103k views
0 votes
Mariana wants to attend Texas A&M. One year at Texas A&M costs approximately $28,000. She currently has $7,000 in savings. Mariana has received a one-time grant of $1,000 and an annual academic scholarship for $6,000. She plans to enroll in the work study program that will pay $10,000 annually for part-time work. How much will Mariana need to borrow in student loans in order to attend Texas A&M for 4 years?

User Amir F
by
6.2k points

2 Answers

3 votes

Final answer:

Mariana will need to borrow $47,000 in student loans to attend Texas A&M for 4 years.

Step-by-step explanation:

To calculate how much Mariana will need to borrow in student loans to attend Texas A&M for 4 years, we need to calculate the total cost of attending for 4 years and subtract Mariana's savings and the grants and scholarships she has received.

Mariana plans to attend Texas A&M for 4 years, so the total cost will be 4 times the cost of one year, which is $28,000. Therefore, the total cost for 4 years will be $28,000 × 4 = $112,000.

Next, we need to subtract Mariana's savings, the one-time grant, the annual academic scholarship, and the earnings from the work study program. Mariana has $7,000 in savings, received a one-time grant of $1,000, an annual academic scholarship for $6,000, and will earn $10,000 annually from the work study program. Over 4 years, Mariana's savings, grant, scholarship, and earnings will total $7,000 + $1,000 + ($6,000 × 4) + ($10,000 × 4) = $65,000

Finally, we can calculate the amount Mariana will need to borrow in student loans by subtracting the total amount she has from the total cost of attending: $112,000 - $65,000 = $47,000

User Adamup
by
6.2k points
4 votes

Answer:

$58,000

Step-by-step explanation:

Total money that Mariana will generate:

Savings = $7,000

One-time grant = $1,000

Annual academic scholarship = $6,000

study program = $10,000/year

Study program for 4 years = $40,000

Total = $7,000 + $1,000 + $6,000 + $40,000

Total = $54,000

Total money that Mariana will generate for her 4 years = $54,000

Cost of fee at Texas A&M per year = $28,000

Cost of fee at Texas A&M for 4 years = 4*$28,000 = $112,000

Amount Mariana will have to borrow to attend Texas = $112,000 - $54,000

Amount Mariana will have to borrow to attend Texas = $58,000

Hence Mariana will have to borrow $58,000 in student loan to attend Texas A&M for 4 years

User RedDeckWins
by
6.2k points