Calculating Financial Aid Middle School Financial Literacy #3

Pre-Test 1.What is the average annual cost of college? 2.What website tool estimates postsecondary financial aid? 3.Name two types of financial aid that students do not have to pay back.

Objectives Review Last Week’s Lesson Estimate College Expenses – FAFSA4caster Update Postsecondary Plan

Review Last Week’s Lesson 1.Financial aid helps pay for – College 2.Major types of financial aid – Grants, scholarships, work-study, loans 3.Scholarship website – College.Scholarships.Org

FAFSA Video Form to fill out in 12 th grade – Helps students learn amount of financial aid

FAFSA4caster Estimates the amount of financial aid Need estimate amount of parents’ income National Average Salary ($42,000) – Store Clerk: $23,000 – Cook: $28,000 – Teacher: $45,000 – Chef: $49,000 – Doctor: $115,000

Google: fafsa4caster

Sample Student Selections

Financial Aid Estimator

Estimated Amount of Financial Aid

Sample Student Financial Aid Estimate Cost for 1 st Year: $15,000 Financial Aid Grants: $8,300 Scholarships: $3,000 Work Study: $1,465 $12,765 ($2,235 amount still owed)

Paying for Amount Still Owed Amount Still Owed: $2,235 Payment Loans: $1,235 Parent Contribution: $0 Savings : $0 Student Contribution: $1,000

Update Postsecondary Plan

Find Costs & Financial Aid Info Estimate your financial aid Complete Postsecondary Plan – Financial Readiness Plan

Classroom Discussion What did you learn from the FAFSA4caster? Name how students cover college expenses Grants, Scholarships, Work Study, Parent contributions, Loans, Student Contribution

Post-Test 1.What is the average annual cost of college? 2.What website tool estimates postsecondary financial aid? 3.Name two types of financial aid that students do not have to pay back.

Review 1.Average annual cost of college – $15,000 2.Website tool that estimates postsecondary financial aid – FAFSA4caster 3.Types of financial aid that students do not have to pay back – Grants, Scholarships, Work Study