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College Budget Report

Answer a few questions to create a personalized four-year college cost projection.
1

What is the Year 1 college cost (tuition, room & board, fees)?

$
2

Expected financial aid / scholarships per year?

$
3

How much do you currently have saved for college (529 or other)?

$
4

How much are you (the parents) willing to pay the school per month while the student is in school?

$
5

Will grandparents contribute? If so, how much in total over 4 years?

$
6

What is the student's expected starting salary after graduation?

$
7

If additional loans are needed to pay for school, who is repaying them?

8

What is the student's name?

9

Where should we email this report? (A copy will also be sent to Student Loan Steve)

Compare additional colleges (optional)

Enter the school name and expected cost after scholarships and financial aid.

Results reflect current answers.
Total Loans Needed to Pay for College
Student's Federal Loans
$27,000
Student's private loan total
$143,357
Year-by-Year Results
YearNet CostAidFederal Loan529 UsedGrandparentParent OOPPrivate loanBalance
1970$35,000$0$5,500$5,000$0$0$24,500$26,460
1971$36,750$0$6,500$0$0$0$30,250$61,247
1972$38,588$0$7,500$0$0$0$31,088$99,721
1973$40,517$0$7,500$0$0$0$33,017$143,357
Total$150,854$0$27,000$5,000$0$0$118,854$143,357
10-Year Repayment Impact
Student's federal loans (10-yr)
$328/mo
6.0% of salary · Balance $27,000
Student's private loans (10-yr)
$1,739/mo
32.1% of salary · Balance $143,357
Student's combined (10-yr)
$2,067/mo
38.2% of salary · Total $248,028

38.2% of student's salary will go towards repaying student loans.

Based on the amount borrowed and expected future income, these loans may create significant financial strain for the student.

Rule of thumb: keep the total loan balance the student is repaying below their expected first-year salary.

Need help?

Use our "I need to Figure out How to Pay for College" service where we help parents strategically pay as little as possible for college. We review use of 529 accounts, student loans, private student loans and Parent Plus loans to see which makes the most sense. You will receive a report with the estimated costs for the student and the parent during college and after graduation.

Schedule a meeting at www.studentloansteve.com

Estimates only — not financial advice.

Assumptions: 5% annual cost growth and a 8% interest on federal & private loans.