Online Tool Shows Cost of College -- and How to Pay for It

Sallie Mae today launched a new, free online tool that makes understanding the total cost of college and how to pay for it easier for students, parents, financial aid professionals and guidance counselors. The Education Investment Planner takes users through a series of questions, prompting them to model various funding sources, including 529 college savings plans, parent and student savings and income, scholarships, federal and state grants, institutional aid and other sources.
The Education Investment Planner enables families to:
• Estimate the full cost of a college degree. Find out how much four years for a bachelor’s degree, two years for a master’s degree, or other programs will cost at a specific school, including the average growth of tuition over time.
• Build a customized plan. Families can find the plan that's best for them. The tool shows how to pay for college through a combination of their own money, federal and state grants, scholarships and, if necessary, federal and private student loans.
• Compare costs. Find actual costs for approximately 5,500 colleges and universities—not only tuition, but also average room and board expenses, fees, books and supplies.
• Determine monthly payment rates. The tool can help families determine whether loans will be needed and, if so, estimate what their monthly payments could be after graduation. It will also figure out how much a graduate would need to earn to keep payments manageable.

Try out the Education Investment Planner here.