Taking Charge (2nd ed.), Chapter 3.2

Handling Your Money Wisely

Section 3.2: Financing Your Education

Taking Charge: Chapter 3

© 2010 TSTC Publishing

Financing EducationA typical two-year degree at a public

college can exceed $20,000; at a for-profit college, this amount may be 2-3 times as much

Investment in your future


Getting Professional AssistanceProfessional Financial ManagementMoney-management counselors and

financial aid officers can help assist you.


Types of Financial Aid

Free Application for Federal Student Aid (FASFA)

GrantsScholarshipsGrants and loansWork-study programsTuition reimbursementTax credits


Private or Specialty GrantsNon-profit organizations and various

foundation offer grants to students who seek majors in something that furthers the organization’s goals

Check with the school’s financial aid office


ScholarshipsPublic scholarships

Does not require affiliation with organization to receive scholarship

Private scholarshipsOffered by entities that require affiliation in

order to qualifyGPA can affect scholarships. Calculate yours

using a simple formula.


Government Financial AidPell grant, student loans and parent loansTo qualify as independent, meet one:

24 years oldVeteranMarriedSupporting childrenWard of the court

Talk to your financial aid officer about the new regulations on federal student loans


Work Study & Tuition Reimbursement ProgramsWork-study

Students work at on-campus jobsBookstoresCafeteriasOffices


Tax AdvantagesThe Hope Scholarship Tax Credit

Income tax deduction for students in their first or second year of college

Up to $2,500 per year (based on income)The Lifetime Learning Tax Credit

Available all 4 yearsMaximum $2000 per year


Further ReflectionSet up a semester budget for yourself. Is it

close to your current budget?How can you improve your spending

throughout college?Find three scholarships you can apply for.


Additional ResourcesCollege Answer

http://www.colegeanswer.comBrokeScholar

http://brokescholar.comFastWeb

http://fastweb.com
