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College Debt as we know it

College Debt as we know it. By: Gale Schultz, Nga Lam, David Solbrig, Jordan Sanchez, and Malik Salsberry. Facts About College Debt. Iowa is second in the nation with the highest amount of college debt!. College in Iowa. Issues. Lack of personal finances Private Student Loans

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College Debt as we know it

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  1. College Debt as we know it By: Gale Schultz, Nga Lam, David Solbrig, Jordan Sanchez, and Malik Salsberry

  2. Facts About College Debt Iowa is second in the nation with the highest amount of college debt!

  3. College in Iowa

  4. Issues • Lack of personal finances • Private Student Loans • Lack of Awareness • Out of state tuition rates

  5. Lack of Personal Finance • Non-existent or minimal savings • No financial preparation • After graduation repayment of loans • Not repaying could result in bad credit

  6. Private Student Loans • Watch out for Private Loans: • No fixed interest rate • Not backed by the government • Less flexible repayment plans

  7. Lack of Awareness • Awareness of Resources: • Financial Aid • Scholarships • Grants • Actual Costs of College: • Tuition • Books • Room and Board • Unexpected Necessary Expenses

  8. Out of State Tuition Information • Public University- The University of Iowa • In-state tuition/room and board : $20,000 • Out-of-state tuition/room and board: $40,054 • Private University: • In-state and out-of state tuition: St. Ambrose- $25,730

  9. Solutions • Scholarships • Grants • Work Study Programs • Budgeting • 3 Year Degree Program • Community Colleges • Federal Student Loans • Early Awareness

  10. Scholarships • Start early with searching for scholarships • Visit guidance office and website • www.fastweb.org

  11. Grants • Money given out by the government that doesn’t have to be repaid • Based on needs • Limited availability

  12. Work Study Programs • Part time employment to help students finance the costs of post secondary education • Not all colleges and universities offer work study programs • Money received goes toward tuition costs or can be used as extra spending money • Limited amount of money can be provided throughout school year, based on need

  13. Budgeting • Start saving money early • Plan for unexpected expenses: • Food • Gas • Fees • Books • Look for ways to reduce or decrease unexpected expenses

  14. Three Year Degree • Take more college credits during the school year • Classes all year round, higher work load • Grace College, Winona Lake, Indiana • Short courses during fall and spring • Summer classes are free • Miss out on “real” college life

  15. Community Colleges • Take general classes- less expensive • Transfer credits • High school classes for college credit

  16. Federal Student Loans • Cheapest form of student loans • Repayment upon graduation • Backed by the government

  17. Awareness • Facebook Page • Scholarship Club • http://www.facebook.com/groups/272879529447562/ • http://west-hs-guidance.wikispaces.com

  18. “Failing To Prepare Is Preparing To Fail” -Benjamin Franklin Thank You For Your Time

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