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Welcome to…….. UW Oshkosh Money Madness

Welcome to…….. UW Oshkosh Money Madness. The Financial Aid Game for Winners!. Let’s Get Started!. THE MONEY GAME CONSISTS OF:. 3 Ten-Minute Presentations. Followed by 3 Question and Answer Rounds.

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Welcome to…….. UW Oshkosh Money Madness

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  1. Welcome to……..UW Oshkosh Money Madness The Financial Aid Game for Winners!

  2. Let’s Get Started! THE MONEY GAME CONSISTS OF: • 3 Ten-Minute Presentations • Followed by 3 Question and Answer Rounds • Captains will select2 Players from their teams to face off in each Question and Answer Round HIGHEST TOTAL POINTS WINS GAME

  3. Rules • Team captains can quickly substitute players between questions during the Question and Answer Rounds • Answering a question before answers are shown earns you 20 bonus points! • Technical – Arguing Call – Lose 20 Points

  4. FIRST Topic: College Financial Aid Worried about College Costs? Let’s learn about Financial Aid and the UW Oshkosh Financial Aid Office.

  5. Financial Aid 101 • Financial aid basics • Each year while you are in college, your first step is to complete the Free Application for Federal Student Aid, or your Renewal Free Application for Federal Student Aid, also known as the FAFSA • The results of the FAFSA are sent to the UW Oshkosh Financial Aid Office and they use the information to determine your financial aid package • Cost of attendance (COA) includes Tuition, Fees Room & Board, Books, Supplies and Transportation. • Stop in the Financial Aid Office on campus with your questions!

  6. Determining Your Need for Financial Aid • The FAFSA determines your family's expected family contribution (EFC). • COA - EFC = Your Need • Your need determines how much and what type of financial aid you are eligible for. • You are considered for grants, scholarships, loans and work-study. • It doesn’t matter what your family income is, almost every student is eligible for a Federal Student Loan! • Stop in the Financial Aid Office on campus with your questions!

  7. Sources of Financial Aid Include: • Federal • State • Institutional • Community • Employer of family • Private sources • Scholarships searches[scholarships can come from federal, state, institutional, etc. sources too.]

  8. Paying for College • Look for free money – apply for scholarships and grants • Then consider other options for financial aid: • Work-Study • Student Education Loans (federal and private) • When borrowing loans that will be paid off after graduation. KNOW the “Real costs of school” • UWOSH.GradReady.com to monitor your student loans

  9. Shot Clock Time • Captain selects two players from his/her team to compete • Captain can substitute players between questions • The first person to raise their hand gets to answer. NO HELP FROM THE TEAM MEMBERS SITTING IN THE AUDIENCE!!

  10. Shot Clock Round 1

  11. Question 120 points The Cost of Attendance (COA) includes…

  12. Your answer is? A. Tuition, Movie Tickets and Pizza Hut Express B. Tuition, Fees, Room and Board C. Rent, Clothes and Reeve food court D. Tuition, Credit Cards and MiTaza

  13. Question 230 points A family’s anticipated financial commitment toward college education is known as……

  14. Your answer is? A.UWO B. EFT C. ACH D. EFC

  15. Question 340 points A typical financial aid package consists of:

  16. Your answer is? A. WORK-STUDY ONLY B. STAFFORD LOAN, CAR LOAN, BOAT LOAN C. GRANTS, SCHOLARSHIPS, LOANS, WORK-STUDY D. FEIGNING INJURY ON A COLLEGE CAMPUS

  17. Question 435 points The form that families complete to determine financial need is called:

  18. Your answer is? A. FAFSA B. FISAP C.DADSA D. SALSA

  19. Question 550 points How many UWO students get financial aid? (Percentage)

  20. Your answer is? A. 50% B.70% C.30% D. ALL

  21. Question 660 points What UWO program can help you monitor your loan indebtedness and get your finances in shape?

  22. Your answer is? A. GradReady B.GradReady C.GradReady D. All of the above

  23. Second Topic: Debt Management Let’s Discuss 3 important topics: Student statistics, types of student loans and credit cards.

