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Budgeting for College Life

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Lesson Plan

College Cost Navigator

Students will be able to identify the key costs associated with college attendance (tuition, housing, living expenses) and create a personalized budget to manage these expenses effectively.

Understanding college costs and creating a budget is crucial for financial stability and successful planning for higher education. This lesson empowers students to take control of their financial future.

Audience

High School Students

Time

60 minutes

Approach

Interactive discussion, practical budgeting exercise, and real-world scenario analysis.

Materials

Investing in Your Future (slide-deck), My College Budget Worksheet (worksheet), and Budgeting Scenario Solutions (answer-key)

Prep

Prepare Materials

15 minutes

Step 1

Introduction & Hook

10 minutes

Display the first slide of the Investing in Your Future Slide Deck.
Ask students: "What comes to mind when you think about paying for college?"
Facilitate a brief discussion, noting down their initial thoughts on the board. Introduce the lesson objective and its importance.

Step 2

Exploring College Costs

15 minutes

Go through slides 2-5 of the Investing in Your Future Slide Deck, discussing different categories of college expenses (tuition, housing, books, living expenses, etc.).
Encourage questions and share personal anecdotes or real-world examples to make the costs relatable.
Briefly explain the difference between 'sticker price' and 'net price' and the role of financial aid.

Step 3

Personalized Budgeting Exercise

20 minutes

Distribute the My College Budget Worksheet.
Explain the instructions for completing the worksheet, emphasizing that students should think about their own potential college choices and lifestyle.
Circulate around the room to provide individual assistance and answer questions.
Encourage students to use hypothetical numbers or research actual costs for colleges they are interested in.

Step 4

Scenario Analysis & Discussion

10 minutes

Once students have made progress on their worksheets, present 2-3 budgeting scenarios (e.g., unexpected expenses, changes in income, scholarship opportunities).
Lead a class discussion using the Budgeting Scenario Solutions Answer Key as a guide. Ask students how these scenarios might impact their budgets and what adjustments they would make.
Emphasize the importance of flexibility and regular budget review.

Step 5

Wrap-up & Key Takeaways

5 minutes

Summarize the main points of the lesson: identifying college costs, creating a budget, and adapting to financial changes.
Encourage students to continue researching college costs and discussing financial planning with their families.
Provide an opportunity for any final questions.

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Slide Deck

Budgeting for College Life: Investing in Your Future

Are you ready for college... financially?

Let's explore what it really costs and how to plan for it!

Welcome students and get them thinking about college expenses. Use this slide as a hook to introduce the topic.

The Price Tag: Tuition & Fees

  • Tuition: The cost of your classes and instruction.
  • Fees: Extra charges for things like:
    • Student activities
    • Technology
    • Health services
    • Campus recreation

Think: Sticker Price vs. Net Price!

Break down tuition and fees. Explain what 'tuition' generally covers (instruction) and what 'fees' might include (student services, technology, etc.). Mention variations between in-state/out-of-state and public/private.

Where Will You Live? Housing & Food

  • On-Campus Housing: Dorms, residence halls.
    • Usually includes a meal plan.
    • Costs can vary by room type (single, double).
  • Off-Campus Housing: Apartments, shared houses.
    • Rent, utilities, groceries, transportation.

What are the pros and cons of each?

Discuss housing options and their costs. On-campus vs. off-campus. Mention meal plans.

Beyond Tuition: Living Expenses

  • Books & Supplies: Textbooks, notebooks, lab fees.
  • Transportation: Gas, public transit, car maintenance.
  • Personal Expenses: Toiletries, entertainment, clothing, haircuts.
  • Health Insurance: If not covered by parents or school plan.

These add up quickly!

Cover other essential living expenses. Emphasize that these add up and are often overlooked.

Your Financial Roadmap: What's a Budget?

  • A plan for how you'll spend and save your money.
  • Helps you understand where your money goes.
  • Key to avoiding debt and achieving financial goals.

Time to create YOUR college budget!

Introduce the concept of a budget and its purpose. Transition to the worksheet activity.

Your Turn: My College Budget Worksheet

  • We will now work on the My College Budget Worksheet.
  • You'll list potential income sources and all your expected college expenses.
  • Aim for a balanced budget where income >= expenses.
  • Don't worry if it's not perfect—it's a learning tool!

Explain what the students will be doing with the worksheet.

Budgeting in Action: Scenarios!

  • What happens if tuition increases by 5%?
  • You get a part-time job – how does that change things?
  • Your scholarship is less than expected.

How can you adjust your budget to handle these situations?

Guide students through some scenarios to encourage critical thinking about their budgets.

Key Takeaways: Plan Smart!

  • College has many costs: tuition, housing, living expenses.
  • Creating a budget helps you understand and manage these costs.
  • Financial planning is an ongoing process.

Your future self will thank you for planning ahead!

Conclude the lesson by reiterating the importance of financial planning.

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Worksheet

My College Budget Worksheet

Name: _________________________ Date: _________________________

Section 1: Expected Income Sources

Think about how you might get money for college. This could be savings, help from family, scholarships, loans, or a part-time job.

  1. Savings / Family Contribution:
    Amount per year: $





  2. Scholarships / Grants: (List specific scholarships if you know them, or estimate)
    Amount per year: $





  3. Student Loans: (Estimate if you plan to take them out)
    Amount per year: $





  4. Part-Time Job / Work-Study: (Estimate how much you could earn)
    Amount per year: $





  5. Other Income Sources (e.g., GI Bill, side hustle):
    Amount per year: $





Total Estimated Annual Income:

Add up all your expected income sources:

TOTAL INCOME: $





Section 2: Estimated Annual College Expenses

Consider all the potential costs of attending college. Use hypothetical numbers or research actual costs for colleges you are interested in.

A. Direct Educational Costs

  1. Tuition: (per year)
    Amount: $





  2. Fees: (per year – general, technology, health, etc.)
    Amount: $





  3. Books & Supplies: (textbooks, notebooks, software, etc.)
    Amount: $





B. Living Expenses

  1. Housing:
    • On-Campus Dorm (with meal plan) OR Off-Campus Rent (with utilities)
      Amount: $





  2. Food: (if not fully covered by meal plan or for off-campus)
    Amount: $





  3. Transportation: (gas, public transit, car maintenance, flights home)
    Amount: $





  4. Personal Expenses: (toiletries, entertainment, clothing, phone bill, etc.)
    Amount: $





  5. Health Insurance: (if not covered by parents or school plan)
    Amount: $





Total Estimated Annual Expenses:

Add up all your estimated annual expenses:

TOTAL EXPENSES: $





Section 3: Budget Analysis

Now, let's compare your income and expenses!

Total Income: $_____________

Total Expenses: $_____________

Income - Expenses (Surplus/Deficit): $





  1. Is your total income greater than, less than, or equal to your total expenses?






  2. If you have a deficit (expenses are higher than income), what are some ways you could try to reduce your expenses or increase your income?











  3. If you have a surplus (income is higher than expenses), what could you do with the extra money?






  4. What was the most surprising college cost you identified? Why?











  5. How might creating a college budget now help you in the future?












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Answer Key

Budgeting Scenario Solutions - Teacher Answer Key

This answer key provides guidance for discussing potential solutions to common college budgeting scenarios. Encourage students to think critically and justify their reasoning, as there can be multiple valid approaches.

Discussion Scenarios & Potential Solutions:

Scenario 1: Tuition Increases by 5%

Thought Process: An increase in tuition directly impacts the

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