Income Data Source

• Work Force: PayScale
• 2 Year College Degrees: PayScale & US Bureau of Labor Statistics
• 4 Year College and Graduate School: NACE First Destinations Survey
• Other Degrees and Certificates: PayScale & US Bureau of Labor Statistics
• Apprenticeship: US Bureau of Labor Statistics
• Military: Today’s Military

College Cost Data Sources

• National Center for Education Statistics (NCES)
• Integrated Postsecondary Education Data System (IPEDS)

Estimated Financial Aid Data Sources

• National Center for Education Statistics (NCES)
• Integrated Postsecondary Education Data System (IPEDS)

Student Loans

• Student loan payment calculations assume the current year interest rate (5.50% Loans First Disbursed on or After July 1, 2023, and Before July 1, 2024) for Undergraduate, Direct Federal Subsidized and Unsubsidized loans, and a 10-year monthly repayment plan.

Future Monthly Budget

• Federal Tax Calculation assumes single filer and taxable income equals gross income minus the current standard deduction of $13,850 (2023 tax year). The federal income tax brackets are then applied to taxable income.
• State tax calculation assumes a flat 5% tax on taxable income.
• Budget allocation percentages for the original budget we provide are based on commonly used financial planning principles. They are a starting point only and users will need to personalize them based on their own situation.
• Budget comparison numbers are from the US Bureau of Labor Statistics Table 3600 and represent the average expenses for a consumer who is between ages 25-34 with an income of $54,251.

Retirement Savings

• The retirement savings forecast is based on a monthly systematic investment plan with a 7% annual growth rate and an annual step-up of 2.5% to the monthly amount. If the “employer contribution” toggle is on, it adds an additional contribution equal to 50% of the employee contribution.