Let's Talk About College

Lets Talk About College
A Financial Perspective
For Middle School Students
LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE
The Federal Reserve Bank of Boston and Citizen Schools collaborated to develop this curriculum. Written by Natasha London-Thompson in 2006. Originally taught at the Citizen Schools after-school program at the Woodrow Wilson Middle School (Dorchester, MA) during the Fall Semester 2004. George Guild, from the Boston Federal Reserve, Kristin Hansen, Keith Clark and Dan Gorsky from Citizen Schools, were instrumental in the development of this curriculum.
TABLE OF CONTENTS
Statement of Need, Purpose and Goals ..4 Notes to the Instructor..5 Session 1 Lesson Plan Introduction to the Course..6 Session 2 Lesson Plan - Why College? .......15 Session 3 Lesson Plan Why Save? ....21 Session 4 Lesson Plan Researching Costs & Colleges...29 Session 5 Lesson Plan College Exploration......35 Session 6 Lesson Plan Budgeting & Planning.......40 Session 7 Lesson Plan How to Finance College? ....49 Session 8 Lesson Plan Budget & Creating a Financial Plan...58 Session 9 Lesson Plan Finalize Brochure .....65 Session 10 Lesson Plan Practice Final Presentation ......69 WOW: Final Presentation ... . .....74
Appendices: Examples of Visuals, Tools and Processes

Appendix 1: Recruitment of Students Tips 78 Appendix 2: Jeopardy Overhead.....79 Appendix 3: Website Resources .80 Vocabulary List ......81 Sample Brochure ..........84
STATEMENT OF NEED, PURPOSE AND OBJECTIVES

The Need: Youth enter the workforce or go to college completely unprepared with the basic tools needed to manage their finances (i.e. how to balance a checkbook or how to create a budget). There are only 7 states that require students to complete courses in personal finance before graduating from high school.1 Almost half of all parents dont think they set a good example when it comes to handling their own money and are not capable of properly teaching their children.2 Programs, such as this one, are needed to help fill the knowledge gap and prepare youth to take financial responsibility for their lives. The Purpose: A college education provides limitless opportunities for an individual. Yet for many, college seems like an unattainable goal financially. The purpose of this curriculum is to teach students how to plan financially for college. College can be expensive, but is a worthwhile investment in the long run. Throughout this course, students will learn about the social and economic value of college. Students will also learn the value of saving, and that it is never too early to start. The average adolescent spends $264 a month, which they can start saving for college today.3 Course Objectives: Middle school students will learn the benefits of college. Middle school students will learn the value of saving. Middle school students will learn how college is affordable. Middle school students will be able to create a budget. Middle school students will improve their public speaking skills. Middle school students will visit a College Campus. Middle school students will improve their financial vocabulary. Middle school students will learn how to create graphs and charts from simple spreadsheets. Middle school students will teach their peers, their parents and community members the basics of financial literacy.
1 2
Survey of the States. National Council on Economic Education. 2005. Northwestern Mutual, October 2003, Teaching Kids About Money. Parents survey summary. 3 First Coinstar Teens Talk. Coinstar, 2003..
NOTES TO THE INSTRUCTOR

While teaching this curriculum at the Woodrow Wilson Middle School in fall 2004, I learned many valuable lessons that I would like to share with you. Extra Support is Helpful: If you can find someone to co-teach this curriculum, or support you in the classroom, I would suggest it. It helps to have a person available to help individual students who struggle with some of the material. Technology can be hard to find: Technology (computers and Internet) can be hard to find at some schools. The curriculum can be adapted so that technology is needed in limited quantities. Vocabulary/Knowledge Gaps: The students might not possess some of the basic vocabulary or knowledge that you think they should have. For instance, in my classroom I was explaining scholarships to the students, and quickly discovered that they had a hard time grasping the concept because they did not know what basic words like requirement or criteria meant. Throughout the course try to learn what type of knowledge they already possess and what they still need to learn. Participation from all students: There will be some eager students who will actively participate in your class; while there will be some quieter students who might never participate. Do your best to engage all the students? Try to call on students you have not heard from. Also, encourage the students to spend 30 seconds thinking about the question before they attempt to answer it. This allows the students that take a little longer to process things and a chance to still participate. The value of money: Since the middle schools students are still living at home and are not supporting themselves, their perception of what things cost is skewed. For instance, students in my class thought that it would only cost $100 to eat for 1 year. Try to bring in food flyers or other items to help students grasp what things really cost.
LESSON 1
INTRODUCTION TO COLLEGE
LESSON 1: INTRODUCTION TO COLLEGE

