[176 KB] You fill out a single form, the Free Application for Federal Student Aid (FAFSA) and send it to your school’s financial aid office. FAFSA4caster will help you understand your options for paying for college. If none of the income was untaxed, put "0". Borrowers of multiple federal student loans can choose to consolidate them into a single Direct Consolidation Loan. If you need a more accurate calculator use Finaid’s Expected Family Contribution (EFC) calculator, which implements the Federal Need Analysis Methodology. Please read.This calculator is intended to provide estimated net price information (defined as estimated cost of attendance - including tuition and required fees, books and supplies, room and board (meals), and other related expenses - minus estimated grant and scholarship aid) to current and prospective students and their families based on what similar students paid in a previous year. Currently the 2020-2021 Undergraduate Federal Stafford Loan has a fixed interest rate of 2.75% (a record low) and the Federal PLUS loan has a fixed rate of 5.3%. The latest articles and tips to help parents stay on track with saving and paying for college, delivered to your inbox every week. Compare private student loan options or student loan consolidation options on Credible.com. The Net Price Calculator takes into account average tuition for the year, living expenses, etc. Despite the name, most families will pay more than the expected family contribution (EFC). If you're a dependent, then this question is about your parents. Payoff in 6 years and 2 months Hopefully, this information will shed some light on how schools calculate your financial aid. Rates from these tend to be lower than loans from private lenders. This loan calculator can calculate the monthly loan payments on federal and private student loans, as well as mortgages and auto loans. Custodial 529 plan accounts are reported as a parent asset on the FAFSA. ... To apply for federal financial aid, you have to fill out the Free Application for Federal Student Aid. Is a dependent student's parent or the independent student a dislocated worker or displaced homemaker? By using FAFSA4caster, you and your family will receive an early estimate of eligibility for federal student aid. The U.S. Department of Education’s College Scorecard has the most reliable data on college costs, graduation, and post-college earnings. State student loans may also have additional, unique eligibility requirements. When you take out a federal student loan, you will be charged an origination fee by the U.S. Department of Education. If you qualify for financial aid, you will likely get a mix of all four—it depends on your profile, financial situation, and the college. Knowing this helps us better customize your experience, Knowing this helps us better customize your experience and offer better recommendations, Already have a Savingforcollege.com account?Log In, I want to learn more about college savings, I want to connect and monitor my 529 plan, Track your child’s 529 plan growth and performance, Notifications to help you better manage your child’s 529 plan, Tips on how to accelerate the growth of your child’s 529 plan. The last two steps allow you to review your potential federal aid awards and provide information about other resources you might use to pay for school. There is an up-front fee called the origination fee that hovers around 4% of the loan amount. Financial need is calculated by subtracting the amount of your Expected Family Contribution from your college’s Cost of Attendance. A net price calculator will show you how much grant aid you’re likely to receive to attend a particular school. This fee is a percentage of the total loan amount you are borrowing and is deducted proportionately from each disbursement of your loan. This calculator is mainly for those still in college or haven't started. If your FAFSA is received after January 15th, you will be considered a late applicant and are only considered for limited types of aid. Your Expected Family Contribution is based on your family’s total income (including both taxed and untaxed income), assets and dependency status (dependent student or independent student). Include your siblings, spouse, children, and other family members (if that applies). If your parent is divorced or separated but has remarried, answer 2. Generally, participants must be residents of the state or must be an out-of-state student enrolled in a college within the particular state. This calculator is intended to provide estimated net price information (defined as estimated cost of attendance — including tuition and required fees, books and supplies, room and board (meals), and other related expenses — minus estimated grant and scholarship aid) to current and prospective students and their families based on what similar students paid in a previous year. Final eligibility for aid is subject to completion of the FAFSA, meeting eligibility requirements, meeting priority deadlines, and availability of funds. Use the calculator below to evaluate the student loan payoff options, as well as the interest to be saved. Scholarships. The interest rate on Direct PLUS loans tends to be higher than Stafford loans. Student loans for nursing or teaching are commonly forgiven for that reason. This loan calculator assumes that the interest rate remains constant throughout the life of the loan. Untaxed income can include retirement plan contributions and tax-free benefits such as Social Security disability and retirement benefit payments and unemployment benefits. Enter your e-mail address to begin the reset password process. This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. Extended graduated repayment plans allow borrowers to extend their loans for up to 25 years. Free Application for Federal Student Aid (FAFSA) Appeals; Financial Aid Glossary; Student Forms; Cal Grant FAQ; WebGrants 4 Students ... Additional Resources; Financial Aid Calculators. This is the total income earned by your household last year. How much did you make last year (before tax)? However, private student loans are far and few can be used to help pay for education if federal programs are not an option or have been exhausted. The Department of Education also has a free financial aid calculator, the FAFSA4caster, which gives you an early estimate of your eligibility for federal student aid. Provide some basic information and we'll estimate your eligibility for federal student aid.Your estimate will be shown in the "College Cost Worksheet" where you can also provide estimated amounts of other student aid and savings that can go towards your college education. Includes an overview of federal student aid programs. For security, we track login attempts. Include only the ones you can contact. How many living parents do you have? Students must meet the priority application date of January 15th to be considered for all financial aid programs. Applying for federal aid is free, but to be considered for non-federal aid (such as institutional aid), students may have to fill out additional forms, which might require fees. Before choosing to consolidate, there are some tradeoffs to consider. Include siblings or any other relative living with you that is in college. Borrowers should have favorable credit histories, and the maximum possible loan amount is the difference between the cost of attendance for attending a particular school and any other financial aid received, such as scholarships. The results provided by this Quick EFC calculator are only an approximation of the Federal EFC figure that is calculated when you file the FAFSA form. This results in savings of $4,421.28 in interest payments. Don’t overlook the education tax benefits such as the Hope Scholarship tax credit. How much did you pay in federal income taxes last year? However, keep in mind that rates on these tend to be higher, and are more likely to be variable rather than fixed. FAFSA Calculator. Also it is the largest student financial aid provider in the country. EFC is a measure of family's financial strength and is estimated according to a formula established by law. 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