The Loans for Tuition
In this project I learned about loans and credit cards and how money is spent and used in these processes. Along with this we learned one sided opinions both good and bad about about being in debt. The most interesting thing for me is observing how people spend more money then they own and all of a sudden end up in a massive amount of debt. I also am very interested in how much money the bank makes of off loans. I found that this course was very informative and has prepared me for the future.
Paying for College
In this project I researched the past tuition of two schools (Colorado Northwest College and Colorado School of Mines). After researching past tuition rates I predicted the tuition of the years I would be going to these schools. After that I looked up repayment plans and picked the best one for me. After researching I found that Colorado school of mines would cost me 81249 and the best repayment plane for me would be the standard graduated repayment plan. I also found Northwest College to be 14678 and the best repayment plan for this to be standard fixed.
In this project I researched the past tuition of two schools (Colorado Northwest College and Colorado School of Mines). After researching past tuition rates I predicted the tuition of the years I would be going to these schools. After that I looked up repayment plans and picked the best one for me. After researching I found that Colorado school of mines would cost me 81249 and the best repayment plane for me would be the standard graduated repayment plan. I also found Northwest College to be 14678 and the best repayment plan for this to be standard fixed.
Tuition for Colorado
Northwest College and Colorado School of Mines
Colorado School of Mines is a four year in-state
public school that is located in Golden Colorado. After analyzing collected data
on past tuitions the equation y=828.4571429x+ 9128.066667 can be constructed,
this means that that each year the price of tuition will rise roughly 828.46
starting at year 2006-2007at a price of 9128.07. The average percent increase
in tuition from the collected data is 6.3% why the percent average percent
increase of expected tuition is 4.3%. The greatest percent increase in data
happened in 2010-2011 this is because bloating
of university administration acts like sludge in the education engine that is
increasingly fueled by student tuition. Note that this is not the only causes
of tuition hikes at Colorado school of mines. Based on estimated tentative tuition
cost over 4 years would be $81249 at Colorado School of Mines.
Colorado Northwest College is a four year in-state
Community College. After analyzing collected data the equation
y=135.4285714x+1841.3333 can be constructed, this means that that each year the
price of tuition will rise roughly 135.43 starting at year 2006-2007 at a price
of 1841.33. The average percent increase in the tuition from the data collected
is 6 %. The average increase of the expected tuition is 3.8%.The greatest
increase in data happened in 2008-2009 this is because approximately 70% of
Northwest’s students were in transfer programs and 24% are in occupational
programs. Based on estimated tentative tuition cost of tuition over 4 years
would be$14678 at Colorado Northwest College.
For School of mines I picked the standard graduated
repayment plan to pay of my tuition because it is the cheapest repayment plane
and I believe that even though paying of my debt would be hard towards the end
I believe that I could save up money during paying for the less expensive loans
so that I could pay for the more expensive loans. Because this is only the
calculation of tuition other things like books and board and room can affect
the cost exponentially. For example if you consider the board and room in the
cost of tuition the total amount would actually be 128887.3 instead of 81249.
For Colorado Northwest College was the cheapest
because it was a community college and tuition only cost 14678. For how little
the tuition cost there was really only one payment and that was the standard
fixed and the monthly payment of $168.91. Because this is only the calculation
of tuition other things like books and board and room can affect the cost total
cost for going to Colorado Northwest College. But if I were looking to get a
cheap education I would go to an instate community college based on the
information found.
From this process I have learned a lot about the
college I want to go to and how paying for the college would be. From this knew
found knowledge I have goals for myself in order to ensure that I have a higher
chance of getting into the School of Mines. I feel very strong in liner
equations and after applying that knowledge to map out the tuition cost for
when I would be in college, it has not affected me on the fact that I want to
go to this college or a good college because I still want a good education. But
in doing this I have gained perspective such as how much college costs and how
loans work. With this perspective I understand better how important it is for
me to be applying myself in school.
