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MoneyCounts : A Financial Literacy Series

High School Students. MoneyCounts : A Financial Literacy Series. 11-A Grange Building University Park, PA 16802 financialliteracy.psu.edu finlit@psu.edu 814-863-0214. Description. In the USA educational system, only 17 States require them to take a course in personal finance. 

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MoneyCounts : A Financial Literacy Series

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  1. High School Students MoneyCounts: A Financial Literacy Series 11-A Grange Building University Park, PA 16802 financialliteracy.psu.edu finlit@psu.edu 814-863-0214

  2. Description • In the USA educational system, only 17 States require them to take a course in personal finance.  • High school students can explore several trusted resources to acquire knowledge about money management: consulting with their high school counselors, discussing financial topics with their family members and friends, and researching such topics in libraries and trusted literature. 

  3. Learning Outcomes • Be able to make decisions to go to college • Know how to calculate cost of education • Know where to look for funding • Understand how to budget for college and stick to it • Know tips and ways to transition successfully from high school to college

  4. Knowledge to make decisions!

  5. Making the decision!

  6. Guide to apply to college • Expand your choices • Ask for recommendation letters • Write a stellar college essay • Fill out the Common Application • Start application process • Get FSA ID • Complete the FAFSA • Search for scholarships and grants • Learn the difference between sticker price and net price of education • Learn how to use college net cost calculators • Compare in-state, out of state, and private school tuition and fees • Learn student financial aid types, amounts, eligibility, and limitations • Discuss parental financial contribution • Make an academic plan • Forecast a four-year financial plan • Learn the difference between access and affordability • Learn how to make a sustainable budget

  7. Key terminology Sticker Price Net Price Financial aid Grants Scholarships Student loans Personal payments/ out of pocket payments

  8. How to calculate cost of education?

  9. Tips and ways!

  10. Let’s discuss! (1) Meet with your high school counselor regularly and discuss your plans as early as possible Take aptitude testing to identify strengths and weaknesses Take personality testing to discover your likes and dislikes Take as many AP classes as allowed to transfer to your colleges of choice Keep your GPA as high as possible Take entrance exams - SAT, ACT, etc. as early as permissible Make a list of your colleges of choice including private schools, research, and screen each one of them

  11. Let’s discuss! (2) Discuss finances with your parents to find out if they had established any educational payment plans (e.g., 529 Plan) or other saving plans Take an invested interest in creating a financial plan with your parents Seek part-time employment and save money Seek companies that offer corporate scholarships to high school juniors and seniors Open a student/free saving and checking accounts (check out age restrictions) Secure an authorized user credit card (check out age restrictions)

  12. Let’s discuss! (3) Educate yourself in areas of financial student aid, FAFSA application, Common app, etc. Search for all kind of scholarships and grants Align your academic goals with a financial plan Follow your passion but factor in your financial happiness and security Align future borrowing of student loans with your future ability to pay back debt and sustain living expenses Learn money management skills and keep educating yourself in financial literacy discipline

  13. How does this school stand out from others in my intended area of study? • Is there job placement help for graduates? • Do employers recruit students on campus? • How easy is it to obtain a part-time job on campus? • What percentage of students graduate in 4 years? 5 years? • What grants and scholarships I qualify for? • What types of payment plans does this university offer? • How can I find out what scholarships are available to me? • What type of events can I get involved in within my prospective college? • What resources are available that help me with life after graduation? • How much debt do students usually graduate with and what percentage of students graduate with debt? • What is the average cost of living I should expect?

  14. Comments and questions MoneyCounts: A Financial Literacy Series 11A Grange Building University Park, PA 16802 financialliteracy.psu.edu finlit@psu.edu 814-863-0214

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