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Costs and Benefits of College
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Terms in this set (41)
These lists provide information about two jobs. Which statement best compares the two jobs?
Job B has a lower salary than job A, but the benefits make job B a more attractive pay package.
How is a student loan different from a scholarship?
A student loan must be paid back, but a scholarship is not paid back.
This graph compares the total cost of attending educational institutions in Texas. The graph demonstrates that the cost at private and public
four-year universities greatly varies.
Which statements correctly describe the FAFSA? Check all that apply.
It requires students to provide their financial information.
It gives students access to money from the government.
It helps determine whether a student needs financial aid.
Which statement describes an hourly wage job?
If an employer wants the employee to work more hours in a week, the result is a larger paycheck.
Student-specific scholarships are awarded to students who
are members of a certain group.
This graph shows student loan debt in the United States from 1994 to 2009 .What trend does the graph demonstrate?
Students have taken out higher and higher loans since 1994.
This graph compares the cost of room and board at educational institutions in Texas. This graph helps explain why
many students might choose an alternative living situation over paying room and board at a four year institution.
Which statement best defines tuition?
Tuition is the price of attending classes at a school.
This graph compares the cost of an education at different institutions in Texas. This graph demonstrates that
private universities can cost three times as much to attend as public universities.
How are loans and grants different?
Loans must be repaid, while grants are like gifts.
Martha will be entering high school in a couple of years. Which steps should she take to ensure she has money to pay for college? Check all that apply.
She should start or add to a college savings account so it can grow with deposits and earned interest.
She should ask her parents if they have a college savings account set up for her.
She should work to maintain high grades throughout school so she can qualify for scholarships.
She should get involved in extracurricular activities like clubs and sports so she can discover what she enjoys and qualify for scholarships.
Sophie is attending college next year. She just got information on the college costs and the financial aid package the college is offering. Sophie knows her parents can contribute $3,500 each year.How much will Sophie need to pay each year from her own savings and from loans?
$3,750
Which term is defined as an educational program in which students alternate between school and gaining work experience?
work-study
Javier is considering two options for college.
Option A: Complete the first two years of schooling at a community college
and then transfer to a university.
Option B: Complete all four years of schooling at the university.
Which statement about the cost of the options is true
Option B will save him $1,000.
Desmond told his two friends, Marley and Brianna, that he was awarded a $10,000 grant for college if he becomes a math or science teacher. Desmond wants to teach physics.
Marley is correct because a grant is like a gift and he can still get scholarships or loans to pay for the rest of his expenses.
Annalise received financial aid offers from two universities. Which statement about the costs per year is true?
Option A will save her $4,500.
Which methods of paying for college do not require repayment? Check all that apply.
grants
scholarships
Bethany is in 7th grade. She wants to attend college and knows that she will need funds. Which option of funding her education should she consider now?
She could talk with a school counselor to see what activities, clubs, and classes could help her earn a scholarship.
Kevin is in 8th grade and he wants to attend college. He claims he needs to research how much college will cost for his chosen degree and fill out the FAFSA before he can prepare and save for college. Which statement about his claim is correct?
Kevin is incorrect. It is never too early to start saving for college. Even if he earns scholarships, he could use the money for other expenses.
Marcel is nearing graduation. He just met with his counselor and she showed him this information. If he pays the balance with a student loan, how much will he need to borrow for his first year?
$4,400
Elisa is nearing graduation. She just met with her counselor and he showed her this information.If she pays the balance with a student loan, how much will she need to borrow for all four years?
$14,000
Alex is nearing graduation. His counselor showed him this information. If his parents cannot help Alex with college, and two of his scholarships will be awarded to other students if he does not accept them immediately, which is the best option for him?
He could work each summer to earn the $1,350 difference.
Jorge is attending college next year. He just got information on the college costs and the financial aid package the college is offering. Jorge knows his parents can contribute $4,500 each year. How much will Jorge need to pay each year from his own savings and from loans?
$7,000
Stephen plans to attend community college for two years. His expenses are only $2,000 each year, because his parents are paying the rest. He earned a one-time $900 scholarship. How much will he need to pay for the two years of college from his savings or by working?
