HI,
We will be starting paying for my son’s college expenses this fall. Wondering if there is any tool/template out there to help achieve this. Trying to share it with him so that he continuously see how much it’s costing.
Also, some of it’s is going to be a loan from us. Is there any tool that can show running total with automatically calculating the interest?
I would just make a spreadsheet in Google Docs that you can share with him. You would be able to set up the categories and formulae as you see fit.
This type of tool would also be useful for parents with 529/Coverdell accounts. Many (but not all) college expenses are tax free. However the challenge will be with categorization of the spending.