Question

Rodrigo wants to attend University of Texas. One year at University of Texas costs approximately $22,000. He currently has $3,000 in savings. Rodrigo has received a one-time grant for $1,000 and an annual academic scholarship for $5,000. He plans to enroll in the work study program that will pay $8,000 annually for part-time work. How much will Rodrigo need to borrow in student loans in order to attend University of Texas for 4 years?

Answer 1

well, we know the cost at the University of Texas is $22,000 per year, now for Rodrigo for 4 years that'll be 4(22,000) = 88,000.

So he has 3000 in savings, and 1,000 one-time grant, that's 4000 bucks, let's subtract that from the 88000 and it's just 84000.

Now for the scholarship which is not a one-time deal is every year, he gets 5000 bucks, for 4 years that'll be 4(5000) = 20000, and the work study pays for part-time 8000 every year, for 4 years that'll be 4(8000) = 32000, let's subtract those two amounts from the 84000 needed, that'll be 84000 - 20000 - 32000 = 32000.

So Rodrigo can offset the 88000 by 4000 + 20000 + 32000, leaving only 32000 to be covered by other means, possibly a student loan.