Breaking Down the Costs

For this research project, you will be analyzing the costs associated with your intended future path after high
school. If your plan is to attend college, you will be researching the cost to attend various colleges. If your plan
is to join the workforce, you will research to cost to attend trade school, an academy, or receive a professional
certification in your line of work. This project is intended to make you more aware of the reality behind money
in the real world.

Firstly, what is your intended career outside of high school? High school English teacher

Find three four-year institutions (or trade schools, academies, or certification programs, depending on your
goals) that offer a degree related to this intended career. When choosing your institutions, select one that is
extremely prestigious, one that is considered “middle-of-the-road,” and one that is generally viewed as less
prestigious.

Institution #1
What is the name of the institution? The College of William and Mary

What degree do they offer related to your intended career? B.A. in English

What is the average cost per semester for attending this institution? $11,814 (“Paying for College”)

What is the total cost to obtain this degree at this institution? $94,512 (“Paying for College”)
(For a 4-year degree, multiply your semester cost by 8; for a 5-year degree, multiple by 10; etc.)

Most school loans have to be repaid within 15 years. Take the total cost of that institution and divide it by 15 to
determine how much money you will have to pay back each year. Record that number below:

$6,300
Note: Be sure to cite where you received your information, both by using MLA in-text citations and by
including the full MLA bibliographic citation on the Works Cited page (final page of this document).
Institution #2
What is the name of the institution?

What degree do they offer related to your intended career?

What is the average cost per semester for attending this institution?

What is the total cost to obtain this degree at this institution?

(For a 4-year degree, multiply your semester cost by 8; for a 5-year degree, multiple by 10; etc.)

Most school loans have to be repaid within 15 years. Take the total cost of that institution and divide it by 15 to
determine how much money you will have to pay back each year. Record that number below:

Institution #3
What is the name of the institution?

What degree do they offer related to your intended career?

What is the average cost per semester for attending this institution?

What is the total cost to obtain this degree at this institution?

(For a 4-year degree, multiply your semester cost by 8; for a 5-year degree, multiple by 10; etc.)

Most school loans have to be repaid within 15 years. Take the total cost of that institution and divide it by 15 to
determine how much money you will have to pay back each year. Record that number below:

Now, research your intended career. Look up three separate companies and figure out what the starting salary
someone in your position would be paid:

Company/Organization #1
What is the name of the company/organization? ___________________________________________________

What is the starting salary for your intended position? ______________________________________________

Company/Organization #2
What is the name of the company/organization? ___________________________________________________

What is the starting salary for your intended position? ______________________________________________

Company/Organization #3
What is the name of the company/organization? ___________________________________________________

What is the starting salary for your intended position? ______________________________________________

What is the average starting salary you will receive working in your desired career (add up all three salaries and
divide by three). Record that number below:

____________________  Multiply that number by 0.9 to account for 10% being taken for taxes

What is your new Average Career Salary after taxes? ______________________________

Now, we need to determine how much of your salary will be going towards just paying off your student
loans.

Institution #1 Institution #2 Institution #3

Subtract the Institution’s loan cost

from your Average Career Salary

How much money do you still

have to spend on bills / life needs
 after paying the loans?
Calculating Common Expenses

Where (specifically) is one place you’d like to live after earning your degree? ___________________________

How much does it cost to rent an apartment in that city/area per year? _________________________________
(Make sure you are not listing the monthly rent, multiply by 12 for the yearly cost)

What does the average American pay for electricity bills per year? ____________________________________
(Make sure you are not listing the monthly cost, multiply by 12 for the yearly cost)

What does the average American pay for water bills per year? _______________________________________
(Make sure you are not listing the monthly cost, multiply by 12 for the yearly cost)

What does the average American pay for Internet access per year? ____________________________________
(Make sure you are not listing the monthly cost, multiply by 12 for the yearly cost)

What does the average American pay for phone plans per year? ______________________________________
(Make sure you are not listing the monthly cost, multiply by 12 for the yearly cost)

What does the average American pay for gasoline per year? _________________________________________
(Make sure you are not listing the monthly cost, multiply by 12 for the yearly cost)

What does the average American pay for groceries per year? _________________________________________
(Make sure you are not listing the monthly cost, multiply by 12 for the yearly cost)

What does the average American pay for health insurance per year? ___________________________________
(Make sure you are not listing the monthly cost, multiply by 12 for the yearly cost)

What does the average American pay for car insurance per year? _____________________________________
(Make sure you are not listing the monthly cost, multiply by 12 for the yearly cost)

Now, add up all of these for a grand total for your average Common Expenses: _________________________

Now, we need to determine how much of your salary will be going towards just paying off your student
loans.

Institution #1 Institution #2 Institution #3

How much money were you left
with after paying off the student
loans from each institution (look
above)

Subtract the total for the average

Common Expenses.

How much money do you still

have left to eat out, have fun with
friends, travel, and enjoy life?
You must submit a typed works cited page with this assignment listing all the sources consulted. Use MLA format.
Works Cited

“Paying for College of William and Mary.” College Tuition Compare, College Tuition Compare, 2020,

www.collegetuitioncompare.com/edu/231624/college-of-william-and-mary/tuition/#:~:text=For

academic year 2019-2020,out-of-state students.