The cost of college for some can be staggering. Jodie Savage, an IVCC student, said “The college that I will attend has everything to do with whether I can afford it or not.”
In the state of Illinois, the average cost for a public college per year, is approximately $21,447. The average amount of scholarships and grants to the average student is $5,750 and the total borrowing per year is $15,697. The amount per month the average graduate can expect to pay back for 10 years is approximately $938.
This month, the Consumer Financial Protection Bureau has a new tool for college students and parents to calculate the amount their tuition will eventually cost.
The site takes information from 7,500 colleges and universities and puts the financial information right in front of you.
Savage said “I will use this site to help determine my college of choice. I don’t want to be blindsided when the bills start coming in.”
It starts by asking for 3 schools you would like to compare, whether you are in state or out of state and then links you to a page with your requests.
The first example is an average for public schools within the state that you chose. This will give you everything from the total cost for the first year to rating if it is considered a high or low debt ratio for a graduate with a degree. It will do the same for all the schools chosen and for a private school average also.
There is an option for a military benefit calculator. This option asks if you are eligible for the GI Bill, if you are currently active and your cumulative active duty. Then it takes your info and applies it to your schools.
This site gives people financial information to help them make the decision on which school they can afford after graduation and helping them to avoid the sticker shock when their loan payments start.