Q:

What are some tools for estimating financial aid?

A:

Quick Answer

FAFSA4caster, located at StudentAid.ed.gov, is a free online calculator that determines eligibility for federal financial assistance, according to the Federal Student Aid office of the U.S. Department of Education. FinAid.org provides additional tools for calculating financial aid, college costs, family contributions, savings plans and loan payments.

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Full Answer

The FAFSA4caster tool provides a worksheet that estimates eligibility for educational funding, including federal work-study, Pell grants, and subsidized and unsubsidized direct loans, according to the Federal Student Aid office. Students can enter the cost of attendance and the amount of expected outside aid, such as private scholarships, and the tool calculates the student's net cost of college and the expected family contribution.

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