1 / 25

Planning for Higher Education

Planning for Higher Education. Advanced Level. Education and Training SMART Goals. The best way to take charge of your future is to plan for it!. Why is it helpful to have a career goal in mind before pursuing higher education?.

robert-pickett
Download Presentation

Planning for Higher Education

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Planning for Higher Education Advanced Level

  2. Education and Training SMART Goals The best way to take charge of your future is to plan for it! Why is it helpful to have a career goal in mind before pursuing higher education?

  3. To Set SMART Goals, You Must Be Able To Answer These Questions…

  4. Academic Advisors Read aboutImani’s Dream

  5. Career Pathways How to Determine What Type of Training and Education You Need

  6. Career Pathway

  7. Levels of Formal Training At each level, there may be certificate programs or informal training opportunities

  8. Career Pathways are Accomplished Using Backwards Planning It is helpful to create several short-term goals that result in the overall career goal

  9. Imani’s Career Pathway Step 1: Identify career pathway options for Imani

  10. Imani’s Career PathwayReflection

  11. Will there be jobs available and will I earn enough to pay for my training? Consider opportunity costs when making higher education decisions. What are the potential costs and benefits to receiving a higher education?

  12. Opportunity Costs • Opportunity to earn higher wages • More employment opportunities • Lost wages from not working while in school • Cost of higher education/training programs

  13. Step 1: Determine if Jobs are Available in Your Desired Occupation Job Outlook – demand for a particular job when you are qualified and ready to enter the field

  14. Imani’s Job Outlook  10-19% 83,400 Step 2: Research Imani’s job outlook for each level of education 3-9% 2,800  212,000 10-19%

  15. Relevant Job Options Bookkeeping, Accounting and Auditing Clerk Legal Secretary Complete step 3 to research relevant job options  Geographer Teacher  Sales Agent, Financial Services   Judicial Law Clerk

  16. Determine Your Debt-to-Income Ratio Calculate your education/training debt to your estimated starting salary.

  17. Determine Estimated Education and Training Costs Remember to include all costs such as tuition and books, room and board, etc. The school’s website will help you estimate the cost per year

  18. Debt-to-Income Ratio Debt-to-Income Ratio – standard tool that calculates whether a borrower will have difficulty meeting his or her loan repayment obligations Goal: Debt-to-income ratio no more than 10 and 15% of your estimated starting income

  19. Imani’s Total Estimated Cost Option 1 $173,156 4 Step 4: Calculate Imani’sTotal Estimated Cost $127,962 3 $301,118

  20. Imani’s Total Estimated Cost Option 2  $26,918 2 $86,578 Step 4: Calculate Imani’sTotal Estimated Cost 2 $127,962 3 $241,458

  21. Imani’s Estimated Monthly Student Loan Payments $301,118  $241,458 6.8% 6.8% 30 30 Step 5: Calculate Imani’sEstimated Monthly Student Loan Payments 7  7 $1,574.13  $1,963.06

  22. Imani’s Median Monthly Wages $113,310.00 $9,442.50 Step 6: Calculate Imani’smonthly wages

  23. Imani’sDebt-To-Income Ratio Option 1 Option 2 $1,963.00 20.78% $9,442.50 $1,574.13 Step 6: Calculate Imani’sDebt-to-Income Ratio 16.67% $9,442.50

  24. How Would You Advise Imani? Does either option provide Imani with an ideal debt-to-income ratio between 10-15%? How can Imani reduce her opportunity cost (high debt) to make her dream of becoming a lawyer a reality? Write a SMART goal for Imani to implement a plan to become a lawyer.

  25. Summary The best way to take charge of your future is to plan for it • Refine your education and training SMART goals • Answer the following questions: • How can I determine what type of training and education I need? • Will there be jobs available? If so, will I earn enough in my career to pay for the education and training required?

More Related