Lesson Overview: Students will discuss the benefits of colleges and what colleges look for in applicants. Students will be introduced to the goals of the course. Length: 90 Minutes
Learning Objectives: The students will get to know each other through several interactive activities. The students will learn the structure of the course, including the rules and what the final presentation will be. The students will identify their own reasons to attend college. The students will learn what colleges look for in applicants. The students will learn concepts and vocabulary, such as income, tuition and scholarships, through a vocabulary game. Materials: Nametags (each student should wear a nametag). Have the students wear the nametags each lesson until you know their names. The Student Manual (one manual per student) Pens (for nametags and for the students) Flip chart paper with the daily agenda written on it Removable pen (for the overhead) Overhead Big pictures with the faces of the people from the first activity A copy of the sample brochure for each student Preparation: Write out the daily agenda on a big piece of flip chart. Allocate times for each activity. Students like knowing what is coming up next. Purchase and prepare all the materials needed in advance Prepare the vocabulary game Print copies of the sample brochure for each student
LESSON PLAN 1
I. OPENING ACTIVITY: WHAT IS THE COMMON LINK? Place pictures of each of the fellowing people on the wall. Time: 15 Minutes
Ask the students who these people are. Ask the students what each of their jobs are. Ask the students what the people all have in common. Share with the students that the common link is that each of the people graduated from college. They each have used college to help them achieve their dreams. Martin Luther King Jr., Civil Rights Leader. Morehouse College. Hillary Rodham Clinton, Senator and Former First Lady of the U.S., Wellesley College & Yale Law School. Samuel L. Jackson, Actor, Morehouse College. Natalie Portman, Actress, Harvard University. Michael Vick, Football Quarterback, Virginia Tech. President George Bush, President of the United States, Yale University & Harvard University. Bill Cosby, Actor and Comedian, Temple University Tom Brady, Football Quarterback, Michigan University Ask the students to discuss how college helped each of these people achieve success.
LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE II. INTRODUCTION: TO THE INSTRUCTOR AND THE COURSE Time: 15 Minutes
Note: Give a brief description of the course to the students. Taking the time to clearly articulate the goals of the course because it helps the students understand what they are working towards. Introduce the agenda for the day, so that the students have an idea of how the day will flow. Introduction of the Instructor Introduce yourself and try to hit on some of the following points. Background (i.e. current job) Why you are teaching the course Your college experience (i.e. school you attended, program of study, if you enjoyed it) Why is Financial Literacy and Planning for College Important? Explain your personal reasons for why you are teaching the course Explain why planning for college early is important One of the biggest financial investments an individual will make in their life is college. Simple financing tools like knowing how to create a budget will prove to be an invaluable tool later in life. Introduce the Goal of the Course and the Final WOW! GOAL OF THE COURSE: Is for the students to understand how to plan financially for college. FINAL PRODUCT: The students will create a brochure that will help high school students plan for college. Distribute the sample brochure to the students, so they see what they will create. Make a list of the different sectors in the brochure (i.e. why save? Costs of college?). Explain how each week the students will create a part of the brochure. FINAL PRESENTATION: For the final presentation, the students will use the brochure they created to advise a high school student on how to plan for college. By the end of the course, they will be college advisors.
& Teach
Retention of Knowledge
& Do & Discuss & See Hear
The students will use the brochure to demonstrate their knowledge and to help a high school student. The process of the students advising a high school student will allow them the opportunity to teach-back, which will reinforce their learning.
Learning Triangle
Ground rules for the Lessons Brainstorm with the students. (Please read the basic rules of brainstorming found in Visual 1A before you do this activity with the students.) Qualities of professionalism (i.e. raise your hand if you have a question). Record their suggested ground rules and make them the rules for the course. Refer to this list throughout the course if necessary. It is important to set clear expectations (regarding behavior) with the students.
III. COLLEGE ICE BREAKER: DICE GAME/STARBURST GAME
Time: 20 Minutes
Note: Take the time to learn about the students in your class. By understanding the students and their backgrounds, you can be a better teacher. Remember to never assume anything about the students, and to take the time to find out instead. Also, note that many famous Americans were the first in their families to attend college, so if a students family has never attended college, they can be the first. How to Play the Dice Game or- Starburst Game? 1. On flipchart paper or a chalkboard, write out questions and connect them to a number on the dice or a color of the starburst. 2. Students take turns rolling the dice and answering the questions, or pulling out a starburst, answering the question, and eating.
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE Possible Questions: - What is your name? - Where are you from? - What do you want to be when you grow up? - What is your favorite subject? - What subject do you struggle with? - Do you have a savings account? - Can you think of one college? - What do you think about college? - What is one thing you know about college? - Say one question you have about college? - Why go to college? - What can you get out of college? - Do you think you need to go to college? - How much do you think college costs a year? The visuals could look like this: DICE GAME If you roll a 1) What is your name? 2) Where are you from? 3) Why go to college? 4) Say one question you have about college? 5) How much do you think college costs a year? 6) What is the point of going to college? STARBURST GAME If you pick a Red Starburst What do you want to be when you grow up? Blue Starburst How much do you think college costs? Yellow Starburst Can you think of one college you might want to go to? Orange Starburst What is the point of going to college?
IV. BRAINSTORM: WHY GO TO COLLEGE?
Time: 5 Minutes
Ask the students why they think people go to college, and what do they think these people gain from the experience at college. Tell the students that their responses to this question will be recorded and placed in the WOW! Brochure. Write down all the benefits that the students share on a big piece of flip chart paper.
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE V. LESSON OF THE DAY: WHAT DO COLLEGES LOOK FOR? Time: 15 Minutes
Instructions: 1. Ask when the students think they should start thinking and planning for college? 6th Grade? 7th Grade? 8th Grade? 9th Grade? 10th Grade? 11th Grade? 12th Grade? a. Explain how they should start planning as early as middle school because colleges have many entrance requirements that are based on their entire high school career. 2. Explain how entrance requirements differ from college to college, but there are several main requirements that colleges look for.4 Ask the students to think about what these might be. Record all their ideas on a piece of flip chart paper to be included in the WOW! Brochure. 3. After they make their 1st list, help further develop some of their ideas. For instance if the student says that grades matter, you could add that a school looks for consistency in academic achievement, as well as improvement over time of grades. 4. Check the list of college admission requirements to see if you missed any items. If you did, tell the students and explain the requirement to them. What college admissions look for? ACADEMIC RECORD: What courses did you take? How many courses? Did you take challenging courses? APPLICATION ESSAY: How strong is the essay you write to the college? GRADES: What was the consistency of your grades? Did you improve significantly? What was your grade point average (G.P.A.)? CLASS RANK: How are your grades compared to the other people in your class? STANDARDIZED TEST SCORES: What was your SAT score? EXTRACURRICULAR ACTIVITIES: Such as sports, drama, and music. LETTERS OF RECOMMENDATION COLLEGE INTERVIEW
Financial Aid Center. Junior Achievement Worldwide, 2004. Available at: htto://www.ja.org/studentcenter/financial/financial_planning_look.shtml
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE VI. VOCABULARY GAME: IDENTITY GAME Time: 15 Minutes
How to Play: 1. Print out big slips of paper with different vocabulary words on them. Sample financial vocabulary words are in the appendix. 2. Every student should have a slip tapped to their back and not know what their word is. 3. The students must ask other students questions to try to find out their word is. 4. Students can only questions that generate a yes or no response. 5. Students can only ask 3 questions VII. DEBRIEF Time: 5 Minutes
Let the students ask you any questions they might have. Ask the students what they learned during the day. Preview next weeks agenda. There will be a panel of college students who will come in to meet them.
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VISUAL 1A: GUIDELINES TO BRAINSTORMING

