Costs of College
The total price of college after all expenses are accounted for
What is the Cost of Attendance (Cost of College / Sticker Price)
This is filled out to determine your Financial Aid.
What is the FAFSA?
This type of financial aid needs to be paid back
What are loans?
A plan for one's spending.
What is a budget?
Tuition and room and board are examples of this type of cost
What is direct cost?
This is a number calculated after submitting your FAFSA to determine your financial need
Student Aid Index (SAI)
This is a program that students may be eligible for to receive a job on campus to help pay their remaining cost of college
What is Work-study?
This type of payment can defer the total cost of something but can accrue interest if not paid off in a given time
What is a credit card?
Transportation, health insurance, books and materials are examples of this type of cost
indirect cost
These two types of aid are "free money" and do not need to be paid back.
What are Grants and Scholarships?
These are two necessary documents/pieces of information needed to complete the FAFSA
What are SSN, School Codes, W-2 Tax return, or FSA ID? (need 2)
When taking out a loan for a large purchase, this is a number that determines your trustworthiness and likelihood of repayment. It can be built over time.
What is a credit score?
Sarah has 3300 dollars of financial need remaining to cover her cost of college after loans and grants. How would you advise her cover these remaining costs?
Work-study, scholarships, savings, part-time job.
The amount of money remaining to pay after financial aid is applied to the total cost of college (cost of attendance)
What is Financial Need?
A loan that does not accrue interest until after the borrower has graduated.
This is the name of the federal grant awarded to students in the amount of $7,395
A new apartment resident should purchase this to protect their belongings
What is renters insurance?
John is looking at two cars in his budget: Car A will cost 200 dollars a month and use approximately 85 dollars of gas per month and cost 45 dollars a month to insure, Car B will cost 180 dollars a month, 90 dollars in gas, and 60 to insure. Which is the better option?
The overwhelming feeling after seeing the price of something expensive
What is Sticker Shock
What are Stafford Loans?
This is the California State Grant that awards the most amount of money to UCs and Private Colleges.
What is Cal Grant A?
This type of interest grows money rapidly over time.
What is compound interest?
Pete is looking at two apartments: Apartment A has a rent of 670 a month (utilities not included, but fully furnished). Apartment B has a rent of 730 a month (utilities included, not furnished). Utilities cost 90 dollars a month. Which is the more cost effective?
Apartment A (760) is likely the better choice over Apartment B (730) after factoring in cost of furnishing the apartment.