Module 3: Paying for College
It is important that you are knowledgeable about how you will be paying for college and how your payment plans will affect your future.
In North Carolina, the average student graduates from a four year college with over $24,319 in debt. 61% of North Carolina students graduate with some type of debt.
Take a few minutes to read the article "Congratulations, Class of 2015 you're the most indebted ever for now". You will reflect on this article in the google document under module 3.
Click here to read the article
There are several types of loans that you may be eligible to receive based on your or your family's financial situation. Click the link below to read more about the types of loans. Take notes! You may be quizzed on this vocabulary!
Loans Vocabulary and Types of Loans
Each of you will have a different situation when paying for college. For the purpose of this project, we will all assume that we will be using unsubsidized loan for 50% of each year's tuition. The MAXIMUM you will finance for each 4 years of school is $24,000. If 50% of your tuition is less than $24,000 use that number. If 50% of your tuition is more than $24,000, cap the amount you finance each year to be $6,000 (to make a max of $24,000 for 4 years). If you go to graduate school, you should restart and could finance up to another $24,000 in tuition following the guidelines above. We will assume the other 50% of tuition is covered by subsidized loans, family contributions, part-time job, scholarship etc. The loan repayment you will use is for 10 years (or 120 months) post graduation. Keep that in mind.
Head over to module 3 in your project document to begin calculating using the information you chose (career, starting salary, college choice, tuition etc.).
In North Carolina, the average student graduates from a four year college with over $24,319 in debt. 61% of North Carolina students graduate with some type of debt.
Take a few minutes to read the article "Congratulations, Class of 2015 you're the most indebted ever for now". You will reflect on this article in the google document under module 3.
Click here to read the article
There are several types of loans that you may be eligible to receive based on your or your family's financial situation. Click the link below to read more about the types of loans. Take notes! You may be quizzed on this vocabulary!
Loans Vocabulary and Types of Loans
Each of you will have a different situation when paying for college. For the purpose of this project, we will all assume that we will be using unsubsidized loan for 50% of each year's tuition. The MAXIMUM you will finance for each 4 years of school is $24,000. If 50% of your tuition is less than $24,000 use that number. If 50% of your tuition is more than $24,000, cap the amount you finance each year to be $6,000 (to make a max of $24,000 for 4 years). If you go to graduate school, you should restart and could finance up to another $24,000 in tuition following the guidelines above. We will assume the other 50% of tuition is covered by subsidized loans, family contributions, part-time job, scholarship etc. The loan repayment you will use is for 10 years (or 120 months) post graduation. Keep that in mind.
Head over to module 3 in your project document to begin calculating using the information you chose (career, starting salary, college choice, tuition etc.).