PAYING FOR COLLEGE
Lessons and Worksheets
Do your students understand the cost of college, and also understand scholarships, grants, savings, and loans? Use these worksheets, lessons, resources, and finance activities to help teach your students about paying for college.
UNDERSTANDING COLLEGE COSTS
After high school, many teens have varied ideas and important things to consider about going to college. Going to college may be expensive, as the cost of college is rising every year, and so students need to examine the options for paying for and financing their education. The positive is that college graduates in general earn more than those with only a high school diploma.
Paying for a college education will be the first major financial decision for many students. Should you consider student loans? What should you know before taking out a loan? What happens after college and you need to then pay off your debt? Can you possibly attend college without taking any student loans at all?
Use the following lessons to teach and learn more about paying for college.
Paying for College Lessons and Worksheets
Many college students discover too late that they need to learn how to budget their money. Use this budget lesson plan and worksheet on the subject of college budgeting to help teach related principles.
ADDITIONAL LESSON RESOURCES
Students will explore different ways to pay for college tuition and fees, learn about federal grants and loans, private loans and the 529 education savings plan. By exposing students to the various options they have, the lesson will help students feel more empowered about where they can go for education and how to pay for it.
Students will learn about current trends in student borrowing and determine a reasonable debt load. College costs have escalated over the past two decades, and more and more students are relying on student loans to cover the costs. Therefore, it is important to carefully consider the costs of college, your anticipated career income, and how to best finance those college expenses.
This lesson teaches high school students the basics of budgeting, including understanding how revenue and expenses interact. Students learn about budgeting for college expenses and apply what they learn to real-life scenarios. They learn about a college student who consults with a financial planner to help him with strategies to manage his budget. Students create different budget scenarios reflecting what it really costs to go to college, using online resources that they research independently.
These lessons enable educators to quickly teach students basic skills for seeking financial aid. The lessons encourage students to better understand the basic financial requirements of attending college. Students are also encouraged to minimize their loan requirements by seeking non-loan sources to finance their post-secondary education.
Options for Paying for College: Loans and Grants to Consider
Paying for college is stressful in any situation, but with economic hard times facing many people, it becomes even more important to look for options that can help you to get your college student through school, or help you to pay for your own schooling costs. Competition for resources to pay for school is fiercer than ever, which means that students need to act quickly and put forth his or her best offer.
529 College Savings Plans
This state-sponsored plan, the 529 college savins plan, available in every state, lets you, grandparents, relatives, or anybody else contribute at any time for saving for college. The interest is all tax-free, and when the student draws out money for college, it is tax-free as well.
Paying for College with Student Loans
Not many students are fortunate enough to have funds ready and available as they graduate from high school. Many college and university candidates have no choice but to apply for a loan. For many, this means an expensive bank loan, but those who have truly done their homework know that a government student loan is the best answer.
Direct Loans for Students
Direct Loans provided by the Department of Education is a Federal Student Aid, (also referred to as FSA) program. Applying for Direct Loans is a simple process. To apply for a Direct Loan students need to complete one application, the FAFSA (Free Application for Federal Student Aid).
The Problem of Unpaid Student Loans
Many students take advantage of government loans. With substantial loans, they are able to complete their studies without the worry of a financial burden, knowing that when they graduate and find employment, they can then make arrangements for repaying the loan. Unfortunately many find that their plans do not materialize in the way they had predicted, and a number of unforeseen circumstances can prevent them from doing so.
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