Question

Elisa is nearing graduation. She just met with her counselor and he showed her this information.

Elisa’s College Costs & Payment Options per Year

Costs

Methods of Payment

Tuition & Fees

Grants & Scholarship

$9,500

$9,500

Room & Board

Work-Study

$11,500

$8,000


If she pays the balance with a student loan, how much will she need to borrow for all four years?

$0

$3,500

$11,500

$14,000

Answer 1

The correct answer is D-$14,000

Explanation:

This is the difference between what she will make from her work-study and what her room and board will cost. After she does her work study her room and board will still be $3,500 per year and she will be paying that for 4 years which equals $14,000

Answer 2

Answer: $14,000

Explanation:

Given the following :

Room & Board = $11,500

Work - study = $8000

Grant & scholarship = $9500

Tuition fee = $9500

If she pays balance with a student loan, how much will she need to borrow:

Elisha's bill:

Tuition fee and room and board

($9500 + $11500) = $21,000

Elisha's earning:

Work - study and scholarship & grant

($8000 + $9500) = $17500

Therefore,

Amount to borrow per year :

$21,000 - $17,500 = $3500

For four years :

4 × $3,500 = $14,000