Excel Tables
| Colorado School of Mines | colorado northwest community college | ||||||||||||
| Academic Year | Yrs Since 2003 | Tuition | Room | Board | Total Tuition and rum, board costs | Percent Increase | Tuition | Room | Board | Total Education Costs (year) | Percent Increase | ||
| Sem. | Yr | Per Year | Sem. | Yr | Per Year | ||||||||
| 2003-2004 | 1 | 1 | |||||||||||
| 2004-2005 | 2 | ||||||||||||
| 2005-2006 | 3 | ||||||||||||
| 2006-2007 | 4 | 2056 | |||||||||||
| 2007-2008 | 5 | 17400 | 10050 | 3765 | 3765 | 17400 | 2127 | 1.034533 | |||||
| 2008-2009 | 6 | 18589 | 11239 | 3675 | 3765 | 18589 | 1.068333 | 2140 | 1.006112 | ||||
| 2009-2010 | 7 | 18710 | 10590 | 4060 | 4060 | 18710 | 1.006509 | 2323 | 1.085514 | ||||
| 2010-2011 | 8 | 20840 | 12244 | 4298 | 4298 | 20840 | 1.113843 | 2506 | 1.078777 | ||||
| 2011-2012 | 9 | 21789 | 14453 | 3667.5 | 3668 | 21789 | 1.045537 | 2740 | 1.093376 | ||||
| 2012-2013 | 10 | 23512 | 13590 | 4961 | 4961 | 23512 | 1.079077 | 0 | |||||
| 5.313299 | |||||||||||||
| Linear Equations | y=828.4571429x+9128.066667 | y=1208.2x+15911.1.333 | y=135.4285714x+1841.3333 | 5.298312 | |||||||||
| 1.06266 | 1.059662 | ||||||||||||
| Estimated Years | |||||||||||||
| 2014-2015 | 11 | 18241.1 | 29201.333 | 3331 | |||||||||
| 2015-2016 | 12 | 19069.55 | 1.0454 | 30409.533 | = | 3466 | 1.04066 | ||||||
| 2016-2017 | 13 | 19898.01 | 1.0434 | 31617.733 | 0.961787 | 3602 | 1.03907 | ||||||
| 2017-2018 | 14 | 20726.47 | 1.0416 | 32825.933 | 0.963194 | 3737 | 1.0376 | ||||||
| 2018-2019 | 15 | 21554.92 | 1.04 | 34034.133 | 0.9645 | 3873 | 1.03624 | ||||||
| 2019-2020 | 16 | 22383.38 | 1.0384 | 35242.333 | 2.889481 | 4008 | |||||||
| 4.15356 | |||||||||||||
| Sum Formula | 81248.95 | 128887.33 | 128887.3 | 14678 | 1.03839 | ||||||||
| College Repayment Plans - COLLEGE 1 | ||||||||||||
| # of Months | Monthly Payment | Loan Principle | Total Loan Payback | Total Interest | Standard Graduated Plan | Extended Graduated Plan | ||||||
| Standard/ Fixed | 120 | 935.02 | 81249 | 112201.94 | 30952.94 | Years 1-2 | 642.01 | Years 1-2 | 467.51 | |||
| Standard/ Graduated | 300 | 81249 | 100947.42 | 182196.42 | Years 3-4 | 780.52 | Years 3-4 | 488.2 | ||||
| Extended Fixed | 300 | 563.93 | 81249 | 169177.99 | 87928.99 | Years 5-6 | 948.91 | Years 5-6 | 509.8 | |||
| Extended Graduated | 120 | 81249 | 118262.45 | 37013.45 | Years 7-8 | 1153.63 | Years 7-8 | 532.36 | ||||
| Years 9-10 | 1402.52 | Years 9-10 | 555.92 | |||||||||
| Years 11-12 | 580.52 | |||||||||||
| Years 13-14 | 606.21 | |||||||||||
| Years 15-16 | 633.03 | |||||||||||
| Years 17-18 | 661.05 | |||||||||||
| Years 19-20 | 690.3 | |||||||||||
| Years 21-22 | 720.85 | |||||||||||
| Years 23-24 | 752.75 | |||||||||||
| Years 25 | 786.06 | |||||||||||
| College Repayment Plans -colorado northwest community college | |||||||||
| # of Months | Monthly Payment | Loan Principle | Total Loan Payback | Total Interest | Standard Graduated Plan | Extended Graduated Plan | |||
| Standard/ Fixed | 120 | 168.91 | 14678 | 20269.79 | 5591.79 | Years 1-2 | Years 1-2 | ||
| Standard/ Graduated | NA | Years 3-4 | Years 3-4 | ||||||
| Extended Fixed | NA | Years 5-6 | Years 5-6 | ||||||
| Extended Graduated | NA | Years 7-8 | Years 7-8 | ||||||
| Years 9-10 | Years 9-10 | ||||||||
| Years 11-12 | |||||||||
| Years 13-14 | |||||||||
| Years 15-16 | |||||||||
No comments:
Post a Comment