TeenCash: College Education & Education Financing

1) The Real Cost of College

College cost is more than just “tuition.” You need to think about the full picture: tuition, fees, housing, food, books, transportation, and personal expenses.

• Tuition & fees: What you pay the school for classes and campus services.
• Room & board: Housing and food (on‑campus or off‑campus rent + groceries).
• Books & supplies: Textbooks, lab materials, technology.
• Transportation: Gas, bus pass, flights home, parking.
• Personal expenses: Phone, clothes, hygiene, emergencies.

Explore real numbers: NCES – Average College Costs

2) Scholarships & Grants (Free Money)

Scholarships and grants are money you do not have to pay back. They can come from the government, your state, your college, or private organizations.

Federal Grants

• Pell Grant: For students with financial need. Amount depends on your FAFSA info.
• FSEOG: Supplemental grant for students with exceptional need (not all schools offer it).
• TEACH Grant: For students who plan to teach in high‑need fields and low‑income areas.

Learn more: Federal Grants – studentaid.gov

Scholarships

• Merit‑based: For grades, test scores, leadership, or talents.
• Need‑based: For students with financial need.
• Special criteria: For certain majors, backgrounds, communities, or activities.

Search tools:
• College Prep Checklists – studentaid.gov
• College Board BigFuture Scholarship Search
• Fastweb Scholarship Search

State & School Aid

Many states and colleges have their own grants and scholarships.

• Check your state’s higher education website.
• Search “[Your State] grants and scholarships” on official .gov or .edu sites.
• Ask each college: “What scholarships and grants do you offer first‑year students?”

3) How to Reduce Education Costs

• Start at community college: 2 years at a community college + transfer can save tens of thousands.
• Live at home (if safe and possible): Reduces housing and food costs.
• Choose in‑state public schools: Usually cheaper than out‑of‑state or private schools.
• Use CLEP/AP/IB credits: Earning credits in high school can shorten your time in college.
• Rent or buy used textbooks: Or use library and open‑source materials when allowed.
• Work‑study or part‑time jobs: Earn money while gaining experience.

Tools: CFPB – Compare College Costs

4) Who Should Save for Education?

Ideally, everyone who can: parents, guardians, and you. But every family is different, and not all can save a lot. Small amounts still help.

• Parents/Guardians: May use 529 plans or other savings accounts.
• Teens: Can save part of job income, gifts, or side hustle money.
• Relatives: Sometimes contribute to 529 plans or savings gifts.

Learn more: SEC – 529 College Savings Plans

5) Preparing Before It’s Time to Go to College

• 9th–10th grade: Focus on grades, reading, math, and exploring interests.
• 11th grade: Research colleges, costs, and majors. Start scholarship lists.
• 12th grade: Complete FAFSA, apply to schools, compare financial aid offers.

Checklists: Grade‑by‑Grade Checklists – studentaid.gov

6) When You’re in College & Need Money

Needing more money in college is common. The key is to avoid high‑interest debt and predatory offers.

• Talk to the financial aid office about emergency grants or aid adjustments.
• Ask about campus jobs, work‑study, or tutoring positions.
• Apply for mid‑year scholarships (many exist!).
• Create a strict budget and cut non‑essentials where possible.
• Avoid high‑interest credit cards and payday loans.

Resource: CFPB – Money Management for Students

7) What If Your Major Changes?

Changing majors is normal. Many students change at least once. The key is to manage the financial impact.

• Meet with an academic advisor to map out a new graduation plan.
• Ask: “How many extra semesters will this add?”
• Check if your financial aid still applies to the new major.
• Consider minors or certificates instead of a full major change if it saves time and money.

8) Law, Medical, Nursing, Pharmacy, Dental & Other Expensive Programs

Some careers require long, expensive training. That doesn’t mean you shouldn’t pursue them — but you must plan carefully.

General Principles

• Research typical debt and starting salaries for your field.
• Choose the most affordable accredited program, not just the most “prestigious.”
• Look for pipeline programs, scholarships, and service‑based loan forgiveness.

Medicine, Nursing, Pharmacy, Dental

• Consider starting at a lower‑cost school for prerequisites, then transferring.
• Explore programs like the National Health Service Corps (NHSC) and state loan repayment for working in underserved areas.

• NHSC – Loan Repayment & Scholarships

Law School

• Compare tuition and scholarships across law schools.
• Look into public interest loan forgiveness and income‑driven repayment plans.

• Public Service Loan Forgiveness (PSLF)

9) Planning with Parents & Family

College planning is a family conversation, not a solo mission. Even if your family can’t pay much, talking early helps everyone be realistic.

• Ask: “What can we realistically afford per year?”
• Review sample college cost calculators together.
• Talk about expectations: Will you work during school? Live at home? Take loans?
• Share your goals and listen to their concerns.

Tools: Federal Aid Estimator – studentaid.gov

10) Key Financial Aid & Advice Links

• Federal Student Aid: studentaid.gov
• FAFSA Application: Apply for FAFSA
• Paying for College Tools: CFPB – Paying for College
• College Cost & Outcome Data: College Scorecard – U.S. Dept. of Education
• Scholarship Search: College Board BigFuture
• Loan Forgiveness & Repayment: Repayment & Forgiveness – studentaid.gov

3‑Question Quiz + Answers

Check your understanding of college costs and financial aid.

1. Which of the following is money you do not have to pay back?
   a) Federal student loans
   b) Credit cards
   c) Grants and scholarships
   d) Private loans
2. Which strategy usually helps reduce the total cost of a bachelor’s degree?
   a) Attending the most expensive private school you get into
   b) Starting at a community college and then transferring
   c) Ignoring financial aid offers
   d) Taking out the maximum loans offered every year
3. Why is it important to talk with parents or guardians about college money before applying?
   a) To make them choose your major
   b) To understand what your family can realistically afford and plan together
   c) So they can pay for everything without questions
   d) It’s not important; you can figure it out later

Correct Answers

1. c) Grants and scholarships
2. b) Starting at a community college and then transferring
3. b) To understand what your family can realistically afford and plan together