Estimating Costs of a College Education

T.i.P.S.

Students should research a variety of colleges (two year, four year, technical, instate, out-of-state, etc.) to estimate the cost of attending those colleges. In addition to these estimations, students should develop a plan on how to save for the first year of college and how long it will take to save that money.

Example

Tuition for one year at a state university is about $24,000. Nathan would like to attend this university and will save money each month for the next 4 years. His mom will give him $12,000 for his first year of tuition. What is the minimum about of money Nathan must save each month to have enough money to pay for his first year of tuition?

Hint
Possible Solution

TEKS

Supporting Standard  8.12 Personal financial literacy. The student applies mathematical process standards to develop an economic way of thinking and problem solving useful in one's life as a knowledgeable consumer and investor. The student is expected to:
(G) estimate the cost of a two-year and four-year college education, including family contribution, and devise a periodic savings plan for accumulating the money needed to contribute to the total cost of attendance for at least the first year of college

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