Educational Loans Essay Example | Topics and Well Written Essays - 750 words

Educational Loans - Essay Example To support my college expenses my plan is to obtain influx of cash to cover my educational expenses. The influx of cash to support all expenses include savings, work income, scholarships, and student loans. My college fund entering college is $20,000 from savings and family contributions. The $20,000 will be divided into $5,000 for each college year to cover expenses. My expected net income from work on a 20 hour part time job at $8 is $7,482 yearly. My scholarships are expected to be $7,500 per year. I plan on mortgaging my future by requesting student loans. My student loan debt will be $18,500 per year. The total yearly influx of cash towards my college education is $38,482.Tuition costs are the largest cost factor of the educational budget. The yearly tuition cost is $23,000 per year. For the four year term of the bachelor's the total tuition is $92,000. Each year I will spend about $1,000 on books and supplies. After four years my total costs on books will amount to $4,000. Room & Board will account to $6,000 per year for a grand total of $24,000 after four years. To reduce transportation costs instead of paying a for a new car I will purchase a $3,000 used car. Insurance costs amount to $1,000 per year. Flight time, exams, and certificates total $2,000. My total yearly expenses on my college education are $37,000. Since my inflows of cash total $38,482 my yearly budget has a surplus of $1,482. The total costs of my education to complete the bachelor's degree is $139,000.