GOING TO COLLEGE?? CAN I AFFORD IT??

Standard 2 - Personal and financial goals can be achieved by applying economic concepts and principles to personal financial planning, budgeting, spending, saving, investing,borrowing, and insuring decisions.

Benchmark - Establish financial goals; make a financial plan considering budgeting and asset building to meet those goals; and determine ways to track the success of the plan.

 

Going off to college today is not what it used to be for your parents and the older generations.  The cost of college has skyrocketed in the last decade.  You will be tracking three different institutions at three levels of higher education.  First, choose a big school at the division 1 level, such as the University of Minnesota.  Second, choose a mid-level school,such as Mankato State.  Last, choose a technical school, such as Hennepin Technical College.  You will compare and contrast the affordability of each school, according to your income plan for college. Include these items.

     1.  Tuition costs

     2.  Room and board costs

     3.  Expenses relating to school (gas, bus fare, food).

     4.  Income plan - How you are going to pay for school (loans, job money, grandparents, grants, etc)..  What is the best plan for you?

TASK:  You will create three columns and find out the tuition, room and board(if it is offered), and other related expenses for three school sites.  Choose schools in any state that might interest you.  Create your Income plan and use that plan to locate the best school for you.  It might be that one school is more expensive, but when you graduate your degree will give you more earning power, so that school will be your best choice.