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How Much Does College Cost?
The cost of college has been steadily rising. Between 2010-11 and 2015-16, the cost of tuition plus room and board for a four-year school (private or public) increased by 10% on average, according to data from the College Board.
Today, for students attending an in-state public school, the average cost for tuition, fees, and room and board was $19,548 in 2015. For out-of-state students at a public school, that cost was more than $34,000. And for students attending a four-year private school the cost is almost $44,000 per year.
In addition to savings, many students rely on financial aid, including borrowing student loans, to cover the cost of attendance (COA).
1. Need-based aid
2. Baltimore Scholars Program
3. Hodson Trust Scholarship
4. Charles R. Westgate Scholarship in Engineering
5. Army Reserve Office Training Corps
6. Air Force ROTC Scholarships
7. Post- 9/11 GI Bill
1. Trustee Distinguished Scholarship
2. Trustee Diversity Scholarship
3. Century Scholars Program
4. Barbara Jordan Scholarship
5. Engineering Scholarship
6. Lone Star Scholarship
7. Edgar Odell Lovett Scholarship
8. Allen International Scholarship
1. The Notre Dame Scholar Award Program
2. Penelope W. and E. Roe Stamps IV Leadership Scholars Program
3. Hesburgh-Yusko Scholars Program
4. Suzanne and Walter Schott Notre Dame Scholars Program
5. Trustey Family Scholarship Program
6. Malpass Scholars Program
7. Yellow Ribbon Program
1. 1789 Scholarships and the Georgetown Scholarship Program
2. Georgetown Athletic Grants-In-Aid
3. John Carrol Scholarships
4. Named Undergraduate Georgetown Scholarships
5. Other GU Incentive Scholarships
6. The Baker Trust Scholarship Program
7. The President’s Scholarship for District of Columbia Students
8. The Robert Bellarmine and the Ignatian Scholarship Programs
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Explanation of $30,939 Average Client Savings
Average savings calculation is based on all Earnest clients who refinanced student loans owned and serviced by Navient between 03/06/2017 and 03/31/2018. The savings figure of a particular client is calculated by subtracting the projected lifetime cost of their Earnest refinancing from the projected total cost of their original student loans.
How we calculate the figures:
For the original student loans, the projected lifetime costs are calculated using the weighted average term of the original loans and the weighted average interest rate in effect in the month prior to the refinance event, including borrower benefits (e.g. automatic payment discounts).
For the refinanced loans, projected lifetime costs are calculated using the selected Earnest term and interest rate, also including borrower benefits.
Projected lifetime costs assume a principal balance of $75,000.
Projected monthly savings is derived by using the “projected lifetime savings” divided by the selected Earnest term
In order to calculate our average client savings, we excluded:
Savings from any client that selected an Earnest loan with a longer term than their Navient student loan terms
Loans resulting from a client refinancing the same Earnest loan with Earnest
Average client savings amount is not predictive or indicative of your individual cost savings. For example, your individual savings may differ based on your loan term and rate type selections, if you change your repayment options, or if you pay off your student loans early.
Explanation of Rates “With Autopay”
Rates shown include 0.25% APR reduction when client agrees to make monthly principal and interest payments by automatic electronic payment. Use of autopay is not required to receive an Earnest loan.
Explanation of Precision Pricing™ Savings
Savings calculations are based on refinancing $121,825 in student loans at an existing loan servicer’s interest rate of 7.5% fixed APR with 10 years, 6 months remaining on the loan term. The other lender’s savings and APR (light green line) represent what would happen if those loans were refinanced at the other lender’s best fixed APRs. The Earnest savings and APR (white line) represent refinancing those loans at Earnest’s best fixed APRs.
Savings is computed as the difference between the future scheduled payments on the existing loans and payments on new Earnest and “other lender” loans. The calculation assumes on-time loan payments, no change in interest rates, and no prepayment of loans.
Individuals portrayed as Earnest clients on this site are actual clients and were compensated for their participation.