Calculators and Tools - Debt/Salary Wizard

Welcome to the Debt/Salary wizard.  The Wizard is an interactive calculator which helps students and parents determine:

• how much salary is needed to make the payments on current and future student loan debt
• how much can be borrowed based on ofuture expected earnings

If you enter the salary you anticipate earning upon graduation, the calculator will calculate the maximum amount of student loan debt you should borrow.  If you enter teh current amount borrowed in student loans and the amount you anticipate borrowing throughout your college career, the calculator will return the salary required to make payments on this debt.

Note: These calculations are based on the financial aid industry recommendation that student loan debt not exceed 8 percent of your gross earnings.  The calculations to not take into consideration a high amount of credit card or other debt.

If you are unsure about the salary you may be able to expect upon graduation, you may be able to find an estimated amount using www.salary.com

Note: This is only an estimated amount and may vary based upon the size and location of the company, as well as the need for such a position and your qualifications.