MySmartBorrowing

A free tool for calculating an affordable future

Are You A Smart Borrower?

How it Works

How it Works

Our tool provides projections based on your choices to see if you are a smart borrower.
Select a Career
See how much you could make your first year out of school.
Select a College
See the average cost to attend the school of your choice.
Add in Your Savings
See how savings can reduce the total you borrow in student loans.
Get Your Results
See how much you may need to borrow, an estimated monthly payment, and if you are a smart borrower.
Available Features

Available Features

This tool has key features to help you make smart decisions when planning for college.
Compare Multiple Scenarios
Not sure of a career or college? Compare up to four combinations to see which one makes the most financial sense.
View Your Results on the Go
Visiting a college? View that school's Breakdown from your mobile device while on campus.
View Your Budget
Is your loan payment affordable? See how it fits into your potential real world budget.
The Five Tips for Smart Borrowing

The Five Tips for Smart Borrowing

Be prepared to make smart borrowing decisions by following these tips.
Tip #1
Research your expected salary in your future career, find an affordable school, and borrow realistically.
Tip #2
Research job availability in your chosen field before selecting your major.
Tip #3
Consider all types of financial aid carefully.
Tip #4
Educate yourself on the many loan options available before borrowing.
Tip #5
Inconsistent or untimely loan repayment could affect your future.

NOTE: The values shown in this tool are only estimates. They are based on national averages and the information you enter.

Further research is recommended to determine major or degree availability and years required for your selected college.

MySmartBorrowing

A free tool for calculating an affordable future

Breakdown #{1}

Are you sure you want to delete Breakdown #{1}?

Knowing your career choice before enrolling in college will save you time and money later.

It could take you longer to graduate if you change your major which may increase your educational expenses. It's smart to have a career in mind before you pick a college. But if you aren't sure, don't worry! We can help you explore a career that may be a good fit.
Do you know your career choice?

Select your career:

Step 1

Enter your career of interest below:

Invalid Career Choice.

Can't decide?

Step 2

Continue to pick your career location.

Need help locating your career field? MySmartBorrowing can help!

Choose both a category and career below:

Step 1

Choose a career category:

Can't find your career? Explore My Next Move to find a career that interests you.

Step 2

Select your career:

Invalid Career Choice.

Can't decide?

Step 3

Continue to pick your career location.

Your location affects how much money you make and how much money you spend!

As you explore career options, keep in mind your salary and monthly expenses (cost of living) vary across the country. A smart tip is to pick a location with plenty of job opportunities in your chosen career.

Step 1

Choose a state to live and work in:

Can't decide?

Step 2

Pick an area to live:

There are no metropolitan areas available for your selected state. Proceed to step 3.

Step 3

Continue to find out how much money you could make in your selected career.

Take a wild guess: How much money do you think you will make your first year out of college?

You may be closer than you think! Use the available starting salaries below to pick the salary that you would expect to make your first year out of college.

Step 1

Your salary guess is:

Can't decide?

Step 2

Continue to view your career results.

Career Results

Next Step:

{Web Developers}

{Pennsylvania}

${34,567}*

Starting Salary

*The figure shown represents the national average.

Smart borrowing is sticking to your borrowing limit!

Follow the salary rule of thumb—try not to borrow more for your education than you intend to make in your first year out of college.

National Career Growth for 2024-2034

{8.2}% Job Growth
{11} Job Openings
Where are we getting our numbers?

Do you know about Public Service Loan Forgiveness?

The program was established to encourage individuals to enter and remain in public service jobs. The program allows eligible borrowers to cancel the remaining balance of their Direct Loans after serving full time at a public service organization for at least 10 years while making 120 qualifying monthly payments.

Career Planning Resources

Borrowing Limit:

${SAL}

Is equal to your starting salary

Now that you have your borrowing limit, edit your college choice to find out how much college could cost.

Next Step:

Not sure where you want to go to college?

Pick a college that makes sense for your career and budget. Unfortunately, the popular college isn't always the smartest choice!

Your heart may be set on a specific school, but does it make the most financial sense in the long run? Choosing the right college can significantly affect how much you repay after you graduate. Shop around to find a college that fits your financial situation.
Do you know your college choice?

