Estimating Yearly College Costs
Here’s a quick overview for estimating yearly college
costs.
- First, look up the Cost of Attendance (COA) for your institution of choice on their website, and write those figures down on a sheet of paper (see below):
- Tuition & Fees
- Room & Board
- Books & Supplies
- Transportation
- Personal Expenses/Miscellaneous
- Next, subtract scholarships and grants, which are funds that don’t have to be repaid.
- After that, consider the amount you must finance per year, before considering loans.
- Finally, utilizing potential loan options, estimate your finances. Keep in mind this is an estimate only.
For more specific information, contact the institutions that
you are considering. Another resource that you might utilize is Iowa
Student Loan’s College Funding Forecaster, which is a free tool to help
estimate college expenses: www.iowastudentloan.org/forecaster
Tuition & Fees:
$8,500
Room & Board:
$8,500
Books & Supplies:
$1,000
Transportation:
$1,000
Miscellaneous:
$1,000
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Total
COA:
$20,000 -
Take the TOAL COA ($20,000) and subtract scholarships and grants. Scholarships and grants are funds which
don’t have to be repaid
Minus (-)
Academic Scholarship $3,000
Federal Pell
Grant $1,500
Equals (=)
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Cost Per Year
$15,500 - How do you plan to finance this amount?
Federal Student Loan $5,500 - Remember, if you are considering loans, they must be repaid with interest. Check out our helpful guide to student loans - download Student Loan Facts from the ICAN materials library.
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= Cost Per Year including utilizing loans: $10,000
- How do you plan to finance the remaining amount? Federal Parent Loan,
Private Loans, Payment Plan, etc.
The above calculation is a way to get a quick estimate of
college costs. Keep in mind it is an estimate only.
If this all seems like a lot to take in, you can always call ICAN and talk things through. We are here to help - 877-272-4692 or even better, visit one of our offices and we'll walk through your award letters together and help you create a budget and a financial plan for your college costs. Visit www.icansucceed.org/apt to schedule an appointment.
Troy - ICAN Ankeny Center
