Question

Annika is attending college next year. She just got information on the college costs and the financial aid package the college is offering. Annika knows her parents can contribute $7,500 each year.

Annika’s College Costs & Financial Aid Package per Year
Costs
Financial Aid Package
Tuition & Fees
Grants & Scholarship
$21,500
$10,500
Room & Board
Work-Study
$13,500
$9,000

How much will Annika need to pay each year from her own savings and from loans?
$8,000
$11,000
$15,500
$17,000

Answer 1

$8,000

Explanation: Total cost = $21,500 + $13,500 = $35,000. Aid = $10,500 + $9,000 = $19,500. Parents contribute $7,500. Remaining = $35,000 − $19,500 − $7,500 = $8,000.