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MICAP- Cost Calculators

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					MichiganCAP
the Michigan College Access Portal
Cost calculators                                                        www.michigancampuscompact.org

Register for the MichiganCAP
1. Navigate to MichiganCap.org
2. Click on the “Register” button in the lower right corner of the screen
     A. Select “Student-High School” from the dropdown menu, and click “Submit.”
     B. Complete a form with personal information.
               i. This information will be used within the Portal to populate college applications, so it is important
                  that it is accurate.
              ii. Your password must be at least eight characters long and contain at least one capital letter and one
                  number.
             iii. Only the fields marked with a red asterisk must be completed. You may or may not choose to
                  complete this section on your gender, race and status as a citizen.
             iv. You must check the box that you agree to abide by the site’s terms of use.
     C. After completing this page, click “Submit.”

College cost estimator
1. Michigan CAP’s College Cost Estimator is a great tool for learning the costs of attending Michigan’s college and
   universities, and also helps students to plan for these expenses.
2. In order to navigate this tool, first hover over the “Paying for College” menu and then click on “College Cost
   Estimator.”
3. Next, add a school to view its yearly cost. You may search for a college or university by name or view all of
   Michigan’s colleges starting with each letter. Both of these search features can be found at the bottom of the
   page.
4. Once you add a school its yearly tuition and fees, room and board, books and supplies and extra expense costs
   will be displayed. Below the school’s costs, there is a box for you to enter any scholarships, grants, loans or
   work study funding you have received. Once you have entered this information, click “Calculate” at the
   bottom of the page.
5. This will then calculate your average yearly and total cost of attending that college or university. You can then
   choose to add another college or university so that you can compare their costs side-by-side.

loan cost calculator
1. The Loan Cost Calculator is a tool for estimating your monthly payment if you choose to take a student loan.
2. First, you will enter the loan amount that you will need. You may want to use the information you gathered
   from the College Cost Estimator to choose the loan amount required to attend the school that fits you.
3. Next, you will enter the average interest rate of your loan. As the information button will note (the blue
   buttons with the white i), a good starting place for most student loans is 7.0%.
4. Finally, enter the number of years you have to repay the loan. Many loans allow 10 years to repay the loan in
   full, so if you are not sure, choose 10 years.
5. Click “Calculate.” Your loan cost and analysis will then appear. You can see an estimate of your monthly
   payment, the amount of interest you will pay, and the total amount of your loan with interest.
6. Finally, the Loan Cost Calculator has a feature that will estimate whether your dream career’s salary will
   support your monthly loan payments. Enter a career by clicking the “Choose a career” button. You can select a
   career from the list, which will fill in that job’s average salary. You can then click “Calculate affordability.” This
   will then estimate your quality of life while paying your monthly loan payments on your career’s salary. The
   different levels of your potential quality of life are signified by the type of food you can afford: a can of beans,
   pizza or steak!

efc estimator
1. This tool can be used to calculate your Estimate Family Contribution to your college education, which is an
   important figure when applying for financial aid.
2. The EFC Estimator should be completed with the help of a parent or guardian, because it does require
   information about your income, assets, tax payments and their income, assets and tax payments. You may both
   need your most recent W2 form to answer these questions. For more information on any question, click the
   information button beside that question field.
3. Once you have completed all 14 questions, click “Calculate” at the bottom of the page.
4. This will then calculate your Expected Family Contribution to your college costs. This is important to know when
   creating your college payment plan. Talk to your parents or guardians about this plan and begin researching the
   college payment options that work best for you and your family.

				
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posted:12/11/2011
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