10 Tools That Give You a Tailored Estimate of What You'll Pay for College
Unravel the Mystery of College Costs
For many students, what they'll pay to attend college isn't clear.
But paying for college doesn't have to remain a mystery. Reputable online tools can guide students based on personal data, such as tax returns, award letters and student loan records.
"While they might not be able to offer a precise number, they give families a ballpark," says Megan McClean, the National Association of Financial Aid Administrators' managing director of policy and federal relations.
College Cost Calculator
The College Board's College Cost Calculator asks for the price of an institution -- or has users input an average -- and lets families predict inflation, savings and length of study to get an estimate of how much college will cost in the future.
Just had a baby? The average cost of a private four-year institution, after 5 percent inflation in 18 years, will run families more than $100,000 annually, according to the tool. Better start saving now.
Financial Aid, College Cost Comparison
Students weighing financial aid offers from several universities can enter the award details into the Consumer Financial Protection Bureau's financial aid comparison tool to get a sense of how the packages measure up.
The tool estimates debt at graduation and monthly repayments down the road. Plus, it contains information on graduation and default rates and a shortcut for students eyeing schools that use the Financial Aid Shopping Sheet.
College Scorecard
Plugging a school into the College Scorecard search tab brings up a slew of financial information, including costs, median borrowing amounts and graduation and default rates.
Students can also use the scorecard as a way to find a list of schools that meet their needs, based on criteria such as size, location and fields of study.
FAFSA4caster
One way that students can get a sense of their eligibility for federal student aid is through the U.S. Department of Education's FAFSA4caster.
Input family size, income and other background information to come up with an estimate of available federal aid.
Expected Family Contribution Calculator
Another way to get an estimate of how much a family is expected to put toward a college education is through the College Board's Expected Family Contribution Calculator.
It asks for a range of data, from the number of family members to income and tax information to come up with estimated family contribution, a measure of the family's financial strength.
Net Price Calculators
Sticker price is rarely what families pay. The tuition discount rate, the amount universities cover for students by providing grants and other aid, was expected to reach a new high of nearly 47 percent for the 2013-2014 school year at private universities, according a recent survey.
Families can enter information such as income, family size and assets into a net price calculator, and get a tailored estimate of a school's cost. Different schools may ask for different information, which can make comparing colleges hard.
Federal Student Aid Repayment Estimator
Plug loan and income information into the Federal Student Aid Repayment Estimator to compare the length of repayment, monthly and total repayment amounts and anticipated loan forgiveness between federal student loan payment plans.
Borrowers can see whether they're eligible to participate in an income-based repayment plan and get a visual on how smaller monthly payments will increase the amount paid over the life of the loan.
Repay Student Debt Questionnaire
The Consumer Financial Protection Bureau's Repay Student Debt tool is a questionnaire that lets borrowers input general information about their student loan situation: Whether they hold private, federal or both kinds of loans, whether they have defaulted, whether they have the means to start paying down debt.
The tool provides recommendations and resources based on those answers.
Find Out More About Paying for College
College cost calculators are just one tool families can use to understand paying for college.
Explore more resources on student loans and financial aid online. And join the conversation by following U.S. News Education on Facebook, Twitter and Google+.
Susannah Snider is an education reporter at U.S. News, covering paying for college and graduate school. You can follow her on Twitter or email her at ssnider@usnews.com.
