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College Loan Calculator

Our college loan calculator helps you add up all of your college expenses, so that you can determine how much you will need to pay for school. If you don’t know how much to budget for each expense, we’ve gathered some helpful data to help you estimate.

If you have already received your financial aid award letter, subtract your total financial aid awards (including federal loans) from your total college costs to determine how much you may need to borrow in private student loans.

Total college cost – financial aid awarded = amount needed in private student loans

College Expenses

Tuition

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Tips:
  • The average cost of tuition at a 4-year public university (in-state) is $7,020.
  • The average cost of tuition at a 4-year private university is $26,2731. Check your school’s website or financial aid office to find out the cost of tuition.

Room and Board

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Tips:
  • The average cost of room and board at a 4-year public university (in-state) is $8,193.
  • The average cost of room and board at a 4-year private university is $9,3631. Check your school’s website or financial aid office to find out estimated cost of room and board.

Travel

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Tips:
  • Find out how many times per year your school will close for the holidays. Chances are you will incur travel expenses each time the school is closed.

Books

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Misc. College Expenses

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Tips:
  • A computer can cost you anywhere from $500-$2,500, depending on what you need.
  • Dues for professional associations are typically $50-$100 per year, unless the organization does trips and activities, which might add to the expense. You can generally view lab fees before you enroll in a certain course. Lab fees vary, depending on the subject, but estimate $75-$300.

Entertainment

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Tips:
  • Don’t forget to budget in expenses for the movies, trips and college fun!

Total College Cost

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1http://www.trends-collegeboard.com/college_pricing/ppt/2009_Trends_College_Pricing.ppt Average Published Charges for Undergraduates by Type and Control of Institution, 2009-10 (Enrollment-Weighted)