Borrow or Not to Borrow

Planning Financially for College

Brainstorm

With your table, create a list of six colleges on the index card.

Include colleges in which…

You would like to attend.

Your older siblings attend or attended.

Your parents attended.

Friends or acquaintances attend or attended.

Brainstorm

With your table, create a list of items you think you may need when attending college.

Place your list on the opposite side of the index card.

College Savings Plans

Your parents already have planned to help you pay for college.

What are some ways parents may do this?Mutual Funds and Stocks

529 College Savings Plan

Certificates of Deposit (CDs)

Money Market and Bank Saving Accounts

Retirements Accounts

Article Link:http://www.huffingtonpost.com/scott-weingold/10-different-ways-to-save_b_8479568.html

Part I: Research and Excel Sheet

Groups of three to four

Complete the college budget sheetTemplate is available via teacher website

Let’s take a look

All information and related costs must be entered into the excel sheet

Upon completion, each group will submit their excel sheet via teacher website

Part II: Budget Presentation and Q&A Session

Your parents have saved $20,000 to help elevate some of your college costs using a method we previously mentioned

During your presentation…You must display your excel sheet

You must explain the various items on your excel

You must be prepared to answer the following questions:

Will this cover your total budget? If now, how much additional money will be required to cover all of the costs?

What could be some possible options to cover the difference?

What adjustments to your budget might you consider making?