The college you attend, what you major in, and where you plan to live when you graduate: These three big decisions will dictate whether you’ll be able to live within your means after college. This interactive tool will give college students and their parents a strong reality check.
Weintraub & Selth, a bankruptcy law firm, created the cost of living estimator (which is perhaps ironic, since using the tool could help you avoid bankruptcy). The estimator uses the average starting salary for your selected major, average tuition and student loan costs for your school, and the average living expenses for your selected city to tell you whether your plans make financial sense. You can edit individual details, such as including scholarship money or reducing the estimated housing expenses.
The tool bases its affordability estimate on only the first year out of college—so later in life when your income rises, your career and city choices could be more affordable. However, this exercise will warn you if you might need more support from mom and dad during those first few years.
College Graduate Cost of Living Estimator | Weintraub & Selth via MarketWatch