Guidelines: 1. 2. 3. 4. 5. Quantity not quality at this stage All ideas are ok Hold comments until the end, no critique along the way Build on other's ideas Repeats okay
Other tips: 1. Have a separate scribe from the facilitator 2. Scribe should write clearly, quickly and use abbreviations to keep up with the flow 3. Use easy to read colors (blue, green, purple, black and brown) and avoid the ones that are difficult to read (red, orange, yellow and pink) 4. Alternate colors when writing different ideas 5. Facilitator should make broadly encouraging comments "great, let's keep the momentum going" "good, who has more?" the list is looking good, let's get some more up here." but refrain from turning these comments into evaluations of a particular contribution so don't say things like, "I like that one." "That's a good one, are there more like it?" "Nice one Derria" The point is to encourage a lot of input. 6. Facilitator should look out for folks who haven't commented, "I haven't heard from some of you, what do you have to add?" Or when calling on people call on hands that are up for the first time before coming around a second or third time to others. 7. Dont spend too much time checking for clarification or getting authors to approve of wording. 8. At the end Facilitator gives a little warning before wrapping up i.e. "we have room/time for a few more - who has some burning ones to get on the list?" Scribe and facilitator add their thoughts Check to see that ideas gotten written up in a way that "authors" agree Check for clarification; see what needs to be explained before moving on.
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LESSON 2
WHY COLLEGE?
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LESSON 2: WHY COLLEGE?

