Planning Tools and Calculators
It is never too early to start planning for college. Saving money, learning about financial aid and budgeting for your life as a student are all part of the process. This page lists some tools and sources of information that you might find helpful before, during and after you go to college.
• GENERAL RESOURCES
- StudentAid.gov -- the website of the Office of Federal Student Aid (U.S. Dept. of Education)
- College Preparation Checklist (from the U.S. Department of Education)
- "Your Money Your Life -- a financial literacy website from the U-M Office of Financial Aid. Find tips about saving and spending, links to money management tools and general money management information.
- CashCourse.org -- Get tips on handling your money from the U-M Office of Financial Aid and the nonprofit National Endowment for Financial Education at this free personal finance website. A student account and login is required, which will allow students to create a personal portal to save personal finance articles and information. Following is a "Saving Made Easy" video from CashCourse.
- GradSense -- an online financial literacy platform for graduate and professional students sponsored by the Council of Graduate Schools.
• ESTIMATING THE AMOUNT YOU'LL NEED TO SAVE
|APPLYING FOR FINANCIAL AID
• THE FINANCIAL AID APPLICATION PROCESS
- FAFSA Overview Video -- Federal Student Aid explains how the Free Application for Federal Student Aid offers access to grants, federally subsidized loans and Work-Study jobs
• ESTIMATING YOUR EXPECTED FAMILY CONTRIBUTION (EFC) AND FINANCIAL AID
• COMPARING FINANCIAL AID OFFERS
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|PLANNING FOR STUDENT LIFE
• BUDGETING AND FINANCIAL PLANNING
• ESTIMATING YOUR UNIVERSITY OF MICHIGAN BILL
- Wolverine Access > Campus Finances > Financial Planning Calculator > Calculate Estimated Bill
Once at the site, answer a few questions and select Calculate Estiamted Bill to see what your bill will be for the upcoming term. (The bill estimator is not available for the Spring and/or Summer terms.)
|MANAGING YOUR STUDENT LOANS
• ESTIMATING YOUR LOAN ELIGIBILITY
- Wolverine Access > Campus Finances > Financial Planning Calculator > Calculate Private/PLUS Loan Eligibility
Select Calculate Private/PLUS Loan Eligibility to see how much you would be able to borrow through a private loan program or through the federal PLUS Loan program. (This calculator is not available for the Spring and/or Summer terms.) Parents who have been authorized to see their student's account information will also be able to use these calculators. (Get information on how to authorize a Friend Account.)
• REPAYMENT OPTIONS
• ESTIMATING YOUR MONTHLY LOAN PAYMENTS
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