Your Financial Plan How do I plan to pay for it?

INCOME?? EXPENSES?? Think about next year… What sources will you have for income? What expenses do you anticipate?

A BUDGET?? What’s that? How can a budget… …help you save $$$ for college? …manage your $$$ once you are there?

Break Down the Bill What's It Going to Cost? Video – 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

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

Tuition and Fees –Average cost of tuition & fees last year: In state public ($9139) Out of state residents/public ($22,958) Private ($31,231)

Housing & Meals The cost of room and board depends on the housing and food plans you choose. The College Board reports that the average cost of room and board last year ranged from –4 year public school: $9804 –4 year private school: $11,188

Books and Supplies Course materials –Books –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 $1146 –Four-year private college $1244 You probably should add in the cost of a 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 expenses –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 $2609 Four-year private college $3242

Overall Cost – based on modest budget In-state public college $23410 Private college $46272

This Week’s Research HOMEWORK Complete the Financial Plan Organizer: –Estimate your income –Estimate your expenses Data you researched for the 2 colleges Data from the Housing Options Essay –Complete each cell Some categories may be not applicable

This Week’s Assignment Write an essay –See Guidelines for what you must include in the essay –Refer to the EXAMPLE on the class web site –MLA format –Cite your sources

Works Cited page Include all of your sources from –College Research –Housing Options Essay Combine and add any additional sources you accessed this week REMEMBER: You will be expected to create an all-inclusive Works Cited page for your final portfolio.