Lesson Overview: The students will learn about the long-term benefits of college. The students will interview a panel of current and graduated college students. Length: 90 Minutes
Learning Objectives: The students will build on their vocabulary. The students will learn about the long-term financial benefits of college. The students will interview a panel of students about college Materials: Nametags (each student should wear a nametag) The Student Manual (one per student) Pens (for nametags and for the students) Flip chart paper with the daily agenda written on it Removable pen (for the overhead) Overhead Digital Camera Copies of the draft brochure Preparation: Write out the daily agenda on a big piece of flip chart. Allocate times for each activity. Purchase and prepare all the materials needed in advance. Organize for a panel of current and college students to attend the lesson. Prepare the vocabulary game Create a template for the brochure where you can place the content from each week. Put the work that the students developed in the previous lesson in the brochure. Print up copies of the draft brochure so that the students see what portion is completed and what remains to be done.
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LESSON PLAN 2
Time: 10 Minutes I. OPENING Welcome the high school student, who is the client, to the class Outline the agenda for the day Distribute the draft brochure, so that students know which sections they will be working on during the lesson. Take pictures of the students and the client (to use in the final presentation) II. ECONOMIC LESSON: OPPORTUNITY COST Explain to the students the concept of Opportunity Cost. Opportunity cost: Is the next best alternative you give up when you make a choice. For example, if Michael, takes a part time job at McDonalds to make money and buy a car, the opportunity cost is the other things that might have been done with that time instead. For instance, Michael could have participated in his school football team, and could have potentially received a college scholarship for the sport one day. By making the decision to have a job after-school, Michael made the decision not to do other things.5 The opportunity cost of going to college is the foregone income from other alternatives such as a full-time job. Short term, there is an opportunity cost to attending college, but long-term the decision pays off financially. Look at the following three charts that illustrate the long-term financial benefits of attending college. Ask the students to think of how opportunity costs might appear in their lives. III. LONG-TERM FINANCIAL BENEFITS OF COLLEGE Time: 15 Minutes Time: 10 Minutes
Note: Explain to the students how higher education pays off with higher lifetime earnings. Explain to the students how if they go to college, they will probably make $1 million more dollars in their lifetimes. Display the Why college Pays Off chart from the next page.6 Ask the students to share what they would do with an extra million dollars in their life? How many cars could they buy? How many MdDonalds burgers?
Kids Net. Available at http://www.kids.net.au/encyclopedia-wiki/op/Opportunity_cost According to Pathways to Getting Ahead: A joint project of Public and Community Affairs Department (Federal Reserve) and Asset Development Institute (Brandeis University). Sept 2003, Larry Beeferman and Sandra Venner.
6 5
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Why College Pays Off?

