In School Calculators

 
In School

Are you in school – or planning to go there? These calculators will help you answer questions like these:

  • How much would school cost if I borrow versus save?
  • Would my dream job pay off my student loans?
  • Could I go without student loans for a year?

Should You Save or Borrow for School?

This Finaid calculator shows you how much difference it can make!

While Finaid is a US website and most references on this and other Finaid web-pages don't work with Canadian student loans, this US calculator would work in any country.

http://www.finaid.org/calculators/save-or-borrow.phtml

Cold Turkey Buys a Year of Free Tuition

If You Quit Smoking, how soon could you save up for a year's tuition at your preferred school? This Health Canada calculator knows:

http://www.quit4life.com/calc_e.asp?calc=3#resetlist

If you think you can save enough from this and other strategies to take a year off student loans, first read the Debt 101 article: Bank On Your Student Loan.

Education Cost Planner

Here's another helpful Finaid tool. The Education Cost Planner is a money-planning tool that lets you see how much money you'll need for university – by combining your saving and borrowing.

http://www.finaid.org/calculators/levelpayments.phtml

This alternative version of the above lets you set an amount you can pay each month.

http://www.finaid.org/calculators/invertedlevelpayments.phtml

CanLearn's Education Cost Calculators

Once you've used the simple Education Cost Planner above, go get the tools that will let you work up a budget based on the real costs of education in Canada. You'll find these and more with the CanLearn planning tools in Debt 101's Learning Centre. These include CanLearn's Financial Planner and Student Loans Estimator.

These and the other planning tools in our Learning Centre will show you exactly what you'll need to attend the Canadian school of your choice.

How Much Debt Will You Be Able To Pay Off?

This Finaid tool helps you see if you'll be able to pay your student loan working in the occupation you're training for.

Again, Finaid is a US website, so this calculator uses American starting salaries. Until Debt 101 can find a replacement based on Canadian salaries, this calculator will do because salaries are similar between both countries.

But remember that references on this and other Finaid web-pages (such as Stafford loans or US ads offering loans) don't work with Canadian student loans. When it comes to actual student loan advice, stick to Canadian sources to avoid confusion.

Undergrads

http://www.finaid.org/calculators/undergradadvisor.phtml

Master's Students

http://www.finaid.org/calculators/mastersadvisor.phtml

Doctoral Students

http://www.finaid.org/calculators/doctoraladvisor.phtml

Which Student Loan Interest Rate Is Best: Fixed or Floating?

When you leave school, you must prepare to sign your "loan consolidation agreement." That's when you set your repayment terms, such as whether to pick fixed or floating interest rates for your student loans.

This decision can save (or cost) you hundreds of dollars. You can try some numbers in advance with the Canlearn Loan Repayment Calculator (Fixed or Floating interest rates).

But the numbers in this calculator aren't the whole story. For info on the pros and cons of picking a fixed or floating interest rate, see this page from the In Payment FAQs: Setting your loan consolidation agreement…

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