calculating financial aid middle school financial literacy #3
TRANSCRIPT
Calculating Financial Aid
Middle SchoolFinancial Literacy #3
Pre-Test
1. What is the average annual cost of college?2. What website tool estimates
postsecondary financial aid?3. Name two types of financial aid that
students do not have to pay back.
Objectives
• Review Last Week’s Lesson• Estimate College Expenses – FAFSA4caster
• Update Postsecondary Plan
Review Last Week’s Lesson
1. Financial aid helps pay for – College
2. Major types of financial aid– Grants, scholarships, work-study, loans
3. Scholarship website– College.Scholarships.Org
FAFSA Video
• Form to fill out in 12th grade– Helps students learn amount of financial aid
FAFSA4caster
• Estimates the amount of financial aid• Need estimate amount of parents’ income• National Average Salary ($42,000)– Store Clerk: $23,000– Cook: $28,000– Teacher: $45,000– Chef: $49,000– Doctor: $115,000
Google: fafsa4caster
Sample Student Selections
Sample Student Selections
Sample Student Selections
Sample Student Selections
Sample Student Selections
Sample Student Selections
Sample Student Selections
Financial Aid Estimator
Estimated Amount of Financial Aid
Sample Student Financial Aid Estimate
• Cost for 1st Year: $15,000Financial Aid • Grants: $8,300• Scholarships: $3,000• Work Study: $1,465 • $12,765 ($2,235 amount still owed)
Paying for Amount Still Owed
• Amount Still Owed: $2,235Payment• Loans: $1,235• Parent Contribution: $0• Savings : $0• Student Contribution: $1,000
Update Postsecondary Plan
Find Costs & Financial Aid Info
• Estimate your financial aid • Complete Postsecondary Plan – Financial Readiness Plan
Classroom Discussion
• What did you learn from the FAFSA4caster?• Name how students cover college expenses• Grants, Scholarships, Work Study, Parent
contributions, Loans, Student Contribution
Post-Test
1. What is the average annual cost of college?2. What website tool estimates
postsecondary financial aid?3. Name two types of financial aid that
students do not have to pay back.
Review
1. Average annual cost of college– $15,000
2. Website tool that estimates postsecondary financial aid
– FAFSA4caster
3. Types of financial aid that students do not have to pay back
– Grants, Scholarships, Work Study