Understanding College Savings — Unit test Answers

Annalise received financial aid offers from two universities. Financial Analysis for Option ACosts per YearFinancial Aid Package per YearTuition & FeesScholarships & Grants$10,000$7,000Room & BoardWork-Study$11,500$4,000Financial Analysis for Option BCosts per YearFinancial Aid Package per YearTuition & FeesScholarships & Grants$28,000$18,000Room & BoardWork-Study$9,000$4,000Which statement about the costs per year is true?

Which form must be filled out and submitted to determine the types and amount of financial aid available to a student?

Sophie is attending college next year. She just got information on the college costs and the financial aid package the college is offering. Sophie knows her parents can contribute $3,500 each year.Sophie’s College Costs & Financial Aid Package per YearCostsFinancial Aid PackageTuition & FeesGrants & Scholarship$11,750$9,000Room & BoardWork-Study$11,500$7,000How much will Sophie need to pay each year from her own savings and from loans?

Jorge is attending college next year. He just got information on the college costs and the financial aid package the college is offering. Jorge knows his parents can contribute $4,500 each year. Jorge’s College Costs & Financial Aid Package per YearCostsFinancial Aid PackageTuition & FeesGrants & Scholarship$26,000$18,500Room & BoardWork-Study$12,500$8,500How much will Jorge need to pay each year from his own savings and from loans?

Alex is nearing graduation. His counselor showed him this information. Alex’s College Costs & Payment Options per YearCostsMethods of PaymentTuition & FeesGrants & Scholarship$10,100$12,500Room & BoardWork-Study$11,750$8,000If his parents cannot help Alex with college, and two of his scholarships will be awarded to other students if he does not accept them immediately, which is the best option for him?

Annika is attending college next year. She just got information on the college costs and the financial aid package the college is offering. Annika knows her parents can contribute $7,500 each year.Annika’s College Costs & Financial Aid Package per YearCostsFinancial Aid PackageTuition & FeesGrants & Scholarship$21,500$10,500Room & BoardWork-Study$13,500$9,000How much will Annika need to pay each year from her own savings and from loans?

Elisa is nearing graduation. She just met with her counselor and he showed her this information.Elisa’s College Costs & Payment Options per YearCostsMethods of PaymentTuition & FeesGrants & Scholarship$9,500$9,500Room & BoardWork-Study$11,500$8,000If she pays the balance with a student loan, how much will she need to borrow for all four years?

Callie is comparing the costs of two options for her college education.Option A: Complete the first two years of schooling at a community college and then transfer to a university.Option B: Complete all four years of schooling at the university.Community College Financial AnalysisCosts per YearFinancial Aid Package per YearTuition & FeesScholarships & Grants$2,900$800Room & Board $1,250 University Financial AnalysisCosts per YearFinancial Aid Package per YearTuition & FeesScholarships & Grants$9,500$10,000Room & BoardWork-Study$11,500$2,000Which statement about the cost of the options is true?

Stephen plans to attend community college for two years. His expenses are only $2,000 each year, because his parents are paying the rest. He earned a one-time $900 scholarship. How much will he need to pay for the two years of college from his savings or by working?

How are loans and grants different?