Personal Finance and Budgeting
How much does college cost?
Tuition and fees Dormitory Books and supplies Meals Personal and transportation Estimated total cost per year Estimated total four year cost $ 4,312 2,824 900 3,035 2,858 $13,929 (all amounts are per year)
$55,716
How much is college worth?
Expected Average Salaries high school dropout high school graduate associate’s degree college bachelor’s degree college master’s degree college doctoral degree professional degree Annual $13,300 18,340 23,380 29,540 36,610 49,490 57,050 Monthly $1,108 1,528 1,948 2,462 3,051 4,124 4,754 Per Hour $ 6.39 8.82 11.24 14.20 17.60 23.79 27.43 30-year Career $ 632,753 872,533 1,112,313 1,405,378 1,741,735 2,354,507 2,714,177 Final Year $ 31,342 43,219 55,096 69,612 86,273 116,626 134,442
How do I pay for college?
Family support Summer or other part-time work Federal work-study program Scholarships State of Mississippi Student Financial Aid - specific majors: teacher education, nursing, medical, dental - Mississippi Tuition Assistance Grant (MTAG) - Misissippi Eminent Scholars Grant (MSEG) http://www.mississippiuniversities.com for more information Federal Financial Aid - Federal Pell Grant - Leveraging Educational Assistance Partnership Grant (LEAP) Loans - Federal Perkins Loan - Federal Family Education Loan Programs (FFELP) http://www.sfa.msstate.edu for more information
Personal Finance and Budgeting
Key Terms and Concepts
- Income http://www.collegegrad.com web site for career information, including: - Nature of the work (overall description of the work) - Working conditions - Training, Other Qualifications, and Advancement - Employment (specific jobs within the field) - Job Outlook - Earnings - Related Occupations
Gross Salaries/Wages - Deductions = Net Pay
Deductions:
Federal Income Tax State Income Tax Local Income Tax Social Security Tax Medicare Tax Additional optional deductions
use federal income tax rates use state income tax rates 6.20% times gross pay 1.45% times gross pay
- Expenses ongoing expenses - housing/home expenses - daily living expenses - personal expenses - health expenses - transportation - loan payments - entertainment - recreation - dues, subscriptions - miscellaneous expenses one-time expenses
- Cash Flow