Creating a Financial Plan

If college is several years away, the Savings Plan Designer will tell you how much you'll need to save on a regular basis in order to reach your savings goals.

If college is imminent or already here, you need to understand how colleges determine your financial aid package. The Financial Aid Calculator computes your Expected Family Contribution (EFC) using the federal formulas.

Some of the aid will be in the form of loans. The Loan Calculator will identify how much you can afford to borrow, and how much it will cost to pay back your education loans.

Don't forget about Education Tax Benefits, which give you income tax deductions and credits to help defray college costs.

Tools, Calculators, and Downloads

Savings Plan Designer: This calculator shows you how much money you must contribute each month to an interest-bearing bank account or investment fund in order to reach your savings goals.
Savings Growth Projector: Specify the details of your current savings plan and this calculator will tell you how much you will accumulate by the time your child enrolls in college.
Parent Debt Calculator: It's a good idea to avoid borrowing too much, even for college.
Loan Calculator: When you borrow, you need to know your monthly payment to determine whether you can afford the loan.

EFC Worksheets: Download the EFC Worksheets that appear in Chapter 3 of FastWeb's College Gold.
EFC Calculator: Financial aid is based on the difference between your Cost of Attendance and Expected Family Contribution (EFC).
Tax Benefits and Regulations: A description of tax benefits you'll receive when you pay for college, as well as eligibility requirements. This page expands on information found in Chapter 15 of FastWeb's College Gold.
Loan Payment Chart Generator: This calculator generates charts that compare monthly payments, total payments, and total interest paid over the lifetime of a loan.

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Creating a Financial Plan

Tools, Calculators, and Downloads

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