Paying for College Houston Community College Financial Literacy and Capabilities Module pt. 2

? ? ? Paying for College How will I pay? How much will it cost? Have you ever asked these questions? How will I pay? ? How much will it cost? ? How much financial aid can I receive? ?

The Cost of Education Did you know? The average cost of attending a 4-year public college (including tuition, fees, room, and board) in-state is more than $17,000 per year? The average cost of attending a 4-year public college (including tuition, fees, room, and board) out-of-state is more than $29,000 per year? The average cost of attending a 4-year private college (including tuition, fees, room, and board) is more than $38,000 per year?

Types of Aid Work Study Grants Loans Scholar- ships Loans Must be repaid with interest 6 months after graduating. Subsidized- do not accrue interest while in school Unsubsidized accrue interest while in school. Acquired from public and private sources does not have to be repaid. Money earned while working on campus, does not have to be repaid. Loans Loans Grants Scholar- ships Work Study Money you do not have to repay, usually need based and first-come basis.

Complete the FAFSA to begin the financial aid process (fafsa.ed.gov).

Your Financial Aid is Determined by The cost of school - your EFC(Expected family contribution) = Your financial need (award)

The Financial Aid Process Your college creates a financial award You accept Funds are applied Student Aid Report Created Sent to you and your college Complete the FAFSA The Govt. processes

Pay Off as Quickly As You Can!

Repay Your Loans! Repaying your loans on time is the key to a strong financial future. If you default (do not pay) on your loans it can ruin your credit score. Student loans cannot be removed by bankruptcy.

Access the Financial Aid Department Financial Aid Website

Activity Research college tuition rates and estimate how much it will cost to complete college degrees at specific institutions. University of Texas costs (tuition & fees only)= $4,908 per 12 semester hours University of Houston costs (tuition & fees only)= $4,601 per 12 semester hours Baylor University costs (tuition & fees only)= $17,073 per 12 semester hours