Going to College: costs & finance

What concerns do you have about college next year?

What concerns do you have about college next year? FINANCIAL AID HOUSING STRESS DEBT DISTANCE JOBS CHOOSING MAJOR PLEDGING SPORTS COURSE DIFFICULTIES RESPONSIBILITIES *Students more worried about paying for college than being there...

What are your current expenses *What are your current expenses? *What expenses will you probably have next year?

Expenses you will probably have throughout college: TUITION BOOKS HOUSING FOOD CAR/GAS RECREATIONAL

My College Costs First two years of Undergrad at Mt.SAC GAS ($100/month) FOOD ($200/month) RENT ($450/month) APPROX. YEARLY EXPENSES: $9,000 Last two years of Undergrad at SDSU HOUSING ($650/month) SDGE & INTERNET ($50/month) GAS ($140/month) FOOD ($300/month) CELL PHONE ($100/month) TUITION ($3,000/year) APPROX. YEARLY EXPENSES: $17, 880

How much will college cost in reality? COLLEGE COST CALCULATOR

PAYING FOR COLLEGE WHAT ARE SOME FINANCIAL RESOURCES YOU CAN USE TO PAY FOR COLLEGE?

PAYING FOR COLLEGE FINANCIAL AID- FAFSA: PELL GRANT + CAL GRANT/UNIVERSITY GRANT

PAYING FOR COLLEGE 2. SCHOLARSHIPS *Scholarships should be free… Yearly, Semester, One-time? Application deadlines, GPA requirement, Essay/Statement Scholarship resources: Your school’s financial aid website bigfuture.collegeboard.org Fastweb.com MALDEF Your personal bank Other *Scholarships should be free… Beware of scholarship scams!

PAYING FOR COLLEGE 3. JOB/WORK STUDY Approx. 20-25 hrs/week for work study (usually about $3,000/semester) Benefits: flexible hrs, often on-campus, can be related to major If you are interested in work study, YOU must contact your financial aid office and ask if you can get work study!!! Non work-study jobs: is schedule flexible? Will it conflict with school?

PAYING FOR COLLEGE 4. LOANS: A. FAFSA STUDENT LOANS -SUBSIDIZED -UNSUBSIDIZED B. PRIVATE STUDENT LOANS -Through your bank or a private financial institution C. PARENT LOANS D. CREDIT CARDS

PAYING FOR COLLEGE LOAN TIPS: -BORROW ONLY IF YOU REALLY NEED TO -ONLY BORROW WHAT YOU NEED -USE LOAN MONEY WISELY -IF YOU DON’T SPEND SOME MONEY AT THE END, SAVE IT FOR NEXT SEMESTER -THE LESS YOU BORROW…THE LESS YOU WILL HAVE TO PAY BACK! -YOU CAN START PAYING OFF LOANS WHILE IN SCHOOL CNN video on student loans

POSITIVE OUTLOOK FOR COLLEGE FINANCING Find Creative ways to cut/reduce spending! Use Student Discounts! Buy Used Books Shop for groceries and cook at home Use online coupons and discounts Share housing Walk/bike to school if possible Rent textbooks If you have time for a part time job… do it!

POSITIVE OUTLOOK FOR COLLEGE FINANCING