The average college graduate makes $1 million more than the average high school graduate in a lifetime.
$2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 High School Graduates College Graduates
$ Earned in an Average Lifetime
Explain how even if a student attended the most expensive school in the country and had to pay full fare, they would still end up with $780,000 more in their lifetime then someone who did not go to college.
Display the following chart.7
College/High School Wage Gap

$25.00 $20.00 $15.00 $10.00 $5.00 $0.00 Men 1979 Men 2001 Women Women 1979 2001 H.S. Grads Coll. Grads
The wage gap between college graduates and high school graduates is widening.
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Note: All hourly wages are in constant 2001 dollars. From chapter 3 of Levy-Murnane, The New Division of Labor (2004).
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE IV. COLLEGE INTERVIEW PANEL Time: 40 Minutes
Note: Arrange for a panel with current college students and college graduates to come to the lesson. Have 3-5 guests on the panel. Provide some interviewing tips to the students before the panel starts. For instance, the students should raise their hands when they have a question and wait to be called on. Also, encourage the students to record some of the responses. This will help ensure that they are listening to all the answers and that they gain experience transcribing what they hear. Panel Instructions - For 20 Minutes the Panelists should share: (1) Why they chose to go to college? (2) What people gain from college? (3) What road did they take to get to college? (4) How they pay/paid for college? - Question and Answer Section: The students have a series of guiding questions (see below). Encourage the students to ask their own questions, as well as any of the guiding questions to the panel. Guiding College Panel Interview Questions (These questions also appear in the Student Manual) 1) 2) 3) 4) 5) 6) 7) 8) What college did you go to? Where was it located? Did you go to a public or a private college? What did you study at school? Why do you think college was such a special experience? How much did your college cost a year? How did you pay for college? What kind of activities did you participate in at college? Time: 10 Minutes
V. VOCABULARY GAME: FINANCE TABOO
How to Play: 1. Students are divided into two teams. 2. One student from team A volunteers to go first. They are given a stack of cards with finance terms on one side. They may not show the word to their team. One person from team B stands next to them and gets to see the word. The person from team A has 30 seconds to get their team to say the word/term without saying it him/herself. They can act things out, or try describing it, without saying the word. 3. If team A does not get the word, team B has 30 seconds to try.
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE VI. DEBRIEF Time: 5 Minutes Let the students ask you any questions they might have. Ask the students what they learned during the day. Preview next weeks agenda
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LESSON 3
WHY SAVE?
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LESSON 3: WHY SAVE?

