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Figure Out Going to College

Calculator THIS IS A MOCK-UP.  DO NOT USE AS A DECISION-AID. COMMENTS WELCOME!   An education is more than education.  It's major financial event.

Education Equips You to Make a Living

And Generally Means Taking On Debt

Use the calculators below for estimates of how college will affect what you earn and what you owe – and what your finances might look like after you graduate.

header-marker What You Might Earn         
header-orange Use the Pull-Down Menus to Select     
text 1. The degrees you're pursuing      
text 2. Whether your degree is in a high, moderate, or low income field     
text 3. Whether you want an average, conservative, or "things go badly" income estimate   
header-column  Degree Income in Field Estimate 
input results-small You
 
input results-small Spouse
 
gap     
header-column Projected Income Initial After 10 Years * 
input results-small You 
input results-small Spouse 
input Household 
text * Income after 10 years is in today's dollars, and is estimated at 30% more than your initial income, over and above inflation.  
header-marker Debts When You Finish     
header-orange What You Expect You'll Owe & the Terms of the Loans    
text Enter your loans and their interest rates and terms.  We'll estimate your total debt & debt burden – what it will cost each year and % of income needed to pay down that debt. 
text Inflation will reduce your "real" (after inflation) debt burden.  Your "real (after inflation) income should also rise.  So we also estimate your debt burden 10 years after you graduate. 
header-column Debts interest rate term (years) Debt Burden After 10 Years 
input results-small 
input results-small 
input results-small 
input results-small 
input results-small 
input results-small 
input results-small 
gap      
header-column Total Debts Total Debt Burden 
input 
input Debt burden as % of Income 
text (It often makes sense to pay down your high interest loans more quickly.  If you do, your debt burden after 10 years would be lower.)   
header-marker After Graduation     
header-orange How Your Finances Might Look     
header-column    Initial Income After 10 Years 
text Your income after you graduate  
input results-small Debt burden 
input results-small Income net of debt burden: 
gap      
text You need to save for retirement, and the earlier you start the better.      
input results-small Figure at least 6 percent of income: 
input results-small Income net of retirement saving: 
gap     
text You'll also pay taxes, both payroll taxes and income taxes.      
input results-small Households with your income typically pay  
input results-small Income net of taxes: 
gap     
text If you will want to buy a house, you also need to save for a downpayment.  If you will want to buy a house  
input results-small  years after graduation 
input results-small Costing  times your initial income 
input results-small And put  percent down 
input results-small Each year you'd need to save   
input results-small If after you buy your housing costs rise  
input results-small Income net of housing: 
gap     
text If you have (or will have) children, it's a good idea to start saving for their education!    
input results-small To send  children   
input results-small to a 
    
input results-small Each year you'd need to save 
input results-small Income net of college saving: 
gap     
text This is what you'll have to pay everyday" expenses and buy cars, furniture, appliances, and other things you need and enjoy.  
text It might not be as much as you hoped.  But look what you'd have!     
text And consider whether it's better than where you'd be without that education.    

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