Character 5: Olivia Foster

Background: Olivia is a high-achieving student who aspires to become a pediatrician. She has been awarded a substantial merit scholarship for her outstanding academic achievements. Interests: Science clubs, volunteering at a local hospital, mentoring younger students. Financial Situation: Upper-middle-class background, received a $20,000 per year merit scholarship. Her family can afford to cover the remaining college expenses. (she is an accomplished track and field runner and has a 4.25 gpa)

(She is planning on attending John Hopkins University and lives in Maryland)

Part 4: College Education Finance Plan

1. Determine your college expenses - What is your character's total estimated cost of attending college?
   1. List all anticipated college expenses including:
      1. Tuition and fees $59,750 per year.
      2. Room and board $14,000 to $17,000 per year
      3. Textbooks and supplies $1,200 per year
      4. Transportation 100-200 yearly depending on where she lives
      5. Personal Expenses (e.g. food, clothing, entertainment) 2,500 to $3,000 per year.
   2. Use college websites and other resources to estimate costs

1. Identify Funding Sources
   1. List all sources of funding for your college education, including:
      1. Scholarships and grants
      2. Federal financial aid
      3. Family contributions
      4. Savings or Investments
      5. Part-time work or work study earnings
      6. Other potential income sources

1. Consider Loan Options
   1. If necessary, research and understand the types of student loans available (e.g., federal subsidized/unsubsidized loans, private loans). What type of loans should your character consider?
   2. Estimate the amount of loans you may need to borrow to cover any remaining expenses.
   3. Calculate the total loan amount needed over your college years.
   4. What is your estimated annual interest rate?
   5. What is your estimated loan term (years)?

1. Loan Repayment Strategy
   1. Research loan repayment options, including standard repayment, income-driven plans, and loan forgiveness programs.
   2. Calculate estimated monthly loan payments based on your projected loan amount and interest rates.
   3. Consider strategies to reduce your reliance on loans.

1. Impact of Student Loans
   1. Reflect on the potential impact of student loans on your financial future. Consider how your choice of college and career might affect your ability to repay your loan.