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US 7,680,729 B2Granted
Education planning
AssigneeNorthstar Capital Markets Services, Inc.
InventorTaige P. Thornton
Life of this patent
Estimating the term…
Abstract
Systems and methods are provided for education planning. One method embodiment includes collecting information associated with a cost of obtaining an education and information associated with funding the cost, determining an amount to be financed by using the information associated with the cost and the information associated with funding the cost, and providing a payment plan for financing the amount to be financed, the payment plan including a levelized payment (L) to be made at a number of intervals for a repayment term, wherein the levelized payment is determined by using a net present value (V) associated with more than one funding event over the course of an education program.
Claims22
A method for education planning, comprising:
- collecting, by a computing device, information associated with a cost of obtaining an education and information associated with funding the cost;
- determining, by the computing device, an amount to be financed by using the information associated with the cost of obtaining the education and the information associated with funding the cost;
- and
- providing, by the computing device, a payment plan for financing the amount to be financed, the payment plan including a levelized payment to be made at a number of intervals for a repayment term, wherein the levelized payment (L) is determined by using a net present value (V) associated with more than one funding event over the course of an education program;
- wherein the levelized payment (L) is determined in association with a formula having various factors including:
- the amount to be financed (A);
- an interest rate (I) associated with the more than one funding event;
- a repayment term (R);
- and
- a length of time (M) in which a party other than the first party is paying a portion of interest associated with the amount to be financed, and wherein the formula is:
- L
- =
- [
- A
- *
- I
- *
- (
- I
- +
- 1
- )
- R
- ]
- (
- M
- *
- I
- +
- 1
- )
- *
- (
- I
- +
- 1
- )
- R
- -
- 1
-
- .
39 more elements
A computer readable medium having computing device executable program instructions stored thereon to cause a computing device to perform a method, comprising:
- determining a first cost associated with attending an educational institution for an extended period;
- determining a funded amount that comprises an amount of the first cost to be funded from sources that include:
- student sources;
- family sources;
- and
- educational institution sources;
- determining a first borrowed amount to be borrowed by a first party to pay at least a portion of the difference between the first cost and the funded amount, wherein the first borrowed amount is disbursed in more than one funding event;
- and
- determining and displaying a payment plan to repay the first borrowed amount, wherein the payment plan includes a levelized payment determined using a formula that includes:
- a selected portion of the first borrowed amount (A);
- an interest rate (I) associated with the more than one funding event;
- a repayment term (R);
- and
- a length of time (M) in which a party other than the first party is paying a portion of interest associated with the selected portion of the first borrowed amount and wherein the formula is:
- L
- =
- [
- A
- *
- I
- *
- (
- I
- +
- 1
- )
- R
- ]
- (
- M
- *
- I
- +
- 1
- )
- *
- (
- I
- +
- 1
- )
- R
- -
- 1
- .
42 more elements
A computer readable medium having computing device executable program instructions stored thereon to cause a computing device to perform a method, comprising:
- determining a difference between a cost of a multi-year degree program at an educational institution and funds available for education;
- displaying a selected portion of the difference as a first borrowed amount to be borrowed by a first party, wherein the selected portion to be borrowed is to be disbursed in more than one scheduled funding event associated with one or more academic years of the educational institution;
- displaying a number of payment plans for paying back the selected portion, wherein at least one of the payment plans includes a levelized payment, and wherein the levelized payment includes a monthly equal fixed payment;
- wherein the levelized payment (L) is determined in association with a formula having various factors including:
- the selected portion of the difference to be borrowed (A);
- an interest rate (I) associated with the more than one scheduled funding events;
- a repayment term (R);
- and
- a length of time (M) in which a party other than the first party is paying a portion of interest associated with the selected portion of the difference to be borrowed, and wherein the formula is:
- L
- =
- [
- A
- *
- I
- *
- (
- I
- +
- 1
- )
- R
- ]
- (
- M
- *
- I
- +
- 1
- )
- *
- (
- I
- +
- 1
- )
- R
- -
- 1
- .
37 more elements
A system, comprising:
- a processor;
- a memory coupled to the processor;
- and
- program instructions storable on the memory and executable by the processor to:
- provide a number of input fields to receive a cost of obtaining a multi-year education and funds available for funding the cost;
- determine a difference between the cost and the funds available for funding the cost;
- display a number of payment plans associated with a borrowing amount to cover the difference, wherein at least one of the number of payment plans includes a levelized payment, and wherein the levelized payment is determined using a net present value of more than one funding event associated with the borrowing amount;
- provide for allocating the borrowing amount between at least two parties;
- and
- update at least one of the displayed number of payment plans when the borrowing amount allocation changes;
- wherein the levelized payment (L) is determined in association with a formula having various factors including:
- a selected portion of the borrowing amount (A) to be borrowed by a first party;
- an interest rate (I) associated with a number of scheduled funding events;
- a repayment term (R);
- and
- a length of time (M) in which a party other than the first party is paying portion of interest associated with the selected portion of the borrowing amount to be borrowed by the first party, and wherein the formula is:
- L
- =
- [
- A
- *
- I
- *
- (
- I
- +
- 1
- )
- R
- ]
- (
- M
- *
- I
- +
- 1
- )
- *
- (
- I
- +
- 1
- )
- R
- -
- 1
- .
44 more elements
Dependencies are inferred from the claim text.