Scholarship Impact Calculator
A scholarship is more than just free moneyâit's an investment in your future that reduces your debt burden. This calculator shows you the true financial impact by estimating how much a scholarship can save you in loan payments and interest over time.
Education & Aid Details
Assumed Loan Details
The Impact of Your Scholarship
Loan Comparison
How It's Calculated
This calculator helps you understand the true financial impact of scholarships and family contributions on your college expenses. The process begins by determining your total funding gap, which represents the amount youâll actually need to borrow in student loans:
Total Loan Amount = Total Cost - (Total Scholarships + Total Family Contributions)Once the loan amount is known, the calculator applies standard loan formulas to estimate your monthly payment and the total interest you will pay over the life of the loan. This provides a clear picture of your repayment obligations.
To highlight the value of scholarships, the calculator also runs a second, hidden calculation. It compares what your loan balance, monthly payments, and total interest would have been without scholarships. The difference between the two scenarios is displayed as your "Total Savings," showing you how much your scholarships and family contributions are reducing your long-term costs.
Frequently Asked Questions
Does this calculator include interest rates and repayment terms?
Yes. The monthly payment and total interest are calculated using the loanâs interest rate and repayment term that you enter. Adjusting these values will give you a more accurate estimate of your real repayment plan.
Why does it show "Total Savings" separately?
The "Total Savings" figure highlights the impact of scholarships and family contributions. By showing what you would have paid without them, you can better appreciate how much financial relief they provide.
What if my family contributes more than expected?
You can update the calculator at any time with new contribution amounts. A higher family contribution will reduce your loan amount, lower your monthly payments, and increase your total savings.
Are scholarships treated as one-time or recurring?
In this calculator, scholarships are applied as a one-time reduction in your total cost. If your scholarship is renewable each year, you should include the total award amount for the full duration of your program to get the most accurate estimate.
Can I use this calculator for graduate school or vocational programs?
Absolutely. As long as you know the total cost of your program, scholarships, and contributions, the calculator will work the same way. You can adjust the loan term and interest rate to match the type of loan youâre considering.