Gary Stocker demonstrates a spreadsheet that calculates the financial cost when a student changes colleges. Input lost credits, tuition per credit, and expected salary to see duplicated tuition expenses plus lost post-graduation income. The tool works for voluntary transfers, program cuts, or college closures.
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Hi, this is Gary Stocker. You've come here if you downloaded the file that will show you the added expenses and lost income your student might have if they have to change colleges. It could be changing colleges of their own choice, it could be changing colleges because programs aren't offered or cut, or it could be changing colleges because yours has chosen to go out of business or close. So what you're seeing is a spreadsheet, and this is just a quick tutorial on how to use this spreadsheet to calculate what your additional expenses might be and what lost income there might be from changing any colleges. And for the most part, it's set up so that all you need to do is change any of the numbers in red. So for example, you can see I have general education courses. Say I have lost 20 credits. I will put the number 20 in there, and when I hit Enter, you'll see it does the changes for Total Expenses. I can change the tuition cost per hour, change that from $500 to $1,000, and again, you can see it represented all the way down. So that's set up for general education courses, that would be English, math, science, degree-specific courses in engineering, nursing, medical laboratory, whatever the case may be, and then replacement courses. So I go to College 1, I've taken some credits there. I go to college 2 and I need to replace a certain number. So again, the same approach applies. You can change the number here and it will be reflected in the total estimated lost tuition expenses from the first college, and then what you have to make up at the second college. And then I've totaled the number down here. The second part is lost income. So let's assume that your student, you, lose a year. That's what I have set up in the example here. And you estimate your post-bachelor degree income will be about $50,000. So you plug that number in here, and I'll change that 50 just to a different number, I'll make it $60,000. And watch as I hit the Enter key on the keyboard, as it will for you, all of the numbers will change all the way through. So you can estimate your delayed earnings, and I've just done it in 6-month increments. So earning $60,000 a year, you would lose $30,000 if you delayed 6 months, 12 months, 18 months, 24 months, and all the way down. Then this last orangish section, all I have done is I've added the lost revenue from these cells to the total cost of duplicated and lost tuition revenue to a total loss number. So you can calculate by basing all your input here and simply estimating lost income here into what it will cost you if you, if you and/or your child has to change colleges. I will also be adding additional videos comparing private colleges' financial health and revenue in the coming weeks and months. Make sure to hit the subscribe button down below to get all the updates on the college comparisons that I do, and so that you can use this cost comparison worksheet to calculate what your losses might be should you need to change colleges for any reason.
