Long Term Planning for College
 

Long Term Planning Calculator

The costs of higher education are rising each year. That's why saving for your child's college education should be thought of as a long-term project. This calculator helps you develop a savings strategy to cope with these escalating costs. To change the pre-filled values, simply type new values over them.

Estimated College Costs
 
Child 1
 
Child 2
 
Child 3
$ $ $
     
  % % %
     
$ $ $
Future Value of Current Savings
$ $ $
$ $ $
  % % %
$ $ $
Additional Savings Required
$ $ $
$ $ $
$
 

Some loan programs allow students to defer payment of principal and interest while in school. If you qualify for federal interest subsidy, the federal government may pay the interest during this period. Loans eligible for this type of subsidy include Stafford loans and Perkins loans.

If your loan is not eligible for this federal interest subsidy, or if your loan is in forbearance (periods when you are allowed by your loan servicer to stop making payments temporarily because of financial hardship), the balance of your loan will increase by the amount of unpaid interest that accrues during the period when you are not making payments.

You may want to consider making some payments toward accrued interest, even when payments are not required, to minimize the growth of your loan balance.