AnswersOCPS -2102371-Personal Finance and Money ManagementUnderstanding College SavingsQuestion 16
16
QuizMultiple Choice

Understanding College Savings

Question 16 • OCPS -2102371-Personal Finance and Money Management

Jorge is attending college next year. He just got information on the college costs and the financial aid package the college is offering. Jorge knows his parents can contribute $4,500 each year. Jorge’s College Costs & Financial Aid Package per YearCostsFinancial Aid PackageTuition & FeesGrants & Scholarship$26,000$18,500Room & BoardWork-Study$12,500$8,500How much will Jorge need to pay each year from his own savings and from loans?

Answer
A
$3,000
B
$3,000
C
$7,000
D
$7,000
E
$7,500
F
$7,500
G
$11,500
H
$11,500

Explanation

Jorge’s total yearly costs are $26,000 + $12,500 = $38,500. His grants, scholarship, and work-study total $18,500 + $8,500 = $27,000, leaving $11,500. After his parents contribute $4,500, Jorge needs $7,000 from his own savings and loans, which is the choice “$7,000.”

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