Click HERE for an explanation of the College Financial Planning page:
College Financial Planning
Complete a new simulation called "Payback" to get a small glimpse into the life of a college student: https://www.timeforpayback.com/ Many of the items in this simulation are scary accurate!
Rules:
1. You need to get to the end. If the sim kicks you out early, you will need to start again.
2. When you get to the end, take a screenshot of your results, like I did of mine below.
3. Discuss "takeaways" you had from the documentary and/or the Payback simulation.
Rules:
1. You need to get to the end. If the sim kicks you out early, you will need to start again.
2. When you get to the end, take a screenshot of your results, like I did of mine below.
3. Discuss "takeaways" you had from the documentary and/or the Payback simulation.
College Financial Planning
(Now a Part of Personal Finance Class)
We will watch "Broke, Busted, Disgusted" a documentary filmed in Iowa about the current state of the cost of college.
We will watch "Broke, Busted, Disgusted" a documentary filmed in Iowa about the current state of the cost of college.
For your own education...
***Even more Resouces***
Due to time constraints during the iciest part of the year, we have omitted this activity. It has been very valuable to some students in the past, so please consider doing this work to get a better idea of what financing your post-secondary education might look like:
Reflect on the documentary and look at some figures on college websites to see the correlation between the cost of college today and how much it will cost to pay loans back.
If you don't have access to NY Times (now a paid website for the most part), please use Nerd Wallet's Student Loan Calculator.
We will be using the NY Times Student Loan Calculator for some of this research.
As you plan for college next year, ask yourself the following questions:
1. What are your long-term college goals?
2. What is the maximum amount of recommended debt you should incur in order to obtain your training/degree, by determining how much you can expect to make in your first year of your career.
3. What will your college education cost? (Research the different aspects to the best of your ability, this is a projection.)
4. How do you plan to pay for college? (Loans/Grants/family help/jobs/loans)
5. How much will your loan payments be after graduation?
Reflect on the documentary and look at some figures on college websites to see the correlation between the cost of college today and how much it will cost to pay loans back.
If you don't have access to NY Times (now a paid website for the most part), please use Nerd Wallet's Student Loan Calculator.
We will be using the NY Times Student Loan Calculator for some of this research.
As you plan for college next year, ask yourself the following questions:
1. What are your long-term college goals?
2. What is the maximum amount of recommended debt you should incur in order to obtain your training/degree, by determining how much you can expect to make in your first year of your career.
3. What will your college education cost? (Research the different aspects to the best of your ability, this is a projection.)
4. How do you plan to pay for college? (Loans/Grants/family help/jobs/loans)
5. How much will your loan payments be after graduation?
Independent Activity:
broke_busted_companion_assignment.pages | |
File Size: | 253 kb |
File Type: | pages |
Other Resources:
borrowing-limits-by-major.pdf | |
File Size: | 511 kb |
File Type: |
Common "Money Traps" Students find themselves in that add to the already expensive cost of college:
I encourage you to talk to former classmates, siblings, or others you know who have already attended college to share with you some financial lessons they have learned from experience. It's always easier to learn from others' mistakes than your own!
You can/should do additional research to identify some potential ways that college could cost you more- and how you can avoid them.
Federal Reserve Bank of New York- Staying in College Longer Than Four Years Costs More Than You Might Think
Daily Finance: $17,000 a Year for a Dorm Room? Lower Your College Housing Costs
College Info Geek: 39 Ways You Can Cut The Cost Of College
Dropping, skipping or failing a class: What are the financial implications?
Forbes: 13 Ways College Students Waste Money & Opportunities
Forbes' list is good- Consider looking into these topics more in-depth by doing your own research:
- Tuition (PSEO credits are free, NIACC credits are cheaper, At 4-Year Universities, anything over 12 credits costs the same)
- Rent (Consider different housing options & the cost difference between them)
- Food (Food costs can vary significantly- from meal plans to eating at a restaurant for lunch daily, there are many ways that food can add to the cost of college.)
- Textbooks (Should you buy retail or buy used? Ask others who've been there the best way to save on books)
- Alcohol (Those who "socialize" heavily will spend much more than those who spend the majority of their time studying.)
- Entertainment (College is a time to live more minimally. Frequently spending money on concerts, sporting events, and other entertainment adds to your loan totals.)
- Spring Break (College students spend an average of over $1,000 per year on Spring Break. That's a lot of money to spend when college costs are already high!)
- Not graduating (You have to pay loans back whether you graduate or not. If you do not complete your program, that money has not been wisely spent. Most of the time, you need a degree or certificate to qualify for the job you want.)
Student Loans seem to be at the root of many poor college spending decisions. The best way to avoid loan issues is to understand them. You can learn more at FederalStudentAid.gov or check out Daily Finance's "How Much is Too Much to Borrow for College?"
Whether you have a job or not in college will also affect how much you have to borrow. This article indicates that all college students should get a part-time job: Daily Finance- " College Students Have Plenty of Time to Work"
Ways to Save Money in College:
Schmoop College 101: 24 Ways to Save Money in College
FastWeb: 30 Money Saving Tips for Students
US News: 10 Ways to Save on College Costs (US News & World Report has other interesting articles on this topic. See related.)
Get Rich Slowly: 27 Money Tips for College Students
40 Money Management Tips Every College Student Should Know
I encourage you to talk to former classmates, siblings, or others you know who have already attended college to share with you some financial lessons they have learned from experience. It's always easier to learn from others' mistakes than your own!
You can/should do additional research to identify some potential ways that college could cost you more- and how you can avoid them.
Federal Reserve Bank of New York- Staying in College Longer Than Four Years Costs More Than You Might Think
Daily Finance: $17,000 a Year for a Dorm Room? Lower Your College Housing Costs
College Info Geek: 39 Ways You Can Cut The Cost Of College
Dropping, skipping or failing a class: What are the financial implications?
Forbes: 13 Ways College Students Waste Money & Opportunities
Forbes' list is good- Consider looking into these topics more in-depth by doing your own research:
- Tuition (PSEO credits are free, NIACC credits are cheaper, At 4-Year Universities, anything over 12 credits costs the same)
- Rent (Consider different housing options & the cost difference between them)
- Food (Food costs can vary significantly- from meal plans to eating at a restaurant for lunch daily, there are many ways that food can add to the cost of college.)
- Textbooks (Should you buy retail or buy used? Ask others who've been there the best way to save on books)
- Alcohol (Those who "socialize" heavily will spend much more than those who spend the majority of their time studying.)
- Entertainment (College is a time to live more minimally. Frequently spending money on concerts, sporting events, and other entertainment adds to your loan totals.)
- Spring Break (College students spend an average of over $1,000 per year on Spring Break. That's a lot of money to spend when college costs are already high!)
- Not graduating (You have to pay loans back whether you graduate or not. If you do not complete your program, that money has not been wisely spent. Most of the time, you need a degree or certificate to qualify for the job you want.)
Student Loans seem to be at the root of many poor college spending decisions. The best way to avoid loan issues is to understand them. You can learn more at FederalStudentAid.gov or check out Daily Finance's "How Much is Too Much to Borrow for College?"
Whether you have a job or not in college will also affect how much you have to borrow. This article indicates that all college students should get a part-time job: Daily Finance- " College Students Have Plenty of Time to Work"
Ways to Save Money in College:
Schmoop College 101: 24 Ways to Save Money in College
FastWeb: 30 Money Saving Tips for Students
US News: 10 Ways to Save on College Costs (US News & World Report has other interesting articles on this topic. See related.)
Get Rich Slowly: 27 Money Tips for College Students
40 Money Management Tips Every College Student Should Know