A financial educator from TG Financial Literacy told students about the hidden costs they can face when attending a four-year university and ways to create a spending plan to meet their financial needs accordingly.
Nancy Van Boskirk, who works with the Texas Guaranteed Student Loan Corporation and has led previous money management sessions at TCC, said a school’s cost of attendance can help students estimate their college expenses and develop a spending plan.
It is essential to create a spending plan so needs are satisfied without overspending or accumulating debt, Boskirk told an audience of more than 30 students.
“All schools are not the same,” she said, “and knowing how things work will inform your choices.”
Completing the Free Application for Federal Student Aid is important because students can then apply for scholarships, grants, federal work study and federal student loans that will help with college tuition and fees, Boskirk said.
However, sometimes scholarships and grants can cover only so much, and students may decide to borrow money to meet their expenses.
“The more money borrowed, the more interest has to be paid,” she said. “The longer it takes to repay the money, the more interest it is going to cost you.”
For those who could not attend the event, Boskirk suggested a visit to aie.org and tgslc.org. Both sites offer students planning resources and financial guidance. She also suggested visiting a campus financial aid office for more information.
—Claudia Caramantin
