Calculating savings and expected family contribution (EFC)
It's nice to challenge yourself with applying for scholarships, but an important part of the college planning process should include a savings program to set aside money for tuition and fees. To help you with this planning process, there are links to several calculators that should help you in the planning process.
The first step is to check out the Financial Aid Need Estimator. This calculator will give you an idea the amount of money your family will be expected to pay for college every year. Once you know this number, try the College Savings Calculator to create a savings plan. When the “College Savings Calculator” asks you for the “Annual College Costs”, use the “Expected family contribution” obtained from the “Financial Aid Need Estimator
Most experts agree, the best way to save for college is with a 529 Plan. If you don't know much about 529 plans, see the discussion about 529 Plans. There are many advantages to putting money into a 529 Plan including income from these plans are not subject to federal tax and that most states will allow you to deduct your contribution (up to a limit) from your state taxes.
These calculators are provided by outside sources and ScholarshipMentor is not responsible for results. Only official results will be used by a postsecondary educational institution to award student aid. Over time your financial situation may change and that will have an impact of the accuracy of these estimates.