Making it Personal – College Expense and Resource Projections
Attending college with limited resources can be a trying experience. One way to alleviate some of the financial stress is to plan ahead. Develop a worksheet following the general layout of the table below that shows the projected expenses and resource for four years of college. When complete, please label your work College_Expenses_Your_Name
| Expenses | Freshman | Sophomore | Junior | Senior | Total |
| Room and Board | $9942 | ||||
| Fees | $ 2294 | ||||
| Tuition and Books | $9268 | ||||
| Clothes | 750.00 | ||||
| Entertainment | 1,025.00 | ||||
| Misc | 675.00 | ||||
| Total Expenses | |||||
| Resources | Freshman | Sophomore | Junior | Senior | Total |
| Savings | |||||
| Parents | |||||
| Job | |||||
| Loans | |||||
| Scholarships | |||||
| Total Expenses | |||||
| Assumptions | |||||
| Savings | 10% | ||||
| Parents | 20% | ||||
| Job | 10% | ||||
| Loans | 30% | ||||
| Scholarship | 30% | ||||
| Annual Rate Increase | 7.5% |
After creating the worksheet: Perform a Whatif Analysis by changing the percents of the resource assumptions; (b) Perform a what-if analysis to determine the effect on the resource by increasing the Annual Rate Increase to 9%; and (c) with the original assumptions, goal seek to determine what the Annual Rate Increase would be for the total expenses to be $100,000. Submit each What-If Analysis properly labeled as well as the completed Goal Seek.
