CNN does it again: the CNN Money student loan calculator gives you an accurate and current perspective of your college loan.When you take the cost of college tuition and add to it the costs of borrowing money, this critical intersection of data is where you realize a more accurate total expense for a college education, rather than simply estimated tuition costs. These necessary student loans also accrue interest and come packaged with associated fees, or borrowing costs. If you are like most American students, you’ll need to take out at least one or two college loans, among them those from the Federal government as well as private, or alternative, sources. You will also probably anticipate the presence of loans in your future. If you know how much your college tuition or your child’s may cost 5 or 15 years down the road, you also know that’s not the real cost of education, all-told. Use this figure to estimate how much you may need to borrow in student loans to pay for the college of your choice now or in the future. College Board’s College Cost Calculator combines the cost of a particular college tuition today, the average tuition inflation rate and your expected savings to calculate a final college cost. The program calculates your total tuition over time, taking into account the school’s age, your financial assistance and other factors, and spits out a savings goal.
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