Post on 04-Jan-2016
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Create a College Financial Plan
8th GradeReady Financially: Postsecondary Institutions #4
Pre-Test
1. Name two of the major factors that determine college costs.
2. What are three common types of financial aid?
3. Besides financial aid, what are three other common ways families pay for postsecondary education?
Objectives • Review Last Week’s Lesson• Review Financial Plans for– Postsecondary Costs
• Create a College Financial Plan
Review Last Lesson
• What were the most important points of our guest speaker’s talk?
Financial Plan for College Costs
• 4-year college financial plan is best for some– Because of good financial aid packages
• 2-year college financial plan is better for others• Must consider
• In-state vs. Out of state• Public university vs. Private college• Associate’s vs. Bachelor’s degree• Community college for first two years vs. four years
at a university or four-year college
Sample Student: Colleges of Interest Costs
• Minneapolis Technical & Community College: Public– $6,210
• University of Minnesota: Public– $23,818
• Hamline University: Private– $38,554
• University of Alabama: Out-of State (less expensive)– $27,194
• New York University: Out-of-State (more expensive)– $52,564
University of Minnesota Home Page
U of M: Costs and Tuition
U of M: Financial Aid Calculator
U of M: Financial Aid Calculator
College Cost Estimation
• Cost for 1st Year: $23,818• Financial Aid • Grants: $7,650• Scholarships: $2,500• Work Study: $2,700 • $12,850 ($10,968 amount still
owed)
College Cost Estimation
• Amount Still Owed: $10,968• Payment• Loans: $6,392• Parent’s Contribution: $3,576• Savings/Your Contribution: $1,000
Update Postsecondary Plan
Individual Tabulation
• Estimate your college financial plan – Total Cost: – Grants:– Scholarships:– Work Study:– Loans:– Parents:– Savings:
Pair and Share
• Estimate your college financial plan – Total Cost: – Grants:– Scholarships:– Work Study:– Loans:– Parents:– Savings:
Homework: Your College Cost Estimation
Cost for 1st Year:• Financial Aid–Grants:–Scholarships:–Work Study:
Amount Still Owed:• Payment–Loans:–Parents:–Savings:
Post-Test
1. Name two of the major factors that determine college costs.
2. What are three common types of financial aid?
3. Besides financial aid, what are three other common ways families pay for postsecondary education?
Review
1. Major college cost factors– In-state vs. Out of state– Public vs. Private– Associate’s vs. Bachelor’s– Community college for first 2 years vs. Four-year college
2. Three common types of financial aid– Grants, Scholarships, Work Study, Loans
3. Besides financial aid, three common ways families pay for postsecondary education
– Loans, Parent Contribution, Savings/Your Contribution