Lesson Overview: The purpose of this lesson is for the students to learn how they can make more money by saving money. In this lesson, students will learn the power of interest and how to save money. Length: 90 Minutes
Learning Objectives: The students will learn why saving money is so important The students will learn the basics about interest The students will learn how to start a bank account The students will build on their vocabulary Materials: The Student Manual (one per student) Print the Appendix 2: Jeopardy as an overhead Flip chart paper with the daily agenda written on it Removable pen (for the overhead) Markers Overhead Copies of the draft brochure Preparation: Write out the daily agenda on a big piece of flip chart. Allocate times for each activity. Purchase and prepare all the materials needed in advance. Fill in the categories on your jeopardy overhead Put the work that the students developed in the previous lesson in the brochure. Print up copies of the draft brochure so that the students see what portion is completed and what remains to be done.
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LESSON PLAN 3
Time: 5 Minutes I. OPENING Outline the agenda for the day. Distribute the draft brochure, so that students know which sections they will be working on during the lesson. II. WHY SAVE? Time: 15 Minutes Introduce the power of saving. Explain how individuals put money aside in a bank account to save money for the future. Explain how banks pay individuals to store their money at the bank. This is called interest. Use the following diagram to illustrate how a bank is a business (the diagram is also found in the Student Manual Ask for some volunteers. Have one student pretend to be the bank, another student pretend to be Customer A, and another student pretend to be Customber B. Use the fake monopoly money found in Visual 3A, and have the students act out the graph below.
Interest
The Bank
Customer A
Interest
Customer B
Customer A puts her money in the bank. The bank pays her interest for leaving her money at the bank Then the bank lends money to Customer B, who pays the bank back the amount borrowed with interest. Question: How do banks make money? Answer: The amount of interest the bank is paid by customber B is more then the amount of interest the bank pays to customer A. So the bank makes a profit.
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE III. ECONOMIC LESSON: POWER OF INTEREST Time: 25 Minutes
Interest Activity Establish the conditions for giving out candy. Divide students into three groups. Have the students sit with their groups. Group A: Represents people who spend their money right away Group B: Represents people who save their money, but store it at home Group C: Represents people who save their money at a bank Round 1: Round 2: Groups A, B, and C are each given 4 jelly beans. Allow group A to eat theirs. Instruct group B and C to keep theirs. Groups A and B are each given 4 jelly beans. Instruct group A to eat theirs and group B to save theirs. Give group C 5 jelly beans because their jelly beans are in a bank, so they get a jelly bean in interest. Groups A and B are each given 4 jelly beans. Instruct group A to eat theirs and group B to save theirs. Give group C 6 jelly beans because their jelly beans are in a bank, they get a jelly bean in interest.
Round 3:
Discussion - Ask each group to count their jelly beans. They will notice that Group C has the most jelly beans at the end of the exercise. Let the students share what they think happened, what the activity showed, etc. The students can have a debate representing different views about the interest and candy activity. Share what interest is to the students. Interest can be defined simply as the price of borrowing money.8 The fee paid for the use of money, generally a percentage of the money borrowed. When you keep your savings in a bank, the bank pays you extra money, which is called interest. The interest is added to your account on a regular basis, usually once a month or once every three months. For example a credit card company charges interests to customers who use their credit cards and borrow money. Also, a customer can earn interest from a bank or financial institution by keeping his/her money at the institution. Explain how high interest rates when you are saving money is good. Explain how high interest rates when you are borriwing money is not good.
8
NEFE School Financial Planning Program. National endowment for financial education. Colorado, 2001.
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE Show the students the following chart to illustrate the power of interest.
$4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 Spend Save at Home Save in a Bank
$3,539 $3,000
$0
Point our how much money the students would have if they got $500 a year for 5 years and either spent it, saved it at home, or put it at a bank with 5% interest. This means trying hard not to touch the money you have. SAVING PAYS! The other side of interest is that when someone borrows money from a bank they need to pay interest. The bank usually charges more to people who borrow, then they pay out to people who save. This is how the banks make a profit. IV. BENEFITS OF A BANK ACCOUNT Time: 10 Minutes
Ask the students why a bank account is beneficial? Record the list that the students generate. Narrow down the list. Some benefits you might want to include are listed below:9 Safe place to keep money Ease of access to money Writing checks Automated teller machines (ATMS) Withdrawals at the bank Better way to manage money Safer than carrying cash Provides record of payment Allows for better tracking of money deposited and spent A place to make money and borrow money. A bank will pay you interest to store your money with them. A bank will charge you interest if it lends you money.
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Banking on Our Future. Wells Fargo Banks, 2001.
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V.
BANKING TERMS
Time: 10 Minutes
Term by term, ask the students to define each of the following terms. The terms that they do not know, or they need clarity on, please fill in the blanks. It is important for them to learn these financial terms. You can also teach these terms as part of an activity. Bring in a sample check, fill it in, and show the students the steps that the check will go through (i.e. being deposited, an update balance, which will result in available funds to withdrawal) BALANCE: The exact amount of money contained in a bank account. CHECK: A written order instructing the bank to pay money. The order must contain a date, payee, amount and an authorized signature. WITHDRAWAL: When money is taken out of an account. This is done by writing a check, using an automatic teller machine (ATM) card, or by giving a withdraw slip to a teller. VI. TYPES OF BANK ACCOUNTS Time: 5 Minutes
Ask the students what they think the two main types of bank accounts are. o Answer: Savings account and checking account Explain the difference between the two types of accounts. SAVINGS ACCOUNT: Is a bank account where you store your money and earn interest at the same time. You dont need a lot of money to open a savings account, and you can withdraw money at any time. (Show the students a bank savings account book) CHECKING ACCOUNT: Is a bank account where you store your money and can write checks to individuals and companies using money from the account.
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VII. VOCABULARY GAME: JEOPARDY How to Play: 1. Place the Jeopardy overhead (Appendix 2) onto the overhead projector. a. Select which terms you want to quiz the students on before the lesson b. Fill in the main categories (i.e. banking) on the overhead c. Have candy for the winning team or student 2. Select a student to choose the 1st category.
Time: 15 Minutes
3. Ask the question. 4. Suggest that students spend 15 seconds thinking of their answer before raising their hand. After 15 seconds, call on a student. 5. If the student gets the answer right, provide them a treat (i.e. a candy), and then the student gets to choose the next category. 6. This continues until all 12 questions are answered. 7. Try to call on students you have not heard from. VIII. DEBRIEF Time: 5 Minutes Let the students ask you any questions they might have. Ask the students what they learned during the day. Preview next weeks agenda
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VISUAL 3A: MONEY FOR SAVING ACTIVITY
$10
$5 $5 $10
$10 $10 $10 $10

