Question

Based on the estimated cost of college from step 1, determine how you are going to pay for college. You will need to do some research to learn about the various methods used to pay for college costs.

Complete the table below to document your financial needs.

Source Estimated Need
grants
loans
scholarships
work-study
other

Answers

  1. This is a budgeting exercise. Based on the estimated cost of college which was set at $58,000, the following steps indicate how I intend to pay for college:
    • Scholarship – 70%   = $40,600
    • Work Study – 17.2% = $10,000
    • Loan – 12.76%         = $7, 400
                                            $58,000

    What is budgeting?

    Budgeting is simply the process of outlining the total expense requirements of an individual person or a corporate entity and how those expenses will be satisfied and efficiently allocated.
    From the above, the total sum of $58,000 will be satisfied from three sources:
    • Scholarships
    • Work-Study; and
    • Loan.
    Learn more about budgeting at;
                 

Leave a Comment