4. your big brother has decided that he wants to get into the workforce relatively soon and doesnt want to…

4. your big brother has decided that he wants to get into the workforce relatively soon and doesnt want to pursue a 4 - year degree. he is considering a career as a paralegal. while browsing job postings for paralegals in the area he notices that most firms are requiring candidates to have an associates degree or a certification. based on the information in the table below, which option is best for your sister and why?\n| | certification program | community college |\n|--|--|--|\n| cost of attendance | $1,800 | $5,000 ($2,500 each year) |\n| time to complete | 6 weeks | 2 years |\n| scholarships & grants | n/a | $1,000 |\n| subsidized loans | $0 | $3,500 |\n| unsubsidized loans | 0 | $5,500 |\n| parents savings | $1,500 | $1,500 |

4. your big brother has decided that he wants to get into the workforce relatively soon and doesnt want to pursue a 4 - year degree. he is considering a career as a paralegal. while browsing job postings for paralegals in the area he notices that most firms are requiring candidates to have an associates degree or a certification. based on the information in the table below, which option is best for your sister and why?\n| | certification program | community college |\n|--|--|--|\n| cost of attendance | $1,800 | $5,000 ($2,500 each year) |\n| time to complete | 6 weeks | 2 years |\n| scholarships & grants | n/a | $1,000 |\n| subsidized loans | $0 | $3,500 |\n| unsubsidized loans | 0 | $5,500 |\n| parents savings | $1,500 | $1,500 |

Answer

Explanation:

Step1: Calculate net cost for certification program

The cost of attendance is $1800 and there are no scholarships/grants, loans or parent - savings affecting it. So the net cost is $1800. $1800$

Step2: Calculate total cost for community college

The annual cost is $2500 for 2 years, so the total cost of attendance is $2500\times2 = 5000$. Subtract scholarships/grants of $1000, subsidized loans of $3500 and unsubsidized loans of $5500. But the sum of loans and grants ($1000 + 3500+5500=10000$) is more than the cost of attendance. Considering parent's savings of $1500, the net cost is $5000 - 1000-3500 - 5500+1500=-3500$ (which means with the financial aid, there is an excess of $3500$). But if we assume we only use enough aid to cover the cost, the net cost is $5000-1000 - 3500=500$ (using parent's savings to cover the remaining cost after scholarships and subsidized loans). $500$

Step3: Compare the costs and time

The certification program takes 6 weeks and costs $1800, while the community college takes 2 years but has a lower net cost of $500$. If time is a major factor and he wants to get into the workforce quickly, the certification program is better. If cost - effectiveness and getting a degree (associate's) is more important, the community college is better.

Answer:

If time is the priority, the certification program is best as it takes only 6 weeks to complete. If cost - effectiveness and having a degree are more important, the community college is best as its net cost is $500$ compared to the certification program's $1800$.