This tool estimates the amount of financial aid you may qualify for based on your inputs.
How to Use the Aid Estimator
To use the Aid Estimator, provide your annual income, family size, number of students in college, state of residence, and total assets excluding your primary home. Press the “Calculate” button to see the estimated financial aid you may receive.
Calculation Methodology
The Aid Estimator calculates the potential financial aid by considering the following factors:
- Income: 20% of your annual income is considered as available funds.
- Assets: 5% of your total assets excluding your primary home are added to the calculation.
- State Adjustment Factor: Based on your state of residence, an adjustment factor is applied to account for the cost of living.
- Family Size and Number of Students: The total funds available are divided by the product of family size and number of students in college to get the per-student aid estimation.
Limitations
Please note that the estimation provided by this calculator is a general guideline and may not reflect the actual aid you will receive. The specific financial aid package may depend on further factors including but not limited to specific financial aid policies, special financial circumstances, and other qualitative factors not included in this calculator.
Use Cases for This Calculator
Estimating Financial Aid Eligibility
Calculate how much financial aid you may be eligible for by entering your household income, number of family members, and any other sources of income or assets.
Exploring Different Scenarios
Experiment with different financial scenarios by adjusting your income, family size, and other variables to predict how your financial aid eligibility might change.
Understanding Expected Family Contribution
Learn more about the concept of Expected Family Contribution (EFC) and how it affects your financial aid amount based on your financial situation.
Factoring in Special Circumstances
Consider special circumstances such as medical expenses or unusual financial hardships that may impact your financial aid eligibility and adjust your inputs accordingly.
Comparing Different Aid Types
Compare the amounts you may receive from different types of financial aid such as grants, scholarships, loans, and work-study programs to make informed decisions.
Estimating Total Cost of Attendance
Estimate the total cost of attendance at your desired school including tuition, fees, room and board, books, transportation, and other expenses to calculate your financial need accurately.
Planning for College Savings
Use the aid estimator to determine how much you need to save for college based on your expected financial aid eligibility and the total cost of attendance for different schools.
Preparing for Scholarship Applications
Prepare for scholarship applications by assessing your financial need and researching scholarships that can help cover your college expenses based on the aid estimator’s results.
Adjusting for Inflation and Cost Changes
Factor in inflation rates and potential changes in college costs over time to project your future financial aid needs and adjust your savings goals accordingly.
Seeking Financial Aid Counseling
Use the estimator results to seek financial aid counseling and guidance from advisors who can help you navigate the application process and maximize your aid opportunities.