Jorge is attending college next year. he just got information on the college costs and the financial aid package the college is offering. jorge knows his parents can contribute $4,500 each year. jorge's college costs & financial aid package per year costs financial aid package tuition & fees grants & scholarship $26,000 $18,500 room & board work-study $12,500 $8,500. How much will jorge need to pay each year from his own savings and from loans? a. $3,000 b. $7,000 c. $7,500 d. $11,500

b. $7,000

Explanation:

Jorge is attending college next year. he just got information on the college costs and the financial aid package the college is offering. jorge knows his parents can contribute $4,500 each year.

jorge's college costs & financial aid package per year costs financial aid package tuition & fees grants & scholarship $26,000 $18,500

room & board work-study $12,500 $8,500.

Assume the following as the full college costs per year

Tuition fees - $26,000

Room & Board-$12,500

Less: Work-study - ($8,500)

Total ... 30,000

Financed by:

Scholarship ... ($18,500)

Parental Support ... ($4,500)

Balance Amount ... 30,000 - 18,500 - 4,500 = $7,000

Answer:b) $7000

Explanation:

College cost

Tuition & fees=$26,000

Room & board=$12,500

Total=$38,500

Financial aid package

Grants& scholarship=$18,500

Work study=$8500

Total=$27,000

Balance=Total college cost - Total financial aid

=$38,500-$27,000

=$11,500

Jorge needs $11,500 to balance his cost

Jorge parents can contribute$4,500 each year

Therefore,

$11,500-$4,500

=$7,000

Jorge needs $7,000 more from his savings or loan to cover his college cost