College Costs
What are the main components of college expenses?
Tuition, fees, room and board, books, and miscellaneous expenses
What is Financial Aid?
Monetary assistance provided to students to help cover the costs of education. This can include grants, scholarships, loans, and work-study programs
What are some effective strategies for finding scholarships
Searching online scholarship databases, checking with local organizations, and applying for niche scholarships related to interests or skills
ame two types of student loans and briefly describe their differences
Federal student loans (Direct Subsidized/Unsubsidized) and private student loans. Federal loans have fixed interest rates and flexible repayment plans, while private loans may vary
What are some key budgeting skills for students living on or off-campus?
Tracking expenses, creating a budget, and distinguishing between needs and wants
Explain the difference between in-state and out-of-state tuition
In-state tuition is for residents of the state where the college is located, usually lower than out-of-state tuition, which is for non-residents
What does FAFSA stand for, and why is it important for college financial aid?
FAFSA stands for Free Application for Federal Student Aid. It is important because it determines eligibility for federal financial aid
How can students improve their chances of winning a scholarship?
By writing compelling essays, showcasing achievements and community involvement, and submitting applications on time
Why is responsible borrowing important when taking out student loans?
To avoid excessive debt, manage repayment effectively, and maintain good credit.
How can students manage personal expenses while in college?
By setting priorities, seeking part-time employment, and being mindful of spending habits
What are some strategies students can use to reduce college costs beyond tuition and fees?
Strategies may include buying used textbooks, considering community college for general education credits, and exploring housing alternatives
Name two types of federal financial aid programs
Pell Grants, Federal Work-Study, Federal Perkins Loans, and Direct Subsidized/Unsubsidized Loans
How can students tailor their scholarship applications to increase their chances of success?
Tailoring applications involves highlighting relevant experiences, achievements, and personal qualities that align with the specific criteria of each scholarship.
After college, do you get some time before you have to start paying back federal student loans?
6 months after graduation
What are some mistakes to avoid when you're making a budget for college?
Avoid budget mistakes by not spending too much on things you don't need and keeping track of your money
How does the cost of attending a public university typically compare to a private university?
Public universities generally have lower tuition costs for in-state residents compared to private universities, which may have higher tuition but offer financial aid opportunities.
How does the Expected Family Contribution (EFC) impact a student's eligibility for financial aid?
The EFC is used to determine a student's financial need, and a lower EFC increases eligibility for need-based financial aid
Where can students find local scholarship opportunities within their community?
Local scholarship opportunities may be available through community organizations, businesses, foundations, and high school counseling offices.
What's loan forgiveness, and are there programs that can help you get your loan forgiven
Loan forgiveness means you don't have to pay back the remaining balance on your loan. Some programs can help with this
How can you manage working part-time and studying without it being too much?
Manage part-time work and studying by planning your time well and talking to your employer about your schedule.
What is the significance of the "total cost of attendance" when considering college expenses?
The total cost of attendance includes not only tuition but also other expenses like housing, food, books, and personal expenses, providing a more comprehensive view of the financial commitment
What is the difference between a subsidized and unsubsidized federal student loan?
Subsidized loans do not accrue interest while the student is in school, while unsubsidized loans accrue interest from the time of disbursement
What role do recommendation letters play in scholarship applications, and how can students secure strong letters of recommendation
Recommendation letters provide insights into an applicant's character and achievements. Students can secure strong letters by building positive relationships with teachers, mentors, or community leaders
If it's hard for you to pay back your loan, what can you do to make it easier?
If it's hard to pay back your loan, you can explore options like changing your repayment plan based on your income
Why is it a good idea to have some money saved up for emergencies while you're in college?
It's a good idea to have some money saved for emergencies in case unexpected expenses come up while you're in college.