Estimating College Costs and Creating Savings Plans for Attendance(TEKS.Math.8.12.G)
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Texas 8th Grade Math › Estimating College Costs and Creating Savings Plans for Attendance(TEKS.Math.8.12.G)
State university costs each year: tuition 11,000, room/board 8,000, other expenses 3,000. Family can contribute 8,000 per year. The student plans a 4-year degree. What is the total cost for 4 years before any family contribution or aid?
88,000
56,000
22,000
76,000
Explanation
Annual total cost = 11,000 + 8,000 + 3,000 = 22,000. Over 4 years: 22,000 × 4 = 88,000. If you also consider the family contribution, that would reduce the student's share by 8,000 × 4 = 32,000 to 56,000, but the question asked for the total cost before contributions. To plan for the first year, the gap would be 22,000 − 8,000 = 14,000. A simple plan is saving 14,000 ÷ 4 = 3,500 per year if starting in 8th grade with no interest, or slightly less if savings earn interest (e.g., using the future value factor $\frac{(1+r)^n-1}{r}$). Strategies to reduce costs include starting at a community college, applying for scholarships, and using student loans responsibly to fill remaining gaps.
Community college pathway: 2 years at a community college (tuition 3,500, commuting 1,500, books 800 each year), then transfer to a university for 2 years (tuition 15,000, room/board 9,000, other 2,500 each year). What is the total cost for all 4 years?
58,000
64,600
11,600
53,000
Explanation
Community college annual cost = 3,500 + 1,500 + 800 = 5,800; for 2 years: 5,800 × 2 = 11,600. University annual cost = 15,000 + 9,000 + 2,500 = 26,500; for 2 years: 26,500 × 2 = 53,000. Total 4-year cost = 11,600 + 53,000 = 64,600. A common mistake is to ignore books/commuting or room/board, leading to 58,000 or 53,000. Families can reduce the student's needed amount with contributions and by seeking scholarships; starting at a community college is a cost-lowering strategy, and student loans can cover remaining gaps if used carefully.
Private college annual costs: tuition 28,000, room/board 13,000, books 1,500, fees 2,000. You expect 6,000 in scholarships per year and your family can contribute 10,000 per year. What is the student's remaining cost per year?
20,500
34,500
28,500
18,500
Explanation
Annual total cost = 28,000 + 13,000 + 1,500 + 2,000 = 44,500. Subtract scholarships and family help: 44,500 − 6,000 − 10,000 = 28,500 per year. Over 4 years that is 28,500 × 4 = 114,000 the student must plan to cover via savings, work-study, and/or student loans. Improve affordability with more scholarships/grants, considering lower-cost options for some years, and saving early so investments can grow.