EASI has launched the Financial Planning Calculator on the Student Web Service to help students create a budget for attending the University of Toronto. This calculator could be a handy tool for most undergraduates in Canada: it is estimated that most students complete their studies with an average of $25,000 worth of debt.
“The cost of studying in Toronto is not always transparent,” says Laura Klamot, a 2015 graduate at UTM and a member of the EASI team responsible for delivering the calculator.
“Our new financial planning calculator works out the cost of programs, residences, transportation, meals: all things which might otherwise prove to be a bit mysterious.”
Klamot says she was not one of those students who finished with massive debt:
“I was pretty smart when I graduated. I had a goal for when I wanted to pay off all of my debts. I wanted to have them paid off the year I graduated.”
Thanks to her budget, Klamot was able to meet that goal.
The tool is quick and easy to use: as long as the user has a general idea of what they would like to study and what their living situation will be, the process takes fewer than six minutes to complete.
The calculator is also able to direct students in need towards useful resources for meeting their goals.
The Financial Planning Calculator will help students begin to plan out one of the biggest investments that they will make in their lifetime and, with a bit of planning, be debt free one year out of school.