Calculating Postsecondary Costs

6th GradePostsecondary Costs #4

Pre-Test

1. What is the average cost of a 4-year university?

2. What link on many colleges’ websites breaks down how students can pay for college?

3. Name two types of financial aid that students do not have to pay back.

Objectives

• Review Last Week’s Lesson• College Expenses Exploration• College Expenses Payment Calculator• How to Pay for College– Financial Aid– Parent’s Contribution – Savings– Other Sources

• Update Postsecondary Plan

Review Last Week’s Lesson

1. Two common ways students pay for college– Pay colleges directly– Financial aid

2. Major types of financial aid– Grants, scholarships, work-study, loans

3. Find scholarships on Naviance– Scholarship list page

College Expenses Exploration

• Average costs for a 4-year university• $21,000

• Many colleges have payment calculators on their website• This allows you to see how you can

successfully manage the high cost of postsecondary education

College Expenses Exploration

• Most students can find ways to pay for their college education by combining • Grants• Scholarships• Work Study (average: $3,700 per year)• Parent contributions• Loans• Student contribution

Naviance Colleges Page

Colleges I am Thinking About

Arizona State University

Arizona State University

Link to Estimate Expenses

Costs and Financial Aid Estimator

Estimated Tuition and Fees

Standard Costs of Attendance

Estimated Financial Aid

Financial Aid Estimate

• Cost for 1st Year: $21,924Financial Aid • Grants: $7,000• Scholarships: $4,000• Work Study: $2,500 (maximum amount

offered)• $13,500 ($8,424 amount still owed)

Paying for Amount Still Owed

• Amount Still Owed: $8,424Payment• Loans: $4,424• Parent Contribution: $1,000• Savings : $2,000• Student Contribution: $1,000

Update Postsecondary Plan

Find Costs & Financial Aid Info

• Click on the:• colleges tab• colleges I am thinking about• college of interest• visit website• find costs and financial aid information

• If you can’t find calculator on college website• Go to http://students.asu.edu/costs

Classroom Discussion

• What would be your expenses for the first year at one of your colleges of interest?

• How could you pay for those expenses?• Grants, Scholarships, Work Study, Parent

contributions, Loans, Student Contribution

Post-Test

1. What is the average cost of a 4-year university?

2. What link on many colleges’ websites breaks down how students can pay for college?

3. Name two types of financial aid that students do not have to pay back.

Review

1. Average cost of a 4-year university– $21,000

2. Link on many colleges’ website breaks down how students can pay for college

– Financial Aid Estimator or Calculator 3. Types of financial aid that students do not

have to pay back– Grants, Scholarships, Work Study