Handling Your Money Wisely Section 3.2: Financing Your Education Taking Charge: Chapter 3 © 2010 TSTC Publishing
Financing Education <ul><li>A typical two-year degree at a public college can exceed $20,000; at a for-profit college, thi...
Getting Professional Assistance <ul><li>Professional Financial Management </li></ul><ul><li>Money-management counselors an...
Types of Financial Aid <ul><li>Free Application for Federal Student Aid (FASFA) </li></ul><ul><li>Grants </li></ul><ul><li...
Private or Specialty Grants <ul><li>Non-profit organizations and various foundation offer grants to students who seek majo...
Scholarships <ul><li>Public scholarships </li></ul><ul><ul><li>Does not require affiliation with organization to receive s...
Government Financial Aid <ul><li>Pell grant, student loans and parent loans </li></ul><ul><li>To qualify as independent, m...
Work Study & Tuition Reimbursement Programs <ul><li>Work-study </li></ul><ul><ul><li>Students work at on-campus jobs </li>...
Tax Advantages <ul><li>The Hope Scholarship Tax Credit </li></ul><ul><ul><li>Income tax deduction for students in their fi...
Further Reflection <ul><li>Set up a semester budget for yourself. Is it close to your current budget? </li></ul><ul><li>Ho...
Additional Resources <ul><li>College Answer </li></ul><ul><li>http:// www.colegeanswer.com </li></ul><ul><li>BrokeScholar ...
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Taking Charge (2nd ed.), Chapter 3.2

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Taking Charge (2nd ed.), Chapter 3.2

  1. 1. Handling Your Money Wisely Section 3.2: Financing Your Education Taking Charge: Chapter 3 © 2010 TSTC Publishing
  2. 2. Financing Education <ul><li>A 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 </li></ul><ul><li>Investment in your future </li></ul>© 2010 TSTC Publishing
  3. 3. Getting Professional Assistance <ul><li>Professional Financial Management </li></ul><ul><li>Money-management counselors and financial aid officers can help assist you. </li></ul>© 2010 TSTC Publishing
  4. 4. Types of Financial Aid <ul><li>Free Application for Federal Student Aid (FASFA) </li></ul><ul><li>Grants </li></ul><ul><li>Scholarships </li></ul><ul><li>Grants and loans </li></ul><ul><li>Work-study programs </li></ul><ul><li>Tuition reimbursement </li></ul><ul><li>Tax credits </li></ul>© 2010 TSTC Publishing
  5. 5. Private or Specialty Grants <ul><li>Non-profit organizations and various foundation offer grants to students who seek majors in something that furthers the organization’s goals </li></ul><ul><li>Check with the school’s financial aid office </li></ul>© 2010 TSTC Publishing
  6. 6. Scholarships <ul><li>Public scholarships </li></ul><ul><ul><li>Does not require affiliation with organization to receive scholarship </li></ul></ul><ul><li>Private scholarships </li></ul><ul><ul><li>Offered by entities that require affiliation in order to qualify </li></ul></ul><ul><li>GPA can affect scholarships. Calculate yours using a simple formula. </li></ul>© 2010 TSTC Publishing
  7. 7. Government Financial Aid <ul><li>Pell grant, student loans and parent loans </li></ul><ul><li>To qualify as independent, meet one: </li></ul><ul><ul><li>24 years old </li></ul></ul><ul><ul><li>Veteran </li></ul></ul><ul><ul><li>Married </li></ul></ul><ul><ul><li>Supporting children </li></ul></ul><ul><ul><li>Ward of the court </li></ul></ul><ul><li>Talk to your financial aid officer about the new regulations on federal student loans </li></ul>© 2010 TSTC Publishing
  8. 8. Work Study & Tuition Reimbursement Programs <ul><li>Work-study </li></ul><ul><ul><li>Students work at on-campus jobs </li></ul></ul><ul><ul><ul><li>Bookstores </li></ul></ul></ul><ul><ul><ul><li>Cafeterias </li></ul></ul></ul><ul><ul><ul><li>Offices </li></ul></ul></ul>© 2010 TSTC Publishing
  9. 9. Tax Advantages <ul><li>The Hope Scholarship Tax Credit </li></ul><ul><ul><li>Income tax deduction for students in their first or second year of college </li></ul></ul><ul><ul><li>Up to $2,500 per year (based on income) </li></ul></ul><ul><li>The Lifetime Learning Tax Credit </li></ul><ul><ul><li>Available all 4 years </li></ul></ul><ul><ul><li>Maximum $2000 per year </li></ul></ul>© 2010 TSTC Publishing
  10. 10. Further Reflection <ul><li>Set up a semester budget for yourself. Is it close to your current budget? </li></ul><ul><li>How can you improve your spending throughout college? </li></ul><ul><li>Find three scholarships you can apply for. </li></ul>© 2010 TSTC Publishing
  11. 11. Additional Resources <ul><li>College Answer </li></ul><ul><li>http:// www.colegeanswer.com </li></ul><ul><li>BrokeScholar </li></ul><ul><li>http:// brokescholar.com </li></ul><ul><li>FastWeb </li></ul><ul><li>http:// fastweb.com </li></ul>© 2010 TSTC Publishing

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