  24. Student Debt Is Real • So smart, so successful – so broke? • Over 70% of students have to borrow to help pay for their college education. • Don’t become a statistic! • For students ages 18-24, one-third of their income is spent on debt • Average cost of college education at UWO is $17,000 per year • Average student loan debt at UWO is $28,720 • Average college student credit card debt is $3,200 at graduation • More 21-to-24-year-olds are declaring bankruptcy than graduating from college

  25. Types of Education Loans • Always remember to stop by the UW Oshkosh Financial Aid Office with your questions! • Federal Student Loans – Take these first! • Federal Stafford Direct Loan Program • Federal Perkins Loan Program • Loans options to fill remaining need include: • Direct PLUS Loan for Parents or Graduate Students • Private Loan Programs: Undergraduate students often require a credit-worthy cosigner

  26. It’s a Legal Contract! • When accepting a loan, you will sign a promissory note • Your Federal Student Loan Promissory Note is called a Master Promissory Note or MPN • All loans must be paid back • It is a legal obligation • Create a financial aid Folder on your computer to keep all of your financial aid documents in one place.

  27. Before You Borrow • As you prepare to pay for college each year, keep the following guidelines in mind: • Explore ALL your financial aid options • If you need to borrow, borrow only what you need • Recognize that a student loan is a long-term commitment and must be paid back • Be realistic about your starting salary • Create your account at UWOSH.GradReady.com to manage your student loan debt

  28. Credit Cards • Sure, it may seem like EASY $, but it’s not FREE! • Don’t let a free t-shirt make your fee or interest rate decision • Shop around • Plan your spending • Overuse of plastic can result in BIG trouble • Limit to one or two at most.

  29. Credit Cards • Are NOT fast loans at the end of the month! • Are NOT to buy things you can’t afford!

  30. Shot Clock Round 2

  31. Question 145 points College students graduate with an average credit card debt of:

  32. Your answer is? A. $1000 B.$2400 C.$3200 D. $3600

  33. Question 250 points When you take out a loan…… What do you have to sign?

  34. Your answer is? A. BASEBALL CARD B. PROMISSORY NOTE C. INVALID CONTRACT D. WRIT OF HABEUS CORPUS

  35. Question 335 points Which of these is not a federal loan program?

  36. Your answer is? A. STAFFORD B. PLUS C. PERKINS D. GUIDO, THE KILLER LOAN SHARK

  37. Question 445 points Where is the financial aid office? (Hint: the oldest building on campus)

  38. Your answer is? • SWART B.REEVE UNION C.SAGE D.DEMPSEY

  39. Final Topic: Budgeting and Your Credit Let’s talk about: Budget Basics, Your Credit Score and your Earning Power

  40. Budget Basics • Develop your budget or financial plan • Know your income and expenses • Organize your bills and payments • Identify wants vs. needs(find ways to cut costs) • Make smart choices • Pay yourself first – even $5 adds up • Save money by packing snacks or making coffee at home.

  41. Be a Millionaire • How easy is it to spend $10 a day at McDonalds, vending machines? • Saving just $5 a day and investing it well means, $150 a month, $2,000 a year and by age 55 you’d have $1 million dollars…..wow! The power of saving!!!

  42. The Right Tools For the Job • Find a bank. One that works for YOU! • Start a Savings account • Manage your Checking account • Manage your ATM/debit card • Manage one Credit card with a low limit, for example start with a $500 limit …(yes, one is plenty) • Having good credit will impact your ability to borrow money for a car, college and a future home.

  43. Your Credit Score: Think of it as your GPA for how you manage your money! • FICO Score is also known as your Credit Score • Your individual FICO Score: • Analyzes your credit history • Generates a number from 300 to 850 (the higher the better!) • High score means your are a ‘good’ credit risk so you get great financial opportunities such as: • Borrowing money at lower interest rates • Renting or owning a home • Potential employers, insurance companies may also review your credit score!

  44. Your Credit Score: Think of it as your GPA for how you manage your money! • What impacts this score? • Paying your bills on time and in full • Minimum number of credit cards • Keeping your total debt below your income • No Joke – this score counts!

  45. Your Earning Power – Real Life Example What’s the real bottom line?$40,000 a year = $2,000 take-home a month Now, how does this look?Rent/Utilities $780Food/groceries $450Transportation $400Student Loan Payment $182Minimum Credit card payment $100 Oops!! $88 left for the month? (less than $3/day)

  46. Shot Clock Round 3

  47. Question 130 points What is the most important finance survival tool?

  48. Your answer is? A. A high interest credit card B. Mom and dad’s phone number C. Having a budget/financial plan

  49. Question 240 points In the 2013 film The Great Gatsby,the part of Gatsby is played by this actor:

  50. Your answer is? A. TOM CRUISE B. GEORGE CLOONEY C.LEONARDO DICAPRIO D.MATT DAMON

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