Find Out If You Can Afford a Post-College Life With This Calculator
The college you attend, your major, and where you plan to live after graduation: these three important decisions will determine whether you can live within your means after college. This interactive tool will give students and their parents the opportunity to experience reality.
Weintraub & Selth, a bankruptcy law firm, has created a cost-of-living estimator (which is perhaps ironic as using this tool can help you avoid bankruptcy). The appraiser uses the average starting salary for your chosen major, the average tuition and student loan costs for your school, and the average living expenses for the selected city to determine if your plans make financial sense. You can edit individual details such as the inclusion of a scholarship or a reduction in estimated housing costs.
The tool only bases its assessment of affordability on the first year of college, so at a later age, as your income rises, your career and city choices may be more affordable. However, this exercise will alert you if you may need extra support from your mom and dad for the first few years.