1. One of the colleges Adrian is considering has an estimated cost of attendance of $28,385. His expected family contribution (EFC) is $9,265. What is his financial need?
2. Which ways of paying for college would be considered the financial responsibility of the student or the student's family? Select all that apply.
C. Expected family contribution (EFC)
3. Mia receives the following financial aid package for a two-year college. The college has an estimated cost of attendance of $15,625. She has an expected family contribution (EFC) of $9,175. How much of the cost of attendance will she and her family be responsible for paying in the first year?
4. At graduation, Daisy owes $15,800 in student loans at 5.2% annual interest. There are also loan fees that total 2% of the principal. She uses a loan calculator to find the monthly payments for a 10-year loan. Assume she follows the loan repayment schedule.
a. What is the total cost of her loan?
b. If there were no loan fees, would Daisy's monthly loan payment be less than or greater than $172.51? Explain your reasoning.
5. At graduation, Laura's family has paid $19,020 toward the total cost of her 4-year education. She owes $9,370 in student loans at 5% annual interest. She uses a loan calculator to find the monthly payments for a 10-year loan. Assume Laura follows the loan repayment schedule.
a. What is the total cost of her 4-year college education, including the total cost of the loan?
b. How much does she pay in interest?