ROI (Return on Investment)
What does ROI stand for in the context of higher education?
Return on Investment
What does "Room & Board" include?
Includes the cost of housing (dorm or off-campus) and related utilities.
What is a characteristic of public universities?
Public universities are usually funded by the state and often charge lower tuition for in-state students.
What is a scholarship?
A financial award given to students based on merit, such as academic or athletic achievements
What are loans in the context of financing higher education?
Borrowed money that students must repay after completing their education, often with interest
Why is it important to consider college as an investment?
Higher earning potential
Name two costs associated with attending college that students should budget for.
Tuition and TEXTBOOKS
How are private universities funded?
Endowments, donations, and tuition from students
How are grants different from scholarships?
Grants are awarded based on financial need, while scholarships are typically awarded for merit.
What is the main responsibility of a borrower regarding student loans?
Repay the borrowed amount along with any interest
Trade schools are generally considered more ________ __________ than college.
Cost effective
Why might transportation be an important cost to consider?
Students need to get to and from campus, for various reasons including a social life, which can involve costs for gas, parking, or public transit.
What type of degree do you typically earn at a community college?
An associate's degree
What is work-study, and how does it benefit students?
Work-study allows students to work part-time to earn money that goes towards their tuition or educational expenses.
Why might students need to take out loans even after receiving financial aid?
If their financial aid does not cover the full cost of education, leaving a gap
What factors can influence the ROI of attending college?
Acceptable answers:
Degree obtained, the field of study, the cost of education, and the job market demand
How do book costs affect the overall expenses of higher education?
Book costs can significantly affect overall expenses, as textbooks can be quite expensive and are necessary for each course.
What is a certificate program, and what is its purpose?
A certificate program provides mastery in a specific area and is designed to prepare students for specific jobs.
Name one type of military program that can help with college funding.
ROTC
What is interest, and why is it important to understand in relation to student loans?
Interest is the cost of borrowing money, and understanding it is crucial because it affects the total amount that must be repaid
What is one way to evaluate whether the ROI of college is worth it for you personally?
Compare potential future earnings with the total cost of education, including tuition and other expenses
Compare the typical costs of a bachelor's degree to an associate's degree.
A bachelor's degree typically costs more than an associate's degree due to the additional years of study involved.
List one advantage and disadvantage of attending a private university.
Smaller class sizes, while a disadvantage can be higher tuition costs.
What are some conditions that may be attached to receiving a scholarship?
Maintaining a certain GPA or continuing in a specific major
What should students consider when deciding how much to borrow in loans?
Their future earning potential and ability to repay loans when deciding how much to borrow