In a continuing effort to help families plan for college expenses, CSLF Student Loan Foundation (CSLF) is pleased to announce that it has entered an agreement with Think Ahead, Inc. to provide the College Aid Calculator as a new service to students and parents. The College Aid Calculator, which recently received the Family PC Personal Finance First Place Award, is a user-friendly tool designed to help families understand and prepare for the costs of a college education.
Through CSLF's agreement with Think Ahead, Inc., the College Aid Calculatorā may be used by accessing CSLF's website at www.cslf.com. Families can enter their income and asset information to receive an estimated family contribution (EFC), which is helpful in planning how much it will cost a family to send their child to college. The calculation would mirror the standard Federal Methodology and Institutional Methodology need analysis systems. In addition to estimating their current EFC, families can project their contributions in future years and also experiment with a number of "what if" scenarios. CSLF Student Loan Foundation encourages responsible borrowing and the built-in repayment calculator is designed to assist both students and parents in estimating their monthly payments on Federal Stafford, Perkins, PLUS and private loans.
"CSLF is pleased to offer this financial planning tool as a new service to students and parents," said Mark Valenti, President of CSLF. "CSLF believes that it is part of its mission to promote responsible borrowing. By providing access to the College Aid Calculator, CSLF is enabling parents and students to understand the impact of student loan borrowing," Valenti said.
The College Aid Calculator is also an excellent resource for colleges, universities and other postsecondary institutions. "The College Aid Calculator may help reduce some burdens for financial aid officers by providing borrowers a way in which they may estimate their loan payments and/or help families estimate their EFC under a number of different scenarios," Valenti said. This product can be used to promote early awareness and complement a school's recruiting efforts. By planning early, parents and students can maximize their resources to make college more affordable.
CSLF Student Loan Foundation is excited about the new possibilities the College Aid Calculator provides to all of its customers.