costs of college 9 th grade financial readiness strategies #1

21
Costs of College 9 th Grade Financial Readiness Strategies #1

Upload: harriet-gallagher

Post on 28-Jan-2016

213 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: Costs of College 9 th Grade Financial Readiness Strategies #1

Costs of College

9th GradeFinancial Readiness Strategies #1

Page 2: Costs of College 9 th Grade Financial Readiness Strategies #1

Pre-Test

1. What does short-term spending on a postsecondary degree lead to?

2. What are the main types of college costs?

3. How much does it approximately cost to attain a Master’s degree?

Page 3: Costs of College 9 th Grade Financial Readiness Strategies #1

Objectives

• Benefits of college • Introduction to ways to pay for college• More on this subject next week

• 5 main types of college costs– How much does it cost to go to college?

• Is it worth the money?– College Costs vs. Lifetime Earnings

Page 4: Costs of College 9 th Grade Financial Readiness Strategies #1

Benefits of a College • Short-term spending leads to – Long-term financial benefits

• There are also many potential personal benefits when students go to college and have a high skill career– Interesting tasks at work – Professionals with similar interests and are a positive influence– Passion for your career, pride in your work– Potential for advancement– Fitness clubs at work or reduced prices at clubs– Health benefits, more health insurance options – Give back to the community– Flexible work hours

Page 5: Costs of College 9 th Grade Financial Readiness Strategies #1

5 Ways Ed Pays Video• Watch the 5 Ways Ed Pays Video– Play close attention to the financial and personal

benefits

Page 6: Costs of College 9 th Grade Financial Readiness Strategies #1

Group Activity: Rank the 5 Ways Ed Pays

• Rank the 5 Ways Ed Pays starting with what is most important to your group

• Explain your rankings– Greater Wealth– More Security – Better Health – Closer Family – Stronger Community

Page 7: Costs of College 9 th Grade Financial Readiness Strategies #1

Building the Belief: Paying for College

• Before exploring the costs of college– It is important that students know that it is possible for all

students and families to finance a postsecondary education

• Many students and families think that college is too expensive for them– We will investigate different ways students and families pay

for college in this unit

Page 8: Costs of College 9 th Grade Financial Readiness Strategies #1

How Do Families Pay For College?

• Financial Aid • Grants

• National and state money to help pay for college costs

• Scholarships• Money students are awarded for skills and accomplishments

• Work Study• Students work at school to lower tuition costs

• Loans• Paying Colleges Directly • Savings• Family Contribution

Page 9: Costs of College 9 th Grade Financial Readiness Strategies #1

Paying for College Video

• Watch the Paying for College video – Pay special attention to the different types of financial aid

available to the students– (Note: This is a Arizona State University video but the types

of financial aid are available at all colleges)

Page 10: Costs of College 9 th Grade Financial Readiness Strategies #1

Group Discussion

• If you were going to have a work study at the postsecondary institution you attend, what sounds most interesting? Why? – Research assistant– College guide for perspective students– Computer lab assistant– Usher at public and sporting events– Child care worker– Library assistant– Food server– Clerical staff – Other

Page 11: Costs of College 9 th Grade Financial Readiness Strategies #1

5 Main Types of College Costs 1. Tuition and Fees2. Room and Board• Must pay for housing & food even if not in college

3. Supplies• Average cost around $500 a year (varies by major)

4. Personal Expenses• About the same cost as youth not in college• Insurance (many students can be on parent’s policy)

5. Transportation• Less expensive if attending in-state college

Page 12: Costs of College 9 th Grade Financial Readiness Strategies #1

Pick a Partner

• In which five areas do you think you can help keep college costs down?1. Tuition and Fees2. Room and Board3. Supplies4. Personal Expenses5. Transportation

Page 13: Costs of College 9 th Grade Financial Readiness Strategies #1

Average College Costs

• Associate’s degree• Tuition and Fees: $8,000 (2 Years)

• Bachelor’s degree• Tuition and Fees: $60,000 (4 Years)

• Master’s degree• Tuition and Fees: $90,000 (6 Years)

• Doctoral degree• Tuition and Fees: $170,000 (10 Years)

• Professional degree• Tuition and Fees: $190,000 (11 Years)

Page 14: Costs of College 9 th Grade Financial Readiness Strategies #1

Is it Worth the Money?

Page 15: Costs of College 9 th Grade Financial Readiness Strategies #1

Lifelong Income by Degree

Source: U.S. Government Info, About.com

Page 16: Costs of College 9 th Grade Financial Readiness Strategies #1

College Costs vs. Lifetime Earnings

• Associate’s degree• Tuition and Fees: $8,000 (2 Years)• Wage Increase from H.S. Degree: $550,000 (Lifetime) • Added Lifetime Income: $542,000

• Bachelor’s degree• Tuition and Fees: $60,000 (4 Years)• Wage Increase: $900,000 (Lifetime) • Added Lifetime Income: $840,000

Page 17: Costs of College 9 th Grade Financial Readiness Strategies #1

College Costs vs. Lifetime Earnings

• Master’s degree• Tuition and Fees: $90,000 (6 Years)• Wage Increase: $1,300,000 (Lifetime)

• Doctoral degree• Tuition and Fees: $170,000 (10 Years)• Wage Increase: $2,200,000 (Lifetime)

• Professional degree• Tuition and Fees: $190,000 (11 Years)• Wage Increase: $3,100,000 (Lifetime)

Page 18: Costs of College 9 th Grade Financial Readiness Strategies #1

Pick a Partner

• What type of degree to you plan to attain?

• Compare the cost of that degree and the increase of earnings over a lifetime

• What advantages do you see in attaining that degree?

Page 19: Costs of College 9 th Grade Financial Readiness Strategies #1

Classroom Discussion

• What type of degree to you plan to attain?

• Compare the cost of that degree and the increase of earnings over a lifetime

• What advantages do you see in attaining that degree?

Page 20: Costs of College 9 th Grade Financial Readiness Strategies #1

Post-Test

1. What does short-term spending on a postsecondary degree lead to?

2. What are the main types of college costs?

3. How much does it approximately cost to attain a Master’s degree?

Page 21: Costs of College 9 th Grade Financial Readiness Strategies #1

Review

1. Short-term spending on a postsecondary degree leads to

– Long-term benefits2. Main types of college costs– Three of the below• Tuition/Costs, Room/Board, Supplies, Personal

Expenses, Transportation3. How much does it approximately cost to attain a

Master’s degree?– $90,000