Use the FAFSA4caster to calculate the federal student aid for which you may be eligible. After the FAFSA4caster calculates your federal student aid, it will enter the information on a College Cost Worksheet. This worksheet contains fields for you to enter the cost of your school and other sources of school financing like grants, scholarships, loans and your work-study. When you hit the calculate button, you will see the money you need to contribute to your college tuition. This figure is your estimated family contribution.
Budget calculators help college students decide how much money they have to spend over the course of a semester on various items based on their income. Using a budget calculator can also alert you if you simply are not going to have enough money coming in and may need to adjust your financial plans. Expenses a good budget calendar will include are tuition, books, housing, food and transportation. Additional expenses that you should budget for during the school year include personal, health, entertainment, emergencies and miscellaneous expenses. If you have dependents, you should also include the cost of caring for your child. On the other side of the balance sheet, include all forms of income including employment income, family contribution, financial aid, loans, scholarships and any other income you expect to receive.
The Federal Student Aid website offers calculators that will allow you to plan how to repay your student loans with consideration of your financial situation and the loan repayment plan you have. They have calculators for standard, extended, graduated and income contingent loan repayment plans. Additionally, if you are considering consolidating multiple education loans, you can use the Federal Direct Consolidations Loans Online Calculator to figure out your monthly payment.
FinAid has many calculators to help you perform many financial planning related activities. You can design a savings plan using FinAid's Savings Plan Designer, which will also calculate how much interest the account will earn over a specified amount of time. Use the College Cost Projector to expect possible increases in tuition over your years of attendance. Other calculators will integrate your savings and borrowing, calculate the EFC or calculate loans and loan interest. A student budget calculator and family budget analyzer help you cut back on nonessential expenses and save money for college.