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Exercise 3

This document provides a financial plan worksheet to estimate the costs of obtaining an undergraduate degree. It includes questions about priority financial aid deadlines, academic renewal requirements, payment options, and estimated costs for community college and a 4-year university over a 3-year period. Completing the worksheet and following the task list can help the student create a plan to fund their college education.

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124 views3 pages

Exercise 3

This document provides a financial plan worksheet to estimate the costs of obtaining an undergraduate degree. It includes questions about priority financial aid deadlines, academic renewal requirements, payment options, and estimated costs for community college and a 4-year university over a 3-year period. Completing the worksheet and following the task list can help the student create a plan to fund their college education.

Uploaded by

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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Exercise 3.

3A | Financial Plan for College

This worksheet will assist you in your financial planning for college. Visit www.collegeboard.org
and the website for one of your top college choices to help you complete this worksheet. If you
cannot find the answers to the questions on the college website, contact the college directly for
an interview with a member of the financial aid staff.
Name of College:
____________________________________________________________________

1. What is the priority deadline to apply for financial aid?


March 1, 2019
2. What are the academic requirements or other conditions for the renewal of financial aid,
including scholarships?
2.0 GPA, Complete 66.6% of the classes you attempt, Complete degree within a
maximum time
3. What happens if your financial aid package is not ready before it’s time to register and
pay for classes?
You could be dropped from your classes.
4. How will you be billed by the college? Will you have to pay the total sum or is there an
option to spread the yearly payment out over equal monthly installments?
You can set up a payment plan.
5. What scholarships does your university offer for transfer students or students in your
major or program?
Lavine Scholarship
Note for Dual Enrolled High School Students: Since you will not be paying for college courses,
please answer the following questions about tuition and fees in lieu of questions 6 and 7 below:
How many college level classes do you plan to take at the community college and how much
are you saving on the cost of tuition and fees*?
10 classes worth 30 credits saving me $4,054
6. One of the ways to reduce college cost is to begin your journey at a community college
where the cost is typically lower than at four-year colleges/universities. Let’s start by looking at
the cost you will incur at the community college.
Costs Incurred This Semester

Tuition and fees $1,400

Room/rent $0
Board/food

Books and supplies $500


Transportation $500

Personal expenses $1,000

Other costs $1,000

TOTAL $4,400

7. Total up the number of semesters you estimate attending the community college and
multiply that by the cost incurred this semester.
$4,400 × 2 = $8,800
(cost per semester) (number of semesters) TOTAL
8. What is the breakdown of the yearly cost for your first choice transfer university?

Yearly Breakdown #1 Choice

Tuition and fees $6,854

Room/rent $2,608
Board/food

Books and supplies $1,250

Transportation $2,004

Personal expenses $1,000

Other costs $1,500

TOTAL $15,216

9. What is the total cost for your transfer university degree? Total up the number of years it
will take and multiply that by the cost per year.

3 × $15,216 = $45,648
(number of years attending) (cost per year) TOTAL
10. Total cost of community college + total cost of university = cost of undergraduate degree
$2,800 + $45,648 = $48,488
(total cost of community college) (total cost of university) (cost of undergraduate degree)
11. Now that you have a general idea of how much college will cost and the different resources
available to help pay for college, what resources do you anticipate using to pay for college?

Financial Plan Task List


Create a task list and action plan of the steps you need to take to ensure you meet the goal
needed to fund your college education.
Actions Target Notes Complete/
Date Incomplete

Fill out scholarships December 1, 2018 Look for community


/university

Fill out FAFSA November 1, 2018 Complete with


parents and college
advisors

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