College Tuition Project

Vocabulary and key financial data points from the College Tuition Project comparing Black Hawk College, Illinois State University, and Norwich University.

Black Hawk College

A 2-year school included in the project with an inflation-adjusted sticker price of $5,377 and a total cost of $10,915 .

Illinois State University

One of the chosen colleges with an inflation range of ($12,428 - $13,581) and a total cost of $51,995 .

Norwich University

A private university with an inflation-adjusted sticker price of $48,266 and a total cost of $201,926 .

Grandparents Contribution

A financial input with a principal of $2,000 , a return rate of $6.5\%$, and a total amount of $6,213 after $18$ years.

Loan Term

The duration used to calculate monthly loan payments for all three colleges, specified as $120$ months.

Monthly Loan Payment (Norwich University)

The monthly installment required to pay off a loan for Norwich University, totaling $2,281.51 / mo .

Monthly Loan Payment (Black Hawk College)

The monthly installment required for a loan for Black Hawk College, totaling $123.33 / mo .

Total Loan Interest (Norwich University)

The specific interest cost for a Norwich University loan, which alone amounts to $71,855.20 .

Total Loan Interest (Illinois State University)

The interest portion of the total loan cost for Illinois State University, calculated as $18,502.60 on a principal of $51,995.00 .

Retirement Total Amount

The final sum after $40$ years of saving $400.00 monthly, reaching a total of $988,616.80 .

Parents Contribution (Black Hawk College)

The calculated monthly contribution from parents for Black Hawk College, which is $3.55 / month .

Parents Contribution (Norwich University)

The calculated monthly contribution from parents for Norwich University, which is $429.84 / month .

Compound Interest

Described in the project conclusion as incredibly powerful, capable of turning $400 a month into almost $1 million over $40$ years.