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Create a College Financial Plan

Create a College Financial Plan. 8 th Grade Ready Financially: Postsecondary Institutions #4. Pre-Test. Name two of the major factors that determine college costs. What are three common types of financial aid?

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Create a College Financial Plan

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  1. Create a College Financial Plan 8th Grade Ready Financially: Postsecondary Institutions #4

  2. Pre-Test • Name two of the major factors that determine college costs. • What are three common types of financial aid? • Besides financial aid, what are three other common ways families pay for postsecondary education?

  3. Objectives • Review Last Week’s Lesson • Review Financial Plans for • Postsecondary Costs • Create a College Financial Plan

  4. Review Last Lesson • What were the most important points of our guest speaker’s talk?

  5. 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

  6. 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

  7. University of Minnesota Home Page

  8. U of M: Costs and Tuition

  9. U of M: Financial Aid Calculator

  10. U of M: Financial Aid Calculator

  11. 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)

  12. College Cost Estimation • Amount Still Owed: $10,968 • Payment • Loans: $6,392 • Parent’s Contribution: $3,576 • Savings/Your Contribution: $1,000

  13. Update Postsecondary Plan

  14. Individual Tabulation • Estimate your college financial plan • Total Cost: • Grants: • Scholarships: • Work Study: • Loans: • Parents: • Savings:

  15. Pair and Share • Estimate your college financial plan • Total Cost: • Grants: • Scholarships: • Work Study: • Loans: • Parents: • Savings:

  16. Homework: Your College Cost Estimation Cost for 1st Year: • Financial Aid • Grants: • Scholarships: • Work Study: Amount Still Owed: • Payment • Loans: • Parents: • Savings:

  17. Post-Test • Name two of the major factors that determine college costs. • What are three common types of financial aid? • Besides financial aid, what are three other common ways families pay for postsecondary education?

  18. Review • 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 • Three common types of financial aid • Grants, Scholarships, Work Study, Loans • Besides financial aid, three common ways families pay for postsecondary education • Loans, Parent Contribution, Savings/Your Contribution

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