EducationQuest



College Costs & Financial Aid

This activity will enlighten students about the true costs of college –

and types of financial aid to help them pay those costs.

A. Open “Cost of Education” PowerPoint. Show slides 1 and 2. Describe the types of colleges and define “Cost of Education: = the total amount a college education will cost in a year.

• Tuition & Fees = the amount students pay for college classes and any extra fees are required for specific classes, such as labs

• Books & Supplies = textbooks needed for classes and anything the student needs to succeed in class, i.e. laptop, calculator, other equipment

• Room & Board = living expenses for a college dorm room and meals on campus

• Personal & Transportation = personal can be laundry, cell phone service, “going out” money; transportation is how you get around, i.e. gas to put in the car and maintenance, a plane ride home at holiday break time, etc.

B. Tell students they will guess the price of three types of colleges in Nebraska.

• Split students into groups of 3-5 and give the group one “Cost of Education Guess Sheet.”

• Show PowerPoint slide 3 and have students guess the average cost for a 4-year public college in Nebraska.

• Once students make their guesses, have the groups share their answers to Tuition & Fees with the whole class, then click on the slide to show the correct answer.

• Do the same with the other categories, including the total. If possible, offer a prize to the team with the most correct answers.

Note: These are average costs for Nebraska colleges. If possible, use this chart to view costs for colleges in your area and substitute their name and costs in the title and table of each type of college.

C. Do the same guessing activity with slides 4 and 5.

D. Tell students that while college has fairly extensive costs, there are ways to pay, which is called financial aid.

• Watch this “4 Ways to Pay…for College!” video which describes the four types of aid, or the “Put your hands on some cash” video shows how several college students pay for their education.

• If possible, use the “Put your hands on some cash” slide s of the KnowHow2GO presentation to visually explain financial aid:

If financial = money, and aid = help, then financial aid = money help…to go to college.

Financial Aid is money awarded to students to help them pay for college. The money comes from the federal government, state government, colleges, and private donors.

• Define types of financial aid:

i. Scholarships: money award based mostly on talents; you don’t repay.

1. To discuss this topic more in-depth, use this “How to Earn Scholarships” presentation or view the student “How to Earn Scholarships” webpage.

2. Consider creating a ScholarshipQuest profile to show students how they can search for scholarships – and know some options for the future.

ii. Grants: money award based on financial need; students who qualify for free or reduced lunch will likely qualify for grants; you don’t repay.

iii. Work Study: money you earn from a job provided by the college

iv. Loans: money you borrow to help you pay for college; this is the only type that must be paid back (How much student debt is ok?)

During senior year of high school, students (and a parent) will complete the FAFSA (Free Application for Federal Student Aid). This application will determine if a student qualifies for “need-based” aid like grants, work study, low-interest rate student loans, and some scholarships. EducationQuest provides free information and resources to help families complete this application process. Learn more: Why Complete the FAFSA?

• Finally, share some other ways to pay for college:

i. Savings: see the “How Young Teens Can Save for College” blog and/or complete the Snack Attack activity in the “Put your hands on some cash” section of the KnowHow2GO Handbook.

ii. Military service: all branches offer education assistance. Talk to a recruiter for details.

E. Finally, wrap up this activity by matching a way to pay for college with a real-life scenario students can consider now. (Note: A similar activity is also included and ready to use in the KnowHow2GO presentation)

• List the following words on a white board for all to read:

i. grants

ii. work study

iii. loans

iv. scholarships

v. military service

vi. savings

Then read the following scenarios and ask students to identify the way to pay being described:

1. You won $1,000 in an 8th grade essay contest, “Why I Want to Go to College.” (scholarships)

2. You do yard work for a few neighbors and set aside some of that cash for college. You almost have $200 so far. (savings)

3. You will be working about 15 hours per week at the college cafeteria to help you pay your tuition. (work study)

4. You complete the FAFSA, a financial aid application, and receive almost $2,000 to help you pay for college. And you don’t have to pay it back. (grants)

5. You consider joining the Army because you know they help pay for college costs. (military service)

6. You don’t have enough money to pay your college costs, so you borrow $2,000. You will have to pay it back after you graduate. (loans)

Consider bringing movement to this activity by writing each way to pay on six separate pieces of paper. Then hang these in six locations around the classroom. Read the clue/description of a way to pay for college and encourage students to move toward (or point with finger) that way to pay for college in the classroom.

Cost of Education Guess Sheet

Four-Year Public College

|Tuition & Fees |$ |

|Books & Supplies |$ |

|Room & Board |$ |

|Personal & Transportation |$ |

|TOTAL |$ |

Four-Year Private College

|Tuition & Fees |$ |

|Books & Supplies |$ |

|Room & Board |$ |

|Personal & Transportation |$ |

|TOTAL |$ |

Two-Year Public College

|Tuition & Fees |$ |

|Books & Supplies |$ |

|Room & Board |$ |

|Personal & Transportation |$ |

|TOTAL |$ |

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