Scholarship vs. Student Loan Affordability Calculator

Step 1: Estimate Your Annual Cost of Attendance (COA)

Enter your estimated costs for one academic year. Find these on your school's financial aid website or admissions materials.

Tuition & Fees ($):

Room & Board (Housing & Food) ($):

Books & Supplies ($):

Personal Expenses & Transportation ($):

Estimated Total Cost of Attendance (COA): $0.00

Step 2: Your Available Scholarships & Other Contributions (Annual)

Enter funds you expect to have for one academic year, excluding any new student loans you are considering here.

Scholarships Received/Expected ($):

Grants Received/Expected (Federal, State, Institutional) ($):

Family Contributions (Gifted, not loaned) ($):

Your Personal Savings / Work-Study Earnings ($):

Total Available Non-Loan Funds: $0.00

Step 3: Loan Consideration & Affordability Analysis

Initial Funding Gap:

Estimated Total Cost of Attendance (COA): $0.00

Total Available Non-Loan Funds: $0.00

Funding Gap (Amount to cover): $0.00

Consider a Student Loan (Optional):

If you have a funding gap, enter details for a potential student loan you are considering to see its estimated impact.

Potential Loan Amount ($):

Estimated Annual Interest Rate for this Loan (%):

Estimated Loan Term (Years):

Affordability Guidance & Resources (U.S. Focused):

Maximize "free money" first! Scholarships and grants don't need to be repaid.

Maximize Scholarships & Grants:
- Continuously search for scholarships: Use Fastweb, Scholarships.com, College Board's BigFuture, Unigo, Niche, etc.
- Check with your school's financial aid office for institutional aid.
- Explore local community, employer, and civic organization scholarships.
Complete the FAFSA® for Federal Aid:
- The Free Application for Federal Student Aid (FAFSA) is crucial for federal grants (like Pell), work-study, and federal student loans. Apply at studentaid.gov.
- Federal student loans often have more borrower protections and flexible repayment options (like Income-Driven Repayment) than private loans. Prioritize them if you need to borrow.
  - Types: Direct Subsidized (need-based), Direct Unsubsidized, Direct PLUS Loans.
Explore State Financial Aid: Check your state's higher education agency for state-specific grants and scholarships.
Consider Private Student Loans Carefully:
- If a gap remains after scholarships, grants, federal loans, family/personal contributions, private loans are an option.
- Compare interest rates (fixed vs. variable), fees, repayment terms, and borrower protections from multiple lenders (banks, credit unions, online lenders).
- Often require a credit check and may need a creditworthy cosigner.
Reduce Costs: Look for ways to lower your Cost of Attendance (e.g., more affordable housing, used textbooks, budgeting personal expenses).

This tool provides estimates for planning. Actual costs and aid eligibility can vary. Always consult official financial aid offers from schools and loan terms from lenders.