Instructions: Read the following scenarios and make an educated suggestion on which higher education institution the student should attend based on their budget and financial aid package. Be sure to include a detailed explanation of your decision in 4 or more sentences for each scenario. 1 Your cousin is debating which higher education institution to Private Public Stend next year. They've narrowed it down to two schools - a College University private college in the state's largest city located two hours away Cost of $35,000/yr $7.000/yr or the local public university that is fifteen minutes from home. attendance Your cousin is excited about the thrill of going to school in a Work study $1425 $1,050 big city, but the high cost of living concerns them. They have the option of staying home and commuting to the local public Scholarships & $19.000 $2.000 university, but they know they will have less freedom. Based on Subsidized loans $5,000 $3,500 the information in the table below, which option is best for your Unsubsidized $5,500 $5,500 cousin and why? loans Savings Grants N/A NA Back-up School $18,000 2. Your big sister just found out that she got into her dream school! She also got into her "back-up school. She is comparing financial aid packages and notices that her dream school costs more to attend than the back up school. Your parents have saved up for her to attend the back up school so that your sister doesn't have to take out student loans, but their savings come up short for her dream school. Based on the information in the table below, which option is best for your sister and why? $1,500 $6.500 Dream School Cost of $70,000 yr attendance Work study $1,700 Scholarships & $20,000 Grants Subsidized loans $3,500 Unsubsidized $5,500 loans Parent's Savings $40,000 ($10,000 each year) $5.500 $5.500 $40,000 ($10,000 each year) University #2 $7.000 3. You are deciding between two in-state, public universities to enroll next year. Your parents have saved very little money for your higher education, but you earned a generous scholarship that covers tuition at any state school. However, you will still be responsible for outside costs, such as room and board, books, etc. Based on the information in the table below, which option is best for you and why? $1.100 $1,000 University #2 Cost of $4,000 attendance (minus tuition) Work study $1,000 Scholarships & $500 Grants Subsidized loans $3,500 Unsubsidized $5,500 loans Parent's Savings $2,000 ($500 each year) $5,500 $6,250 $2,000 ($500 each year) 4. Your big brother has decided that he wants to get into the workforce relatively soon and doesn't want to pursue a 4-year degree. He is considering a career as a paralegal. While browsing job postings for paralegals in the area he notices that most firms are requiring candidates to have an associate's degree or a vincauon. Based on the information in the table below, which option is best for your sister and why? Certification Community Program College Cost of $1,800 $5,000 attendance ($2.500 each year) Work study 6 weeks 2 years Scholarships & NA $1,000 Grants Subsidized loans 50 $3,500 Unsubsidized $0 $5,500 loans Private Loan $1,500 $1,500 Instructions: Read the following scenarios and make an educated suggestion on which higher education institution the student should attend based on their budget and financial aid package. Be sure to include a detailed explanation of your decision in 4 or more sentences for each scenario. 1 Your cousin is debating which higher education institution to Private Public Stend next year. They've narrowed it down to two schools - a College University private college in the state's largest city located two hours away Cost of $35,000/yr $7.000/yr or the local public university that is fifteen minutes from home. attendance Your cousin is excited about the thrill of going to school in a Work study $1425 $1,050 big city, but the high cost of living concerns them. They have the option of staying home and commuting to the local public Scholarships & $19.000 $2.000 university, but they know they will have less freedom. Based on Subsidized loans $5,000 $3,500 the information in the table below, which option is best for your Unsubsidized $5,500 $5,500 cousin and why? loans Savings Grants N/A NA Back-up School $18,000 2. Your big sister just found out that she got into her dream school! She also got into her "back-up school. She is comparing financial aid packages and notices that her dream school costs more to attend than the back up school. Your parents have saved up for her to attend the back up school so that your sister doesn't have to take out student loans, but their savings come up short for her dream school. Based on the information in the table below, which option is best for your sister and why? $1,500 $6.500 Dream School Cost of $70,000 yr attendance Work study $1,700 Scholarships & $20,000 Grants Subsidized loans $3,500 Unsubsidized $5,500 loans Parent's Savings $40,000 ($10,000 each year) $5.500 $5.500 $40,000 ($10,000 each year) University #2 $7.000 3. You are deciding between two in-state, public universities to enroll next year. Your parents have saved very little money for your higher education, but you earned a generous scholarship that covers tuition at any state school. However, you will still be responsible for outside costs, such as room and board, books, etc. Based on the information in the table below, which option is best for you and why? $1.100 $1,000 University #2 Cost of $4,000 attendance (minus tuition) Work study $1,000 Scholarships & $500 Grants Subsidized loans $3,500 Unsubsidized $5,500 loans Parent's Savings $2,000 ($500 each year) $5,500 $6,250 $2,000 ($500 each year) 4. Your big brother has decided that he wants to get into the workforce relatively soon and doesn't want to pursue a 4-year degree. He is considering a career as a paralegal. While browsing job postings for paralegals in the area he notices that most firms are requiring candidates to have an associate's degree or a vincauon. Based on the information in the table below, which option is best for your sister and why? Certification Community Program College Cost of $1,800 $5,000 attendance ($2.500 each year) Work study 6 weeks 2 years Scholarships & NA $1,000 Grants Subsidized loans 50 $3,500 Unsubsidized $0 $5,500 loans Private Loan $1,500 $1,500