Ultimate financial calculator12/3/2023 The point of this tutorial is not to debate what the future cost of college will be, but rather to teach you how you can plan to pay for college. For out-of-state students at public colleges, the average budget comes to $45,240, and for students attending private colleges, the average budget is $57,570. This is a very rough estimate (before inflation) for a four year, private, college based on information from as of 2022: In its 2022 report, Trends in College Pricing and Student Aid, the College Board reports that a moderate college budget for an in-state student attending a four-year public college in 2022-2023 averages $27,940. They are wrong.Related: See Saving for College? You May Have More Time than You ThinkĪll users should work through the more detailed first tutorial to understand the Ultimate Financial Calculator's ( UFC) basic concepts and settings.Īssumption: We assume that a year of college will cost $60,000. Be careful if comparing with other financial calculators which may mistakenly use the remaining balance as the balloon payment. The balloon can be calculated regardless of how complex the periodic cash flow. The Ultimate Financial Calculator will easily calculate a loan's balloon payment if one is required. User specified regular payment of $2,500. Then skip to calculating the balloon payment amount in step 7. Instead of entering "Unknown" for the regular payment amount in the first calculation enter the payment amount you prefer. Variation: Rather than have the calculator calculate the payment amount, you can enter your own payment amount.
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