Select your college:

Step 1

Enter your college of interest below:

Invalid College Choice.

Can't decide?

Step 2

Continue to view your college costs.

Cant find your college? MySmartBorrowing can help!

Narrow down your college options:

Step 1

Choose a college state:

Can't decide? Explore BigFuture.org to find a college that interests you.

Step 2

Select your school type:

4 Year 2 Year Other
Public Public Less than 2 years
Private Private
Invalid College Choice.

Can't decide?

Step 3

Continue to view your college costs.

Take a wild guess: How much money do you think 4 years at your selected college could cost?

Take a guess to see how much it will cost you to earn your degree.

Step 1

Your college cost guess is:

Can't decide?

Step 2

Continue to view your college results.

College Results

Next Step:

{COLLEGE CHOICE}

{COLLEGE LOCATION}

${COST}

College Net Cost for {4} Years

What is College Net Cost?

Net cost is the total cost of attendance including required fees, books, supplies, and room and board minus the average amount of federal, state and local government, or institutional grant or scholarship aid.

To view the approximate net cost of the college you selected, visit their website and use their Net Price Calculator. Or, you can use the U.S. Department of Education's Net Price Calculator Center tool.

Do you know about The Hidden Truths of Student Loans?

  • Your college might approve more student loan funding than you actually need. So, only borrow what is necessary.
  • If you withdraw from college, you still must repay your loan.
  • If you can't find a job, you are still responsible for repaying your loan.
  • The amount you must repay can be more than what you originally borrowed because of accrued interest. See how interest affects your payments.
  • If you declare bankruptcy, your loans most likely won't "go away."

College Planning Resources

College Net Cost:

${COST}

For {4} years

You now know your college net cost! Find out how much you could reduce your college net costs by editing your family contribution.

Next Step:

Not sure about your family contribution?

Calculating your Family Contribution is Simple!

Be smart with your finances and save as much money as you can now to put toward your education so you can borrow less when it's time to make that college investment.

Step 1

Review the family contribution example below, then enter your contribution.

Family Contribution Example:

Saved money in a savings account:
$4,000
Parent's loan for your education or Parent PLUS:
$1,000
Saved money from a parents savings account:
$2,000
Money earned while working in college:
$1,800
Private grants and scholarships:
$2,000
Family Contribution Total:
$10,800 (Example)

Step 2

Enter your family contribution for 4 years:

Can't decide?

Cost of College:
${COST}
Family Contribution:
${AMT}
Student Loan Amount:
${LOAN}

Step 3

Continue to view your family contribution results.

Contribution Results

Next Step:

Family Contribution Amount:

${SAVINGS}

Family Contribution

Family Contribution =
  • Money in a savings account
  • Money from a parents savings account
  • Parent's loan for your education or Parent PLUS
  • Private grants and scholarships
  • Money earned while working in college
Simple Math Breakdown
Cost of College:
${COST}
Family Contribution:
${AMT}
Student Loan Amount:
${LOAN}

Ways to Save and Reduce Costs

  • Open a savings account
  • Get a part-time job and save at least half of every paycheck
  • Save money you receive as gifts
  • Take the bus or carpool to school to save on gas money
  • Ask yourself if you really need things before you buy them
  • See if you can take college classes while still in high school to save money on future tuition costs

Family Contribution Resources

Student Loan Amount:

${AMOUNT}

Additional Information

Average Student Loan Amount for a {SCHOOL TYPE} School in {STATE}:
${AMT}

You now know your student loan amount! Check out how your previous choices could affect your overall student loan borrowing.

Are you a smart borrower? Find out now!

Breakdown:

Understand how your career, college, and contribution affect your student loans.
Career Choice

Smart borrowing is sticking to your borrowing limit—which is equal to your starting salary.

{CAREER TITLE}
{STATE}
Starting Salary:
${AMT}
(Borrowing Limit)
Don't borrow more than your starting salary!
College Choice

College costs can range anywhere from $6,000 a year to $60,000. Research is key when selecting your college. The more expensive the college is, the bigger the bill. And that doesn't always mean a better education for your desired career choice. So choose wisely.

