Name____________________________________________
Financial Literacy Unit 4: Credit and Debt Activity 3
Project: “How Much Will College Really Cost Me?”
Overview: In this project, you will be researching a college or trade school of your choosing in
order to determine total costs you will incur.
Tasks:
1. Go to my calendar and download this document so you can edit it. It is called College
Costs.
2. Research a college or trade school of your choosing and determine the total price to
earn your degree. This may depend on the type of school or degree you are interested
in. Fill in the table on the next page.
3. To pay for school, you must take out a private student loan. Using the Internet, research
private student loans and choose an option that you qualify for. Write down the interest
rate. __________________
4. Use the following Web site to download the student loan amortization schedule:
http://www.studentloansed.com/calculators/student-loan-amortization-schedule.htm
5. Determine the total cost of college if you could repay the loan in 5 years, 10 years, 20
years, or 30 years.
6. Then determine what your monthly payment would have to be for each of the
repayment scenarios above.
7. Create a graph that compares the different repayment amounts if you repay the loan in
5 years, 10 years, 20 years, or 30 years.
8. Derive the exponential growth formula that corresponds to the graph you created.
9. Create a document that includes the following:
a. A description and logo of the college or school of your choice and a description
of the degree you wish to attain.
b. A summary of the annual costs for obtaining your degree.
c. A chart showing the different repayment options.
d. The graph showing the different repayment options.
e. The equation with calculations shown that corresponds to the graph you
created.
Scoring Rubric:
Possible Points
Task
points earned
1. School description and summary of
10
costs
2. Chart of repayment options 30
3. Graph of repayment options 30
4. Equation with your calculations shown 30
Total 100
1
1. Describe your school and summarize the costs below:
Example
Commuter On-Campus
Tuition
Fees
Room and Board 0
Total
2. Determine cost for 4 years:
3. Interest rate for your student loan __________%
4. Go to my calendar and download the excel program “student loan amortization schedule”
to calculate your repay schedule. Enter
A. requested loan amount
B. Annual interest rate as determined
C. Number of years to repay (5, 10, 20, and 30 years – you will do this 4 times)
D. Loan start date (When you finish college/trade school)
2
Enter student loan values
Requested loan amount
Annual interest rate
Repayment term in years
Payments per year
(monthly) 12
Loan start date (ex:
8/5/06)
Term of loan 5 years 10 years 20 years 30 years
Total cost of
college/trade
school
Monthly
payment
Use the graphing calculator to complete these tasks:
Create a graph that compares the different repayment amounts if you repay the loan in
5 years, 10 years, 20 years, or 30 years.
Derive the exponential growth formula that corresponds to the graph you created.
3
Sketch the graph after labeling the x and y-axis , creating a scale for each and giving it an
appropriate title:
4
Use the best fit line to calculate the repayment options costs for:
Term of loan 5 years 10 years 20 years 30 years
Exponential
growth formula
calculation
Total cost of
college/trade
school
5