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FN290 Mini Project Students 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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FN290 Mini Project
Students 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 wo
ying how to pay them back. Some of you want to get ma
ied soon, some want to go to graduate school and some want to save for your kids. The mini-project is an opportunity for you to further research a smaller part of your whole financial plan.
The mini-project must be at least four pages (double spaced, 12-point Times New Roman font) describing the issue you are looking at and how you plan to resolve it. Also include Excel spreadsheets with your calculations. The mini project may vary greatly in topic and coverage.
The list below is some ideas – many other are acceptable. All topics must be approved in advance.
1) Plan a wedding
2) Buy a house
3) Pay back student loans
4) Fund your kid’s college
5) Calculate start-up costs for your business
6) Create a plan to pay off credit cards or raise your credit score
7) Figure out how to finance graduate school
Answered 1 days After Nov 07, 2022

Solution

Tanmoy answered on Nov 09 2022
39 Votes
Last Name     4
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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 Semeste
    Winter Semeste
    Spring Semeste
    Summer Semeste
    Year 1 Expenses
    Year 1 Funding Categories
    Fall Semeste
    Winter Semeste
    Spring Semeste
    Summer Semeste
    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
    Sponso
    3000
    3000
    3000
     
    9000
    Health Insurance
    600
    600
    600
     
    1800
    Sponso
     
     
     
     
    0
    Books/ Supplies
    300
    300
    300
     
    900
    Sponso
     
     
     
     
    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 Semeste
    Winter Semeste
    Spring Semeste
    Summer Semeste
    Year 2 Expenses
    Year 2 Funding Categories
    Fall Semeste
    Winter...
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