Trying to develop a college list and evaluate the net cost of each institution can be both time consuming and frustrating. Typically, families will need to search each college website, find the net price calculator and then re-enter the same data multiple times. With many of the net price calculators not having the same quality and format, it is sometimes hard to get accurate information. If you consider that many students may be submitting five to eight applications, this can quickly add up to a lot of time for a family.
PayForED has developed a college planning software that can save time and money for families. The College Cost Analyzer software simplifies the process by putting all of your customized, college financial calculations in one place for easy comparison. This makes the cost and value comparisons of all the institutions you are considering easier. It then frees up time for the parents and students to focus on the academic and campus fit of each college.
Listed below are 5 reasons PayForED’s College planning software can save time and money:
- College Selection:
Traditionally, students gather college information from college websites or campus visits. Finding the college fit includes the right combination of academic, financial and environmental factors. As college affordability and financial fit become a more important decision for many families, creating a college list that includes college affordability can be a daunting task.
PayForED’s, college planning software, saves time and money by giving the user the ability to easily compare 20 colleges at a time. The student can compare the cost of attendance and customized projections of debt. The student will also find a two-page college information report on each college to further compare the academic and environment fit. As your college list changes, you have the ability to add the school and the analysis is generated. Having this information at the beginning of the process may help you lower the number of applications sent.
- Expected Family Contribution:
A family’s financial information is inputted once into the PayForED software and then the Expected Family Contribution as computed for both the federal and institutional methods. This will help families better understand their financial aid position and create a college funding strategy.
Without the PayForED planning tool, a family would have to go to each college website and input their financial information each time.
- Four-Year Projection:
PayForED software generates a four-year cash flow analysis for each college. The college net price calculator only provides one-year estimations. This four-year analysis is critical for your comparisons since you can better estimate the financial debt outcome during your decision process.
- Cash Flow Analysis:
Families input their budget amount. Then the software calculates a four-year customized financial aid projection by year. It displays in graphical format, the additional amount needed to be based on the college’s historical financial aid packaging. With this information, a person can project a student’s debt at graduation. This helps to both take some of the mystery out of the borrowing process but also show if there are any funding gaps during the four years of college.
- Easy Award Letter Comparison:
Making the final college selection decision is often difficult. Award letters are not in a standard format and costs are listed for one year only. The PayForED college planning tool includes an Award letter comparison analysis. Families can use this easy comparison function to evaluate each award letter side by side in a consistent format. College value decisions are easier made when information is in one place.
PayForED thinks it is important to help families with the confusing college terms that are introduced when you begin the financial aid process with college. This is why families will find videos embedded in the software to further inform our users about paying for college and the financial literacy of paying for college. Listed below are just some of the extra features’ families can find in the PayForED College Planning software.
- A general overview of the College Cost Analyzer and the College Decision
- How standardized test scores are used with financial aid
- Understanding the Admission and Financial Aid Decision Matrix (Enrollment Management)
- Easy Explanation of the EFC Calculations and the Family Timeline Impact
- Importance of our Four Year “WHAT” and “HOW” you will pay by college
- Determining the best debt structure for your situation
- Making decisions with the Award Letter Comparison Analysis
We believe having additional information makes the consumer’s experience more informed and allows families to make better financial decisions concerning educating their children. Paying for college is one of the most important and expensive decisions for both a parent and their child. PayForED hopes to reduce the stress that many families encounter during this important decision.