Character 5: Olivia Foster Background: Olivia is a high-achieving student who aspires to become a pediatrician. She
Question:
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
- Determine your college expenses - What is your character's total estimated cost of attending college?
- List all anticipated college expenses including:
- Tuition and fees $59,750 per year.
- Room and board $14,000 to $17,000 per year
- Textbooks and supplies $1,200 per year
- Transportation 100-200 yearly depending on where she lives
- Personal Expenses (e.g. food, clothing, entertainment) 2,500 to $3,000 per year.
- Use college websites and other resources to estimate costs
- List all anticipated college expenses including:
- Identify Funding Sources
- List all sources of funding for your college education, including:
- Scholarships and grants
- Federal financial aid
- Family contributions
- Savings or Investments
- Part-time work or work study earnings
- Other potential income sources
- List all sources of funding for your college education, including:
- Consider Loan Options
- 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?
- Estimate the amount of loans you may need to borrow to cover any remaining expenses.
- Calculate the total loan amount needed over your college years.
- What is your estimated annual interest rate?
- What is your estimated loan term (years)?
- Loan Repayment Strategy
- Research loan repayment options, including standard repayment, income-driven plans, and loan forgiveness programs.
- Calculate estimated monthly loan payments based on your projected loan amount and interest rates.
- Consider strategies to reduce your reliance on loans.
- Impact of Student Loans
- 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.
Management
ISBN: 9780730329534
6th Asia Pacific Edition
Authors: Schermerhorn, John, Davidson, Paul, Factor, Aharon, Woods, Peter, Simon, Alan, McBarron, Ellen