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Jacob is a freshman at a two-year college in the Twin Cities. He has a sister in college, and his parents own a home but have no other significant savings. His family's income: $42,000.00.
| College costs for one year | |
|---|---|
| 2006-2007 tuition | $3,922.50 |
| Fees | $361.50 |
| Estimated room and board * | $9,045.00 |
| Estimated living expenses ** | $4,171.00 |
| Total cost of attendance | $17,500.00 |
| Jacob's financial aid | |
| Federal grants (do not need to be paid back) | $2,300.00 |
| Minnesota grant (does not need to be paid back) | $1,363.00 |
| Work study earnings | $5,000.00 |
| Student loan (to be paid back after graduation) | $7,125.00 |
| Total financial aid | $15,788.00 |
| Cost to Jacob's family: | $1,712.00 |
* Estimated cost reflecting apartment rent rate and food costs in the Twin Cities. The estimates are used to calculate financial aid.
** This is an estimate of expenses including transportation, books, clothing and social activities.
