Costs of College

High SchoolFinancial Literacy #1

Objectives

• You Can Go to College Video• 5 Main Types of College Costs• Ways Families Pay for College• Learn Costs at Different Colleges• Update Postsecondary Plan

You Can Go to College Video• Write down reasons why students thought they

could not go to college• Why do these students think you can go to college?

5 Main Types of Postsecondary Costs

1. Tuition and Fees2. Room and Board• Must pay for housing & food even if not in college

3. Supplies• Average cost around $500 a year (varies by major)

4. Personal Expenses• About the same cost as youth not in college• Insurance (many students can be on parent’s policy)

5. Transportation• Less expensive if attending in-state college

How Do Families Pay For College?

• Financial Aid • Grants

• National and state money to help pay for college costs

• Scholarships• Money students are awarded for skills and accomplishments

• Work Study• Students work at school to lower tuition costs

• Loans• Paying Colleges Directly • Savings• Family and Student Contribution

Paying for College Video

• Watch the Paying for College video – Pay special attention to the different types of financial aid

available to the students– (Note: This is a Arizona State University video but the types

of financial aid are available at all colleges)

Google: CGI College Costs

Select Minnesota

Select Anoka Technical College

Anoka Tech

MCTC

U of Minnesota, Twin Cities

Carleton College

Carleton College: Change Family Income

Manhattan Community College

New York University

Update Postsecondary Plan

Explore CGI Website

• Identify Colleges of Interest• Learn how much it costs to go to that college• Update Postsecondary Plan

Classroom Discussion

• What are your postsecondary institutions of interest?

• What is the cost of that college?

Review

1. Name some main types of college costs– Tuition and Fees, Room and Board, Supplies, Personal Expenses,

Transportation

2. Name some ways families pay for college– Grants, Scholarships, Work Study, Loans, Parent and Student

Contribution

3. What types of postsecondary institutions usually cost less? – Community and Technical Colleges (2-year colleges)