Question

Grace wants to attend University of Oklahoma. One year at University of Oklahoma costs approximately $20,000. She currently has $4,000 in savings. Grace has received a one-time grant of $1,000 and an annual academic scholarship for $4,000. She plans to enroll in the work study program that will pay $9,000 annually for part-time work. How much will Grace need to borrow in student loans in order to attend University of Oklahoma for 4 years?

Answer 1

Grace needs to borrow $23,000 in students loan in order to attend University of Oklahoma for 4 years.

Explanation:

Cost for one year at University of Oklahoma = $20,000

Cost for 4 years = 4 × $20,000 = $80,000

Total amount Grace would have in 4 years = $4,000 + $1,000 + ($4,000×4) + ($9,000×4) = $57,000

Amount she needs to borrow = $80,000 - $57,000 = $23,000