Financial Reality Check
Use this tool to estimate the real cost of your first year and how you’ll pay for it. Enter numbers as whole dollars (no commas or $ signs).
Part 1: What will it cost?
Program Costs
| Expense | Per Semester | Per Year |
|---|---|---|
| Tuition | ||
| Fees | ||
| Books & Supplies (per year) | ||
| Tools / Equipment (per year, if needed) | ||
| Program Total (Year 1) |
Living Costs
| Expense | Per Month | Per Year |
|---|---|---|
| Housing (rent, dorm, or $0 if at home) | ||
| Food / Groceries | ||
| Transportation (car, gas, bus) | ||
| Car Insurance (if applicable) | ||
| Health Insurance (if not covered by family) | ||
| Phone | ||
| Personal (clothing, toiletries, etc.) | ||
| Entertainment / Misc. | ||
| Living Costs Total (Year 1) |
| Total Year 1 Cost (Program + Living) |
Part 2: How will you pay for it?
Gift Aid (money you don’t have to pay back)
| Source | Amount (Year 1) |
|---|---|
| Family contribution (confirmed) | |
| Pell Grant | |
| State Grant | |
| Institutional scholarship | |
| Outside scholarships | |
| Other grants | |
| Subtotal: Gift Aid |
Work & Savings
| Source | Amount (Year 1) |
|---|---|
| Savings | |
| Work-study | |
| Part-time job during school | |
| Summer work | |
| Subtotal: Work Income & Savings |
Loans (you must pay these back)
| Source | Amount (Year 1) |
|---|---|
| Federal Subsidized Loan | |
| Federal Unsubsidized Loan | |
| Parent PLUS Loan | |
| Private student loan | |
| Subtotal: Loans (Year 1) |
| Total Funding (Gift Aid + Work + Loans) |
Part 3: Do you have a gap?
| Total Year 1 Cost (from Part 1) | |
| Total Funding (from Part 2) | |
| Gap (if positive) or Surplus (if negative) |
Part 4: If you’re borrowing – understand what it means
Estimate how much you might borrow over your whole program. Then see about how much your monthly payment could be on a 10-year plan at ~6% interest (about 1.11% of your total debt).
| Loans per year | Amount |
|---|---|
| Year 1 loans | |
| Year 2 loans | |
| Year 3 loans | |
| Year 4 loans | |
| Total projected debt |
| Estimated monthly payment (10 years) |