly budget? |
Yes, there is room in the hypothetical budgetNo, there is not room in the hypothetical budget |
| Median monthly first-year salary of this program's graduates Median monthly salary of this school's recent students Median monthly first-year salary of this program's graduates | Ask the school for salary data |
| Average (or estimated) monthly expenses | |
| Additional money needed or left over |
Worth your investment?
What to do next
Your next steps depend on whether you want to use this plan to pay for attending this school.
How to put this plan into action
You will also have a chace to print all documents at the end.
Ask the financial aid office any questions you still have.
It’s first on this list, but you should do it whenever you’re confused or unsure of what to do next. They want to help you (and it’s their job)! You will not jeopardize your funding by asking too many questions.
Find out what it takes to enroll.
How much is the deposit? What paperwork do you need to send in? When are the deposit and any other paperwork due?
Research the details of your grants and scholarships.
Read or ask about the requirements of each grant and scholarship. Ask if they are renewable for following years—if not, you’ll need to find replacement funding next year.
Research the details of your grants, scholarships, fellowships, and assistantships.
Read or ask about the requirements of each grant and scholarship. Ask if they are renewable for following years—if not, you’ll need to find replacement funding next year.
Make a budget.
Use this cashflow budget to plan out when you’ll get money and when you’ll have to pay it.
Double check that you’ll have enough money when you need it.
If you have uncovered upfront costs, talk to the financial aid office about options to reduce the amount due at the beginning of the school year. Or can you (or your family) start saving for these now?
Accept the loans you want.
More paperwork ahead! You’ll also need to do entrance counseling for federal loans. Remember, you don’t need to accept all the loans you’re offered or the full amount.
Put a reminder in your calendar to fill out FAFSA on October 1.
If you’ll be in school next year, you’ll need to start this process again in a few months.
Set another reminder to visit the financial aid office every term.
Ask about new opportunities for funding. For example, some scholarships are only open to certain majors or only for upperclassmen.
Know how many credits you already have and plan to graduate on time.
Make sure you get credit for your AP, IB, dual-enrollment, and transfer courses. Work with an academic adviser to stay on track for on-time graduation.
Ask about getting credits from a more affordable school.
Reach out to your academic advisor about taking core requirements at community college. (But be strategic about when you take them—if you start school with enough credits to count as a second- or third-year student, you may be disqualified from grants and scholarships for first-year students.)
Ask about getting credits from a more affordable school.
Graduate programs may allow you to transfer credits.
Apply for additional institutional or private student loans.
To get the best deal for your situation, read the fine print and shop around for the lowest interest rates and fees. You’ll probably need a cosigner.
Apply for additional loans, including Grad PLUS and private options.
To get the best deal for your situation, read the fine print and shop around for the lowest interest rates and fees. You’ll probably need a cosigner.
Consider other options
Reduce your living costs.
Can you live at home? Stick to public transit?
Ask about getting credits from a more affordable school.
Reach out to your academic advisor about taking core requirements at community college. (But be strategic about when you take them—if you start school with enough credits to count as a second- or third-year student, you may be disqualified from grants and scholarships for first-year students.)
Look for more grants and scholarships.
There are always more available, even if school starts soon! Scholarship Finder is one place to look. If you already have a financial aid offer or currently enrolled in school, check with your school to find out their policy processing new scholarships. Scholarship displacement can occur where a school reduces or "displaces" aid already offered to a student after that student receives a new outside scholarship."
Consider working.
A job can reduce your borrowing and provide other benefits, but working more than 20 hours a week is associated with lower grades.
Consider working.
While working can reduce borrowing and provide enriching experiences, remember that studies have shown that working over 20 hours a week can be associated with lower grades.
Think about other programs at this school.
You might want to consider choosing a major that will open the door to more lucrative career fields.
Explore other schools.
Even if this is the only school you applied to this year, it’s not your only option. For example, if you are pursuing a bachelor's degree, you can always start att community college this year and apply to transfer to another school next year.
Explore other schools.
Even if this is the only school you applied to this year, it’s not your only option. Take this year to work, save money, and pursue enrichment opportunities in your field while preparing to apply again next year.
Great job!
You've made a plan to cover your school costs and graduate with as little debt as possible, and learned about the impact of loans on your future.
Copy and save this link so that you can come back and review your plan. We won't store this information.
Do you have another financial aid offer?
If you have another financial aid offer you can click the button below to start this form over and enter in your data for the other school.
Restart