Navigating the Financial Aspects of College Costs

The video tutorial discusses the cost of college education, covering various expenses such as tuition, room and board, books, and transportation. It explains different types of financial aid, including scholarships, grants, work-study, and loans. The tutorial provides an example of calculating college costs with financial aid and guides students on determining their contribution and savings plan. It concludes with practice problems and encourages students to seek tutoring if needed.

What should be considered when estimating the cost of college education?

• Only tuition fees

• Only personal expenses

• Only room and board

• Expenses and financial aid sources

What does 'room and board' typically include?

• Transportation costs

• Food and housing

• Books and supplies

• Tuition and fees

What is included in the 'Transportation and other' category of college expenses?

• Gas, entertainment, and laundry

• Tuition fees

• Room and board

• Books and supplies

Which type of financial aid does not need to be repaid?

• Both scholarships and grants

• Scholarships

• Work-study earnings

• Loans

How is a grant typically awarded?

• Based on loan eligibility

• Based on academic talent

• Based on financial need

• Based on work-study participation

What is the main difference between loans and other forms of financial aid?

• Loans need to be repaid with interest

• Loans are based on financial need

• Loans are awarded based on talent

• Loans do not require repayment

What financial aid options are available based on a student's talents or grades?

• Work-study

• Scholarships

• Grants

• Loans

What should Leo's estimated annual cost be after considering scholarships and work-study?

• $10,500

• $19,400

• $6,200

• $2,700

How much will Leo's family contribute annually if they cover 65% of his expenses?

• $6,825

• $3,675

• $42,000

• $10,500

How much does Leo need to save each month to cover his first year's contribution?

• $76.56

• $100

• $150

• $200