Calculating Financial Aid Middle School Financial Literacy #3

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