Paying for College Comp.

When selecting a major to study in college, why should you consider your "employability" and earning potential after graduation?

• With the cost of college rising every year, you want to make sure that your investment "pays off" after

  graduation.

• Knowing your earning potential can help you determine if you will be able to make your monthly

  student loan payments.

• Most employers guarantee a salary within your earning potential after graduation.

• Knowing your "employability" and earning potential can help you plan a life after college, such as

  where you can live, what your budget will look like, etc.

School 1 has a sticker price of $50,000 and offers $40,000 in grants and scholarships. School 2 has a sticker price of $15,000 and offers $3,000 in grants and scholarships. School 3 has a sticker price of $80,000 and offers $60,000 in grants and scholarships. School 4 has a sticker price of $10,000 and offers $1,000 in grants and scholarships.

Which school has the lowest Net Price?

• School 1

• School 2

• School 3

• School 4

It is a good idea to talk to a parent/guardian about paying for college, because...

• You can give all financial responsibility for paying for college to your parents.

• Your parents can help you fill out paperwork and understand financial terms you may not have

  encountered before.

• You can create a list of colleges that you and your family can realistically afford (after grants,

  scholarships, etc).

• You have a solid understanding of the financial commitment and investment you are making before

  attending college.

As a freshman living on campus, you can expect to have the following costs EXCEPT

• Room & Board

• Tuition

• Fees

• Rent

Your friend provides you with different methods to find out what the NET PRICE of a school is, but cautioned that one of the methods may not work. Which of these methods would NOT work to calculate the net price of a school?

• Use the formula: Published Price - (Scholarships + Grants)

• Use the College Board's Net Price Calculator

• Use the formula: Published Price - (Scholarships + Grants + Loans)

• Use the net price calculator on that school's website

Which of the following statements is FALSE about financial aid?

• Financial aid is money that is given to you - you never need to pay it back

• Financial aid may be awarded to you based on factors such as your financial need, academic

  performance, or athletic ability.

• Financial aid may include money that you have to pay back later.

• Most full-time students receive some form of financial aid.

Which of the following is the MOST popular way families fund a college education?

• Parent Borrowing

• Student Borrowing

• Scholarships & Grants

• Student Income & Savings

When talking to a parent/guardian about paying for college, it is helpful to do all of the following EXCEPT

• Pick a time that is convenient for you and your parent/guardian to have the conversation

• Assume that your parent/guardian has a detailed plan set up for you

• Take notes during the conversation

• Have a few questions prepared to ask and discuss

Which statement is TRUE?

• You can apply for FAFSA before it officially opens and there are special awards for those who do

• You can only apply for community or private scholarships after submitting FAFSA

• You can apply for community and private scholarships even before submitting

  FAFSA

• Even if you apply late for FAFSA you’re still guaranteed an award.

Identify which of the following statements about the FAFSA is TRUE.

• You can submit the FAFSA starting in January.

• There is an $80 fee to apply for the FAFSA.

• The amount of aid you may receive does not depend on when you file, as long as it is within the filing timeframe.

• If you miss your school’s deadline to complete the FAFSA, you should still complete it and submit it.