College planning calculators are vital to the college search process. These tools provide an accurate estimate on college costs, potential financial aid packages, and your Student Aid Index (SAI), which is ultimately determined on the FAFSA. Understanding your SAI is a key to understanding your eligibility for federal student aid.
Students and parents who make a plan to pay for college have more success making college affordable. It begins with a conversation during the junior year of high school, or early on in the senior year, to determine who is going to pay for college and which components. Through this discussion, parents can set ground rules and give students realistic expectations.
Below are free tools and resources that can help students and parents navigate the conversation as well as the actual process of paying for college over the student’s college career.
The best way to determine your estimated financial aid package is:
COA – SAI = Financial Need
COA stands for Cost of Attendance, and SAI stands for Student Aid Index. The cost of attendance can be found on any college website under the Financial Aid section. Filing the Free Application for Federal Student Aid, or FAFSA, determines the SAI. The above equation informs you of your Financial Need for college.
Once the FAFSA is processed, colleges and universities use the financial need figure to try and bridge the gap between what your family can contribute and the total cost of college. They may offer grants (which do not need to be repaid) and/or work-study programs.
However, their financial aid package may also include student loans. Understanding the different types of financial aid is crucial.
This FAFSA calculator estimates your SAI before you ever submit the application, giving you a head start on understanding your financial aid eligibility. It’s a valuable tool to use during your junior or even sophomore year of high school for early college planning.
As you confront the realities of paying for higher education, you might discover that the combination of your family’s contribution and your financial aid awards still falls short of covering the full cost of attendance.
Your remaining option might be to consider student loans to bridge the college funding gap. While the prospect of student debt can be daunting for many students and parents, it doesn’t have to be. By adhering to a few fundamental borrowing principles, you can manage student loan debt effectively:
Finally, you may find that there are a plethora of student loan options out there, so how do you decide which is right for you? Before you decide, compare student loans through a Loan Comparison Calculator.
The Student Loan Comparison Calculator will help you compare student loans side-by-side, giving you an analysis of:
• Interest rates
• Loan terms (in years)
• Minimum monthly payments
You can use this Loan Calculator to compare federal loans to private loans as well as different private student loans.
Free Calculators to Estimate Financial Aid and Student Loans
To help you start the conversation – and to assist you in your college funding plan – we’re highlighting our favorite student calculators from our sister site, FinAid. These calculators are tried and true and should be utilized by students and their parents or guardians to make the most informed higher education finance decisions.Student Aid Index (SAI) Calculator: Estimate Your Financial Need
Student Loan Payment Calculator: Plan Before You Borrow
- Never borrow more than your annual salary after graduation. Research annual salaries of jobs that interest you – or find the average starting salary for all college graduates. That will give you a limit on how much to borrow.
- Borrow federal first, then seek out private loans. Federal student loans have the lowest interest rates. By borrowing federal first, you save more money over time on your student loan payments.
- Estimate loan payments before borrowing. To help you make the wisest student loan decisions, it’s vital to estimate your monthly payments after graduation. Before you even borrow, you’ll have a big picture view of how student loans will impact your life after graduation.
Loan Comparison Calculator: Find the Best Student Loan for You
Frequently Asked Questions About Financial Aid Calculators
Naturally, students and parents have questions about financial aid calculators. Below are a few of the most common, and the answers may help you determine how and when to use calculators to inform your decisions on how to pay for college.What is the best student loan calculator?
FinAid Student Loan Calculators are some of the most-used calculators available. They have stood the test of time and have been adapted along with the student loan market. Other helpful student loan calculators can be found on the U.S. Department of Education Student Aid website.How do I estimate my financial aid before the FAFSA?
You can estimate your financial aid at any time by using our Student Aid Index (SAI) Calculator. Additionally, colleges have net price calculators listed under the Financial Aid section of their website. Sometimes, these net price calculators are detailed enough to provide a financial aid package estimate. Keep in mind that using these calculators merely provides you with an estimate – not an exact figure that the school will award you.What is a good Student Aid Index (SAI) score?
A “good SAI score” likely refers to a student exhibiting the highest financial need and thereby receiving the most financial aid possible. A score of 0 or lower, the lowest being -1,500, is ideal for qualifying for the most financial aid, and specifically the maximum Federal Pell Grant.Should I use federal or private student loans?
Students should exhaust their federal student loan options before seeking out private loans. They have lower interest rates, and depending on the career chosen, they can qualify for student loan forgiveness, whereas that option isn’t available for private loan borrowers.Make Informed Decisions to Pay for College
You do not need to enter the college search and application process blindly. In fact, it’s highly discouraged. Having conversations about finances and running the numbers beforehand will prepare you and your family to make the best college decisions. In addition to the above calculators, FinAid has even more to help you make informed decisions about your college choices. These free resources can make all the difference in your college search.You Might Also Like
Kathryn Knight Randolph
Associate Content Editor
Kathryn Knight Randolph covers trends in higher education, changes to admissions and financial aid practices, and the student experience. She is passionate about simplifying the college search and financia...
