Chapter 9 Project Paying It Back Let’s assume that in order for you to get your higher education degree, you have decided to finance the entire cost of going to school. The following worksheet will guide you through a rough estimate of how you will pay back the money that you borrow over the course of your studies. At each step, you will be asked to choose the path that you would like to follow. Step 1: Where will you go? Choose one of the institution types listed below that you will be attending to get your degree. ‰ Two-year community college ‰ In-state four-year public institution ‰ Out-of-state four-year public institution ‰ Private nonprofit four-year institution Step 2: How fast will you finish? Deciding which courses to take each semester can be a daunting task. For the sake of this project, we will only consider how many credit hours you will take each semester, not which ones they are. The table below shows several options for the number of credit hours you will take each semester along with how long it will take you to graduate at that rate. Determine the number of years it will take for you to receive your degree based on the course load you plan to take for each semester. Course Load 2-year Community College (a 60-credit-hour degree) 4-Year College (a 120-credit-hour degree) Part-time: 6 credit hours per semester 5 years to graduate 10 years to graduate Full-time: 12 credit hours per semester 2.5 years to graduate 5 years to graduate Full-time: 15 credit hours per semester 2 years to graduate 4 years to graduate
Choosing the number of credits to take each semester is not a decision made in a vacuum. Many factors contribute to the decision. Describe at least two different factors that affect your choice between being a part-time student and full-time student. 1. 2. Chapter 9 Project Paying It Back 1 Name: Date: Considering all the factors that influence your ability to attend college, decide whether you will be a part-time or full-time student. Based on this decision, fill in the blank below. Number of years it will take for me to graduate: __________
Step 3: What will it cost per year? The following chart, based on The College Board’s estimates, shows the annual cost for undergraduate students in 2014–15 when tuition, transportation, and living expenses are factored in. Annual Tuition & Fees Other Expenses* Annual Total 2-Year Community College Part-time $ 1,673.50 $ 12,978.00 $ 14,651.50 12 hour full-time $ 3,347.00 $ 12,978.00 $ 16,325.00 15 hour full-time $ 3,347.00 $ 12,978.00 $ 16,325.00 In-state 4-year public Part-time $ 4,569.50 $ 14,271.00 $ 18,840.50 12 hour full-time $ 9,139.00 $ 14,271.00 $ 23,410.00 15 hour full-time $ 9,139.00 $ 14,271.00 $ 23,410.00 Out-of-state 4-year public Part-time $ 11,479.00 $ 14,271.00 $ 25,750.00 12 hour full-time $ 22,958.00 $ 14,271.00 $ 37,229.00 15 hour full-time $ 22,958.00 $ 14,271.00 $ 37,229.00 Private nonprofit 4-year Part-time $ 15,615.50 $ 15,041.00 $ 30,656.50 12 hour full-time $ 31,231.00 $ 15,041.00 $ 46,272.00 15 hour full-time $ 31,231.00 $ 15,041.00 $ 46,272.00 * Other Expenses include Room & Board, Books & Supplies, Transportation, and Personal Expenses Using your choices in Steps 1 and 2, determine the yearly cost of attendance for your degree. Cost per year for my degree: _______________ What do you notice about the difference in cost between taking 12 hours and 15 hours per semester? Why do you think students would choose to take 12 hours over 15 hours per semester? Explain your answer.