Learn about loans, grants, scholarships, and the net cost of higher education.
Finding financial help to pay for college can be difficult, and sometimes the process seems overwhelming. This activity helps students identify the types of financial aid that are available to them as they seek to pay for a college education.
This is the second in a three-part series of activities about getting ready to pay for college.
Grades: 7-12
Topic: College Readiness, Financial Literacy
Estimated Time: 45-60 minutes
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Before we start, think about this: There are a lot of ways to pay for college. Student loans are money you get from a bank or lender that you have to repay, but other kinds of aid like grants, scholarships, and even (of course) your own financial savings, do not need to be paid back. The good news? While college is expensive (as you learned in the activity before this), between loans, grants and scholarships, most students don’t pay the full sticker price of going to college. The real cost of college is sometimes called the “Net” cost of college. Look at the infographic on this page, from the College Board, to better understand the net cost of college.
Okay, let’s get started.
There are agencies and sources of help for students and their families to help understand the information and better calculate the difference between “Sticker Price” and “Net Price.” The U.S. Department of Education’s Office of Financial Aid, for instance, is a great source of information.
When you are ready to actually submit your FAFSA application, it will ask you to write three schools that you are interested in attending. It’s OK to change them later. The FAFSA report will automatically be sent to the admissions/financial aid office of those three colleges. It’s okay to change your mind as the college most likely won’t determine their financial aid until after you’ve been accepted.
Once you get your report and know the total of your grants and scholarships from all sources, federal, state, other agencies and your colleges, you can calculate the “Net” cost of college. This is the price you will have to pay for with savings, loans and other forms of payment.
Now that you understand how to find financial help to pay for college, learn how to prepare for paying back student loans.
If you enjoyed these activities, you can find more financial literacy activities on 4-H at Home.
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