FN290 Mini ProjectStudents have different needs and interests in Personal Finance. Some of you are lucky enough not to have student loans, others are kept up at night worrying how to pay them back....

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FUND YOUR KID’S COLLEGE
Contents
Introduction    3
Analysis    3
Conclusion    6
Work Cited    7
Introduction
    The cost of pursuing higher education is considered as a major expenditure for the students as well as their parents. Hence, it is with the help of a proper financial planning which can help to manage and administer all the expenses associated with the study of the kids in the college. On the other hand, a prudent financial planning can help the parents to get additional tax-advantages, financial aid and send their children to a college of repute. In this report, I will prepare a four-year college financial plan for the kids which will consist of the expenses and the way these expenses are being funded and met.
Analysis
    The cost of college for allowing their kids to study is planned and prepared in different ways. But in most of the families which are poor and below poverty line, the entire earnings of the parents are being expended in other sources and it’s the student who must take loan to meet the college expenses (DeMarco). Further, some students can get sponsorship or grants from the government institutes for meeting the college expenses for all their semesters. According to a survey in 2022, it’s the parents of the students who expends an average amount of $11862 annually in the form of tuition fees for their children (Hanson). Below is the financial planning by a parent for their child education in college.
    College Financial Plan
    Year 1 Expenses Categories
    Fall Semester
    Winter Semester
    Spring Semester
    Summer Semester
    Year 1 Expenses
    Year 1 Funding Categories
    Fall Semester
    Winter Semester
    Spring Semester
    Summer Semester
    Year 1 Funding
    Fees
    500
     
     
     
    500
    Self
    3500
    3500
    3500
    3500
    14000
    Travel
    1500
     
     
     
    1500
    Family
    6500
    6500
    6500
     
    19500
    Tuition
    2000
    2000
    2000
     
    6000
    Sponsor
    3000
    3000
    3000
     
    9000
    Health Insurance
    600
    600
    600
     
    1800
    Sponsor
     
     
     
     
    0
    Books/ Supplies
    300
    300
    300
     
    900
    Sponsor
     
     
     
     
    0
    Personal
    1200
    1200
    1200
     
    3600
    Other Grants
    500
    500
    500
     
    1500
    Housing/ Food
    3500
    3500
    3500
     
    10500
    Other Grants
     
     
     
     
    0
    Others
    3000
    3000
    3000
     
    9000
    Other Grants
     
     
     
     
    0
    Total
    12600
    10600
    10600
    0
    33800
    Total
    13500
    13500
    13500
    3500
    44000
     
    Year 2 Expenses Categories
    Fall Semester
    Winter Semester
    Spring Semester
    Summer Semester
    Year 2 Expenses
    Year 2 Funding Categories
    Fall Semester
    Winter...