Many of you are enthusiastic or on the fence about going back to school sometime soon, and Sallie Mae recently launched a free online tool to help estimate the cost of your decision. Their Education Investment Planner was developed to help students better assess their choices when selecting a school and understand the true cost of education.
According to Sallie Mae's press release, the Education Investment Planner is equipped with the following capabilities.
- Estimate the full cost of a college degree: Find out how much four years for a bachelors degree, two years for a masters degree, or other programs will cost at a specific school, including the average growth of tuition over time.
- Build a customized Plan to pay for college through a combination of their own money, federal and state grants, scholarships and, if necessary, federal and private student loans.
- Compare schools: Compare actual costs for approximately 5,500 colleges and universities not only tuition, but also average room and board expenses, fees, books and supplies.
- Determine if they need student loans and, if so, estimate what their monthly payments could be after graduation and project how much a graduate would need to earn to keep payments manageable.