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LESSON 4
RESEARCHING COSTS & COLLEGES
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LESSON 4: RESEARCHING COSTS AND COLLEGES

Lesson Overview: The students will learn about the costs of living. The students will research colleges to deepen their knowledge. Length: 90 Minutes
Learning Objectives: The students will learn about the costs of living The students will learn more about colleges The students will build on their vocabulary Materials: The Student Manual (one per student) Flip chart paper with the daily agenda written on it Removable pen (for the overhead) Markers Newspapers, flyers, college materials Overhead Copies of the draft brochure Preparation: Write out the daily agenda on a big piece of flip chart. Allocate times for each activity. Purchase and prepare all the materials needed in advance. Prepare the vocabulary game Put the work that the students developed in the previous lesson in the brochure. Print up copies of the draft brochure so that the students see what portion is completed and what remains to be done.
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LESSON PLAN 4
Time: 5 Minutes I. OPENING Outline the agenda for the day. Distribute the draft brochure, so that students know which sections they will be working on during the lesson.
II. COST OF LIVING ACTIVITY
Time: 25 Minutes
Note: Many students have an unrealistic idea of how much it costs to live. This exercise is created to help kids understand the different costs that are associated with college. Instructions: Bring in newspapers (the real estate section) and grocery flyers for each student. On the board create a chart that looks like this: Item Rent 1 Bedroom Apartment Food Ask the students what they think it would cost to eat for 1 week and live in a 1bedroom apartment for a week. Write down the average response on the board. o Make this activity more interactive by setting it up as a price is right activity where students individually, or as small groups guess the different prices. In small groups, the students should look through the real estate section and see how much 1-bedroom apartment costs for a month. They can use their math skills to divide the cost of an apartment for a month by 4 to get the price for 1 week. In small groups, the students should think about what they eat each week. They should check out the prices in the food flyer and estimate what it costs for them to eat for a week. The estimate should be multiplied by 4 to reflect the cost of food for 1 month. The students should share what they think the cost of food and rent is after they conducted their research. Have a short discussion about the difference in cost of living. 31 Beginning Activity Estimate End Activity Estimate

III. RESEARCHING THE COLLEGES
Time: 40 Minutes
Note: The students will be given 40 minutes to try to answer as many questions about the three different types of colleges as possible. Instructions Divide the class into three groups (4-yr Private College, 4-yr Public College, and 2-yr Community College). Each group will examine one college that fits into their category. For instance, in Boston, the students could explore Boston College, UMASS Boston and Bunker Hill Community College. Distribute all the materials you prepared to look through for the students. Each group should get brochures from their category of college. Many middle schools do not have access to the Internet, so it is important that you prepare a lot of the materials you want them to research ahead of time. If your classroom does have Internet and computer access, you might want to have the students visit the college websites themselves to find the desired information. Provide some suggested websites for them to explore for this exercise. Types of documents to print from each college: Information packet about college for prospective students Financial aid information Other information you think is relevant (i.e. school size) Questions to Research: Each group should try to answer the questions found Visual 4A for their respective category of college. These questions also appear in their Student Manuals. IV. VOCABULARY GAME: IDENTITY GAME Time: 15 Minutes
How to Play: 1) Print out slips of paper with different vocabulary words on them. Sample financial vocabulary words are in the appendix. 2) Every student should have a slip taped to their back and not know what their word is. 3) The students must ask other students questions to try to find out their word is. 4) Students can only questions that generate a yes or no response.
IV. DEBRIEF
Time: 5 Minutes
Let the students ask you any questions they might have. Ask the students what they learned during the day.
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VISUAL 4A: COLLEGE RESEARCH QUESTIONS

