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If you took out the maximum amount of loans for your undergraduate degree what does that look like??
Subsidized loans- **Government pays interest while in school.
Unsubsidized- **Interest accrues or builds while in school
Total Sub= $23,000.00 at 3.4% interest rate Monthly payment =$226.36
Total Un-sub= $34,500.00 at 6.8% interest rate Monthly payment =$397.03 MAXIMUM allowable loans $57,500.00 Total monthly payment =$623.00
Financial Aid in order- you have applied to FAFSA.
Program plan (a guide for the correct classes to take to graduate in your field of study. Typically, 60 credit hours.)
Are there any support groups you can join to help answer questions as well as get support you when school gets challenging.
ONE reason to GO ON TO GET A Bachelors degree and wisely invest in your future...
A PLAN IS always
You don't complete 67% of the classes you registered for? For example, you sign up for four classes and you get "C's" in two, and you fail or dropout of 2. You are at a 50% completion rate.
YOU ARE HERE...
You can always get a job for $7.78/per hour (the minimum wage). But, let us be realistic, let's give you a little higher wage... let's say $9.00!
at 40 hours per week you would gross $360.00
a week minus taxes (15%) take home = $306.00 for a monthly total of $1,224.00
You Graduated from Community college!! You played your cards right, and you do not have too many loans!! Good job!!
You have an Associates!!
For example, what if, literally, "life happens"; you get pregnant or get someone pregnant??
If you go to the website- baby cost calculator, it claims the first year of the baby's life will cost you $10,158. Do you have an extra 10 grand? And a lot free time and sleep for the new little addition?
Do you think it will be challenging to return to school after the baby?
Depending on what the degree is in, those holding only a bachelor's degree can earn a median salary ranging from $30,000 to just over $100,000, according to PayScale.com.
Let's talk Loans!!!
The Federal Pell Grant, unlike a loan, does not have to be repaid. (these funds are very valuable!!
The maximum Pell grant for the 2014-15 award year (July 1, 2014, to June 30, 2015) is $5,730.
The amount depends on your financial need, costs to attend school, status as a full-time or part-time student, and plans to attend school for a full academic year or less
Statistics show people are more likely to drop out of school after they have a child.
TO Check your Financial Aid status as you go through school go to the website
NSLDS= the National Student Loan Database
HOW CAN YOU AFFORD COLLEGE?
AND HOW CAN AFFORD NOT TO GO TO COLLEGE??
Is your plan for a bachelor's?
You are the one in control and how can you navigate this ship to make your college dollars last!
Quick Question... What if, when you were getting your associates, you DID decide to take out student loans and let's say you spent those funds on a car or furniture???
But what if...
But, why is this so important???
Cost of Living categories weighted subjective as following:
Food and Groceries 15%
Health Care 7%
Miscellaneous (Clothing, ect... ) 32%
Or you don't maintain a 2.0 GPA, (think of this as a 'C' average.)
There is always work...
Reference: Family Planning Perspectives Volume 33, Number 6, November/December 2001 The Effects of Early Childbearing On Schooling over Time By Sandra L. Hofferth, Lori Reid and Frank L. Mott
If possible, it is great to family plan.
Let's say you made it through your associates!! I know you can... but it is good to know how life choices can affect your college plan! Which obviously affects your financial plan...
Do you have a financial plan for college?
and, should you chose to accept the challenge, you can transfer to a college or university, most likely, as a junior, to complete your bachelor's!
Note: Your Financial Aid award is only allowed to be spent on "school expenses".
The government will provide funding based on certain requirements but note that there are rules and LIMITS to Financial Aid...
The Pell Grant
The amount of Federal Pell Grant funds you may receive over your lifetime, should you qualify, is the equivalent of six years, at full time status.
The maximum amount of Pell Grant funding you can receive each year is equal to 100%, therefore, the limit is six-years or 600%.
The calculation is based on attendance status, for example if you are part time status, the Pell calculation would work out to 12 years.
Knowing what you know now... You can make wise
choices for your financial future!! :)
FEDERAL PELL GRANT
Let's think, how my choices affect school?
You will become ineligible for Financial Aid.
Life does happen! And to be honest, sometimes school can be derailed for a good reason.
SO CUTE, yet so expensive!!!
You can get a cool one bedroom for that....
Really, more likely
The loans available are for your undergraduate, including your bachelor's degree, not just an associates.
Associates is 60 credits
Bachelors is 120 credits
How much money do you need to make every month to survive while in school?
(as it always does)
For example, Let's say you
work 40 hours a week
and neglect your classes....
Not eligible; legally or officially unable to be considered for a position or benefit.
Budget with... wants needs
Housing $400.00 $400.00 $400.00
Food $400.00 $400.00 $400.00
payment $400.00 $540.00
Or bus pass, $40.00
with student fees.
Utilities $50.00 $50.00 $50.00
With data $90.00 $90.00
without data $40.00 $40.00
Cable/internet $150.00 $150.00
health care ?? $50.00 $50.00 $50.00
Miscellaneous $100.00 $100.0 $100.00
TOTAL $1,780.00 $1,040.00
A suggestion is...
The question will be can you make it off your income and balance work with school or can you make your award last a semester?
IT is the planning thing again!!
Just, think about it...
What is your attitude about Money??
Money, Money. Money, Money