Planning for College Costs

Front

What is the total cost of attending a university for one year if the cost is $40,000 and a student has a scholarship covering 50% of the cost?

Back

The student needs to pay $20,000 after the scholarship.

Front

If a student needs to save $24,000 for the first year of college and plans to save over 3 years, how much should they save each month?

Back

$667 per month.

Front

What is the total amount a student needs to save for a four-year college education estimated at $100,000 if the family can contribute $10,000 per year?

Back

$60,000.

Front

If the total cost of a two-year college education is $20,000, and a family can contribute $4,000 per year, how much will the student need to save in total?

Back

$8,000.

Front

What is the total amount a student needs to save for a four-year college with an annual cost of $25,000 if the family can contribute $5,000 per year?

Back

$60,000.

Front

Define 'scholarship' in the context of college funding.

Back

A scholarship is a financial award given to a student to help pay for their education, often based on academic or other achievements.

Front

What is a 'grant' in terms of college funding?

Back

A grant is a sum of money given by an organization, often the government, to help pay for education that does not need to be repaid.

Front

How do you calculate the monthly savings needed to reach a specific savings goal?

Back

Divide the total savings goal by the number of months available to save.

Front

What is the formula to determine the total cost of a college education over multiple years?

Back

Total Cost = Annual Cost x Number of Years.

Front

If a student has a total college cost of $40,000 and receives a $5,000 grant, how much do they still need to pay?

Back

$35,000.