$3,100
The table shows the predicted cost of attending an in-state four-year public college 4 years from now.
Category
Predicted Annual Cost
tuition
$9,350
room and board
$8,630
books and fees
$1,650
transportation
$2,140
other
$1,110
Caleb used the table to determine the minimum amount he should save each month to have enough money to pay for his first year of college. He anticipates receiving $4,500 in grants and he will live at home. If he has 4 years to save, and places his money in an interest bearing college savings account, what is the minimum Caleb and his family should save each
$200
Dustin estimates it will cost $7,721 annually to attend a public four-year college. He will receive $1,930 in grants. How much is Dustin's estimated annual contribution to his college education
$5,791.00
David estimates that he will have expenses totaling $24,870 for one year of college. He will receive $7,560 in grants. How much will David have to contribute each semester during this year?
$8,655
This graph compares the total cost of attending educational institutions in Texas.
The graph demonstrates that the cost at private and public
four-year universities greatly varies.
At an educational institution, the cost of room and board includes
housing and meals.
The table shows the predicted cost of the first year of college at a private school six years from now.
Category
Predicted Cost
tuition
$36,620
room and board
$12,900
books and fees
$2,450
transportation
$3,100
other
$1,330
.
Emily is using the table to determine the minimum amount of money she should save monthly if she is to have enough money to pay for her first year of college. She anticipates receiving $6,000 in grants and has 6 years to save in a college savings account.
Without including any interest earned, what is a reasonable estimate of the amount Emily and her family should save each month for the next 6 years to pay for her first year of college?
$700
Catherine is using the table to predict the cost of one year of education at a four-year private college.
Category
Predicted Cost
tuition
$32,250
room and board
$10,590
transportation
$2,460
books and fees
$1,980
other
$750
She predicts she will receive $14,000 in grants annually. Catherine does not own a car and plans to live near campus where she will rely on the free bus system for transportation. What is the minimum amount Catherine should expect to contribute to her education annually?
$31,570
Roderick is in 11th grade and wants to attend college to become a marine biologist. He knows he will need funds. What should he do to begin the process of planning for paying for his education?
He could fill out a FAFSA form to determine what financial aid he would qualify for.
Which term is defined as a loan given to students to help pay for education-related expenses?
student loan
Laura estimated the total cost of attending a private four-year university using the information in the table.
Category
Estimated Cost - 1 year
tuition
$29,500
room and board
$9,600
books
$2,125
lab and facilities fees
$850
Laura received a grant that will pay for 30% of her annual estimated tuition and a scholarship that will pay for her books. What is the minimum Laura should expect to contribute to her college education for all four years?
$124,400
Annika is attending college next year. She just got information on the college costs and the financial aid package the college is offering. Annika knows her parents can contribute $7,500 each year.
Annika's College Costs & Financial Aid Package per Year
Costs
Financial Aid Package
Tuition & Fees
Grants & Scholarship
$21,500
$10,500
Room & Board
Work-Study
$13,500
$9,000
How much will Annika need to pay each year from her own savings and from loans?
$8,000
Which form must be filled out and submitted to determine the types and amount of financial aid available to a student?
FAFSA
Work-study is a program that includes
taking a school job to help pay for an education.
Arthur is 10 years old. Tuition for one year at a public two-year college is $3,125. In 8 years, tuition is expected to increase 32%. Arthur's family plans to save for his college costs for 5 years. If the family saves $75 per month, will there be enough money to pay for the expected cost of one year at the college when he is 18?
Yes, they could save about $5 less per month and still have enough money.
Which educational institutions typically cost the most to attend?
private colleges
Darian has decided to attend an out-of-state public four-year university. His expected expenses are shown in the table.
Category
Annual Expected Expense ($)
tuition
$18,900
room/board
$7,650
books/fees
$1,475
other expenses
$2,350
Darian expects to get $7,500 in grants each year. What is the minimum amount he should expect to contribute for four years at the university?
$91,500
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algebra
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