Presentation is loading. Please wait.

Presentation is loading. Please wait.

Financing for College. Chapter 4, Lesson 2 Lesson Overview Costs of college Sources of college funds Planning to finance a college education Photo courtesy.

Similar presentations


Presentation on theme: "Financing for College. Chapter 4, Lesson 2 Lesson Overview Costs of college Sources of college funds Planning to finance a college education Photo courtesy."— Presentation transcript:

1 Financing for College

2 Chapter 4, Lesson 2 Lesson Overview Costs of college Sources of college funds Planning to finance a college education Photo courtesy of Rudy Sulgan/Corbis Images

3 Chapter 4, Lesson 2 Quick Write How much do you think it costs to go to college? Make a short list of ways you can get the money you need to attend the college of your choice.

4 Chapter 4, Lesson 2 Costs of College Two-year colleges: –Less expensive –Earn an associate’s degree –Average yearly tuition cost in 2005: $2,191 for an in-state resident $4,160 for an out-of-state resident

5 Chapter 4, Lesson 2 Costs of College Four-year colleges and universities: –More expensive –Average tuition for : $5,491 for in-state residents at public university $7,673 for out-of-state residents $21,235 for a private university

6 Chapter 4, Lesson 2 Costs of College College Expenses: – Tuition & Fees = $2,500 to $30,000 – Books & Supplies = $500 to $1,500 – Personal Expenses = $1,000 to $1,500 – Transportation = $500 to $2,000 – Room and Board = $2,500 to $10,000 from “The Complete Guide to College Financing & Admissions” CD- ROM program, by Terry Wilfong, College Financial Aid & Packaging

7 Chapter 4, Lesson 2 Sources of College Funds Scholarships and grants – student financial aid that you do not repay Scholarship recipients – selected based on academic, athletic, or artistic merit Grant recipients – selected based on their financial need

8 Chapter 4, Lesson 2 Scholarship Opportunities from “The Complete Guide to College Financing & Admissions” CD-ROM program, by Terry Wilfong, Scholarships: The Winning Edge

9 Chapter 4, Lesson 2 Scholarship Opportunities Talk to your high school guidance counselor Contact each college’s financial aid office for a list of its scholarship programs Look for notices on bulletin boards at your school, in a public library, or outside the financial aid office at a nearby college

10 Chapter 4, Lesson 2 Apply for a Scholarship Look carefully at the application requirements –Do you meet all of them? –If not, is there a way you can? –For example, if an application calls for a 3.7 GPA and you have a 3.6, can you bring it up before the deadline? Photo courtesy of Comstock Images

11 Chapter 4, Lesson 2 Scholarships Are Competitive Most competitive programs give one award for every 400 applicants Don’t give up if you are rejected Apply for other scholarships Be careful! –Every year, scholarship scams defraud hundreds of thousands of students and parents

12 Chapter 4, Lesson 2 US Government Grants Pell grants are need based, or given to students who have a serious financial need The Federal Supplemental Education Opportunity Grant (FSEOG) is for students with exceptional financial need

13 Chapter 4, Lesson 2 US Government Loans Stafford loans are the most common –Borrow up to $2,625 for your first year –Borrow a maximum of $23,000 for four years –Two variations: Family Education Loan Program (FFELP) Federal Direct Student Loan Program (FDSLP)

14 Chapter 4, Lesson 2 Other US Government Loans Perkins loans are awarded to students with exceptional financial need – Subsidized: the federal government pays the interest while you are in school Parent Loan for Undergraduate Students (PLUS) program –Your parents or a stepparent can take out loans to help your education Photo courtesy of David Young-Wolff/PhotoEdit

15 Chapter 4, Lesson 2 Private Loans Banks and private companies sometimes charge fees when they make loans Sometimes they advertise a low interest rate during the in-school and grace period After you graduate, they raise the rate Read the loan agreement carefully! Photo courtesy of Comstock Images

16 Chapter 4, Lesson 2 Other Sources of Financial Aid Federal Aid –Website: Federal Work-Study Program –Provides part-time jobs for college students Military Benefits –ROTC scholarships for young people who want to enter the armed forces after college College-Controlled Aid –Many colleges offer their own scholarships, tuition- payment plans, and other forms of aid Scholarship Lotteries –Websites give money away to students for their education

17 Chapter 4, Lesson 2 Planning to Finance College Do some background research on what kind of college you want to attend Talk to people in the financial aid offices of the colleges you intend to apply to Start collecting information on scholarships, grants, loans Complete the FAFSA shortly after January 1 of your senior year Borrow only want you need–remember that you or your family must repay any loans you take out

18 Chapter 4, Lesson 2 Review College costs include tuition, room and board, books, laboratory fees, library fees, medical fees, and transportation fees Major sources of college funds include scholarships and grants and various types of student loans When planning to finance a college education, the best place to start is your high school guidance counselor

19 Chapter 4, Lesson 2 Summary Costs of college Sources of college funds Planning to finance a college education Photo courtesy of Creatas Images

20 Chapter 4, Lesson 2 Next Today we’ve learned about financing for college Next we’ll learn about insurance for protecting your resources Photo courtesy of Clipart.com


Download ppt "Financing for College. Chapter 4, Lesson 2 Lesson Overview Costs of college Sources of college funds Planning to finance a college education Photo courtesy."

Similar presentations


Ads by Google