ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Keith should accept all $30, 000 of his financial aid award, even though he needs only $28, 000.
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Keith should only accept $26, 000 of his financial aid award, and then take out a private student loan for $2, 000 to cover other expenses for his freshman year.
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Keith should accept only what he needs from his financial aid award. If he decides to accept less, the best option for him is to decrease the amount he is taking out in federal student loans.
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Keith should not choose this college because he cannot afford it.
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Detailed explanation-1: -If your family’s income is less than $75, 000, you’ll pay nothing.
Detailed explanation-2: -Almost half of all Stanford undergraduates receive need-based financial aid. Families earning less than $150, 000 with assets typical of that income level pay no tuition. Families earning less than $100, 000 with assets typical of that income level pay no tuition or room and board.
Detailed explanation-3: -This refers to the average cost that students pay to attend a school. This is obtained by deducting the average federal, state, and institutional gift aid from the sticker price of a college.
Detailed explanation-4: -Does Stanford give full-ride academic scholarships? The average need-based scholarship for Stanford freshmen is worth $58, 494, but prospective students should note that like many top schools, Stanford University does not give out merit scholarships.