*Approximate net cost is generated by subtracting the average amount of federal, state and local government, or institutional grant or scholarship aid from the total cost of attendance.

{COLLEGE TITLE}
{STATE}
Approximate Net Cost:
${AMT}
(For {4} Years)
Family Contribution

Saving money now to put toward your college costs could save you money in the long run. There are plenty of ways you can contribute toward your educational costs. The best way is to save, save, save!

Family Contribution:
${AMT}
Amount Borrowed

Going to school costs money! If you don't have enough contributions to cover the cost, you will most likely need to take out federal loans (max. $31,000 for 4 years) or private education loans. What you don't want to do is over borrow.

It's simple! If your borrowing limit is less than your student loan debt then you will over borrow! To prevent this, you should reconsider your career, college choice, or family contribution amount.

The average amount borrowed for a {SCHOOL TYPE} School in {STATE} is ${AMT}

Student Debt Amount:
${AMT}
Subtract from Borrowing Limit (${AMT}).
Your Future Outlook

Your student loan debt can impact your financial future in a big way. If you are over borrowing you should consider the suggestions below to minimize how your student loan debt could negatively affect your financial future.

Congratulations, you are a smart borrower! The choices you made will allow you to have a successful financial future.

Congratulations! You are under your borrowing limit by:
${AMT}
You are over your borrowing limit by:
${AMT}
Estimated Monthly Payment
${PMT}
(For 10 years at 6.8% interest)
How will this affect your future budget after college?
Budget Calculator

Adjust monthly expenses to improve your budget.

Monthly Income
${34,567}
Included Costs: Housing amount includes rent and utilities and is based on sharing the housing expenses with more than one person, such as a roommate.
Included Costs: Transportation amount includes car payment, repairs, gas, and insurance.
Included Costs: Food & Beverage amount includes groceries, dining out, etc.
Included Costs: Clothing amount includes clothes, laundry, and dry-cleaning.
Included Costs: Phone, TV & Internet amount includes the cost of your telephone services, cable, and internet bill per month.
Included Costs: Savings & Retirement amount includes the amount you put away each month for these accounts.
Included Costs: Entertainment amount includes admissions, hobbies, pet care, etc.
Included Costs: Healthcare amount includes health insurance, medical services, medication, and medical supplies.
Included Costs: Student Loan Payment is your interest and principal and is based on a 10-year Standard Repayment Schedule.
${1,234}
Included Costs: Payroll Deductions amount, which consists of about 25% of your income, includes social security deductions, taxes, etc.
Monthly Expenses
${2,345}
Left Over
${345}
You are over budget!
Congratulations! You are under budget!
If You are Over Borrowing, You Should:
To Keep You on the Right Track, You Should:
  • Set up a budget.
  • Pay your interest during school.
  • Open a savings account or continue to contribute toward an existing savings account.
  • Review additional scholarship opportunities.
What's Next?
  1. Copy and update this Breakdown
  2. Make any suggested changes.
  3. Compare your results.
Where are we getting our numbers?

Data Sources

Net Cost Data

Source: U.S. Department of Education. Institute of Education Sciences, National Center for Education Statistics, (IPEDS) Fall 2023 Institutional Characteristics and Student Financial Aid components.

This data represents the total cost of attendance for in-state students. Cost of attendance for out-of-state students may be higher.

Average Loan Debt

Source: U.S. Department of Education. Institute of Education Sciences, National Center for Education Statistics. (IPEDS) Fall 2022, Student Financial Aid component.

Salary Information

Source: Data was extracted from the May 2023 Occupational Employment and Wage Estimates, U.S. Bureau of Labor Statistics. The data was released in May 2024.

Employment Projections by Occupation

Source: Employment Projections Program, U.S. Bureau of Labor Statistics. The data was released in August 2025.

Cost of Living

Source: Data was extracted from the 2023-24 Consumer Expenditure Survey, U.S. Bureau of Labor Statistics. The data was released in December 2025.

Online Resources

College Advice

Learn what you should do to get ready for college.

Student Aid

Get help to determine the cost of college and with your search for funding.

Career Information

Get helpful information about careers that interest you.

Budgeting and Personal Finance

Find a one-stop shop for you to manage your money and keep track of your spending.