subject: The Perks Of Financial Aid Calculators [print this page] If you need help to pay for college like most students today, determining the total cost of your education expenses and managing your finances can become a very complicated task. But now, many websites have introduced free financial aid calculators that can help you realistically calculate how much aid you have received, in order to more accurately determine what your remaining expenses might be. The newest financial aid calculators are sophisticated, allowing you to clearly spell out your expenses and payment options.
Let's take a look at some of the factors that will come into play when paying for college:
Net Price: Nowadays, most colleges and universities make tuition and cost per credit information readily available on their websites. While these figures can be accurate in terms of what a school costs, they do not take other factors into consideration like scholarships or other forms of aid. But new financial aid calculators will factor this in and offer a closer estimate of what college will cost.
Family Contribution: Similar to the issue of net-price, college tuition rates listed online do not always provide an accurate estimate of what families will need to contribute. Studies have shown that parents sometimes dissuade their children from choosing a certain school because they think they cannot afford it. By using a calculator to add financial aid to the equation, parents can see an accurate representation of what might need to be paid out of pocket.
Additional Aid: Many students receive scholarships from various sources, grants and other forms of financial aid that will significantly lower the tuition rate that is listed on a college's website. Certain financial aid calculators will allow students to add up all sources of financial aid, and then will subtract this amount from their expected tuition payment.
Tuition rates or projected education expenses listed on a college's website can be intimidating, but remember that students are not necessarily expected to be able to afford this amount. And additionally, other expenses like textbooks, a new computer or relocation costs will need to be added into your college cost. Remember that financial aid can also be applied toward these expenses, because they are directly tied to your education. Once you have taken all necessary measures to receive your maximum amount of financial aid, an online financial aid calculator can help you determine just what expenses remain toward your total cost of college.
by: Alli Lawrence
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