Your Financial Plan How do I pay for college?

Warm Up Think about next year… Do you currently budget your expenses? What sources will you have for income? Make a list of all of the expenses you anticipate having. Do you currently budget your expenses? How can a budget… …help you save $$$ for college? …manage your $$$ once you are there?

What's It Going to Cost? Break Down the Bill Video – 1:18 https://bigfuture.collegeboard.org/pay-for-college/college-costs/college-costs-faqs

Tuition and Fees The actual costs of your education May vary based on your academic program number of credit hours Full time / part time Type of college In-state public college Out-of-state at a public college Private college Data source http://www.collegedata.com/cs/content/content_payarticle_tmpl.jhtml?articleId=10064

What is included in “FEES”? University assess fees – added to the tuition Possible other costs: Library Campus transportation Student government Athletic facilities Technology On-line fee Many others that are unique to the college

Tuition and Fees In state public $9,410 Out of state $23,893 Average cost of tuition & fees last year: In state public $9,410 Out of state $23,893 Private $23,405

Housing & Meals The cost of room and board (rent/utilities/food) depends on the housing type and the food plan you choose The College Board reports that the average cost of room and board last year ranged from 4 year public school: $10,138 4 year private school: $11,516

Books and Supplies Course materials Supplemental materials (cds, workbooks, etc.) Pens, paper, etc. Most colleges will provide an estimate on their website Last year, the national average cost of books and supplies Four-year public college $1,298 Four-year private college $1,249 Computer and printer, plus ink & paper

Travel If an estimated figure has not been provided by the college, make your own estimate based on the mode of transportation (air/bus/car) how often you plan to travel Transportation costs include Car payment Car insurance Car maintenance Parking fee Gas Bus or other options

Personal Expenses A variety of other expenses Medical insurance Laundry Cell phone Keep careful track of these as they can quickly build up Medical insurance School policy Parents’ policy Entertainment/eating out/movies/concerts Other stuff?????

Travel & Personal Expenses Last year, the national average cost for travel and personal expenses Four-year public college $2,661 Four-year private college $3,215

Overall Cost – based on modest budget In-state public college $24,061 Private college $47,831

Next Consider the choices you have for living arrangements How much will it cost? How do I figure that out?

Your Housing Options The next step in planning…

“Moving Out” Eddie gets an apartment [link]

Choices On Campus -- residence hall room and meal plan you choose Costs are billed by the college Costs will vary depending on the room and meal plan you choose Off Campus – apartment/rental Costs will vary greatly depending upon the housing choices you make Video Clip

Think – Pair - Share What worries you most about making this decision? Share your thoughts with a partner

Getting Honest With GABI! Ms. V’s FAVORITE LITTLE SISTER!

Gabi’s World: Dorm vs. Apartment Money spent PER SEMESTER Dorm Apartment (per person- she had 2 roommates) Room $3,700 $3,000 Groceries/Restaurants $500 $1,500 Meal Plan $1000 $0 Electric Bill $560 Miscellaneous $320 Total PER SEMESTER $5,520 $5,380

What living in a dorm is really like… Choose your roommate wisely!! Not all friends should live together. XL Twin beds are uncomfortable Community bathrooms Pros: you don’t clean it Cons: other people can be disgusting and the toilet paper sucks

What living in a dorm is really like… Get ready to share a ridiculously small amount of space with another person(s) for a year Pick the dorm hall that’s right for you (“party” vs. “studious”) LOCATION!!! You’re literally right on campus. Wake up, grab your backpack, walk to class, walk back, and get back in bed. Cooking in dorms is tricky. You have to go at the right time to make sure no one else is using it. Also people WILL end up burning their popcorn, cookies, etc. which WILL set off the fire alarms at ungodly hours

What living in a dorm is really like… WARNING: Fire alarms/drills are terrible. They can be at any time: during the day, while you’re dead asleep at 4am, when you’re just about to wash the conditioner out of your hair…the last one was not fun…

What living in an apartment is like… Once again, choose your roommates wisely. (if you even want another one after freshman year) You have your own bedroom and it’s the greatest thing ever If you’re lucky, you’ll even get your own bathroom Only con to this is that you have to clean it (or not)

What living in an apartment is like… Apartments associated with Universities are known to throw the occasional party and neighbors can be noisy in general The walls are paper thin DO NOT RELY ON THE MANAGEMENT I was living with a hole in my roof for a month after there was a leak. Didn’t get a new mattress for two weeks which meant sleeping on the couch. They are imbeciles who are not to be trusted. Maintenance also sucks so those two are a deadly combo.

What living in an apartment is like… The worst part of living off campus is the commute. If you have a car it isn’t too bad, but having to take the shuttle can really suck sometimes A regular kitchen is a blessing. Full sized fridge, pantries, sink, oven, stove, and microwave. No more easy-mac and ramen for every meal Overall, it’s nice to get out of the dorm scene and feel more independent More privacy, more space, more like a home

This Week: Research the cost of attending the college of your choice Research 2 types of living arrangements Synthesize your research into a Financial Plan Cite your sources using MLA 8th ed. See class website for Guidelines Examples Directions