1. Your Financial Plan
How do I pay for college?

2. 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?

3. What's It Going to Cost? Break Down the Bill Video – 1:18

4. 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

5. 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

6. 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

7. 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

8. 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

9. 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

10. 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?????

11. 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

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

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

14. Your Housing Options The next step in planning…

15. “Moving Out”
Eddie gets an apartment [link]

16. 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

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

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

19. 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

20. 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

21. 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

22. 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…

23. 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)

24. 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.

25. 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

27. 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