(These questions also appear in the Student Manual)
Name of College:_________________________________________________ Background and School Vital Statistics When was it founded? _____________________________________________ Where is it located (town)? _________________________________________ Is it a private or public college? ______________________________________ How many years is it? _____________________________________________ How many undergraduate students attend the school? ____________________ Admission Information How many students apply each year for admission?______________________ How many students are accepted each year? ___________________________ What is the average SAT score of admitted students? ____________________ What is the average GPA of the admitted students? ______________________ Financial Information How much does tuition cost a year?___________________________________ How much does room & board cost a year? _____________________________ Does the school offer athletic scholarships?_____________________________ How much financial aid is given out? __________________________________ How many students receive aid? _____________________________________ Other Information ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________
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LESSON 5
COLLEGE EXPLORATION
34
LESSON 5: COLLEGE EXPLORATION

Lesson Overview: The students will explore a college campus. The students will learn more about what college is; what its like to be in college; why it is important to go to college; how to pay for college and what it takes to get to college. Length: 90 Minutes plus Travel Time
Learning Objectives: Students will visit a major university. Students will gain aspirations of going to college. Students will make connections with current college students. Students will build on their oral communication skills. Materials: The Student Manual (one per student) Pens Staff contact list including cell phone numbers in case of emergency Student volunteers recruited as campus tour guides Adult financial aid counselor recruited to be interviewed Map of campus Copies of the draft brochure Preparation: Set up campus visit. Arrange transportation to bring students to the campus. Arrange a campus tour. o Tell the school how many students you have and decide on the appropriate number of tour guides. Make sure the team leader has a map of the campus. Arrange for an interview with an adult financial aid counselor. Put the work that the students developed in the previous lesson in the brochure. Print up copies of the draft brochure so that the students see what portion is completed and what remains to be done.
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LESSON 5 PLAN
I. TRAVEL TO THE COLLEGE Time: Varies
II. OPENING Time: 5 Minutes Foreshadow the events for the exploration. Preview what you are going to see and do on the Exploration (Interview of a college student, college tour, meeting with a financial aid counselor and closing thoughts). o Ask the students to introduce themselves (name, program name, city) before they ask any question or when they meet a new person. o Ask the students to listen respectfully to the tour guides and interviewees. o Ask the students to stick with their team. III. COLLEGE TOUR Time: 45 Minutes
Note:Current college students will give a tour of the campus to the students. Ask the current college students to address the following things. University History University Size Class size Class schedule How students can get involved in extra-curricular activities What the students can do in middle school to prepare for college entrance? What sorts of things colleges look for during admission (i.e. grades, extracurricular, SATs)? What does a typical day look like (i.e. ID, major, grading system)? How do they balance school work, studying, having fun and other activities? Thank the tour guides for their time. And go to meet the financial aid counselor. IV. INTERVIEW FINANCIAL AID COUNSELOR Time: 35 Minutes
Financial Aid Counselor - Background The financial aid counselor will meet with the entire group. The financial aid counselor will provide some advise to students on how they can start preparing financially for college now. The financial aid counselor will explain how students can pay for college.
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE Ask the financial aid counselor to provide a sample financial aid letter that illustrates how the student can finance their education. o Ask for this ahead of time. Ask the financial aid counselor to provide materials about scholarships, loans and other financing options to the students. o What do they give their students to plan. Financial Aid Counselor The Interview The students will interview the financial aid counselor (see attached questions in appendix 6A and in the Student Manual). V. CLOSING Time: 5 Minutes
Faciliate a debrief with the students that incorporates the following questions: o What did you learn about college life today? o How do you feel about going to college now that you have talked to some current students? o What was your favorite moment of the day? VI. TRAVEL BACK TO SCHOOL Time: Varies
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VISUAL 5A: INTERVIEW QUESTIONS FOR THE FINANCIAL AID COUNSELOR

Name of Interviewer (student):____________________________ Name of the Financial Aid Counselor: _________________________ How much does this college cost?
How do people pay for college? List the Sources 1. ____________________________________________________ 2. ____________________________________________________ 3. ____________________________________________________ 4. ____________________________________________________ 5. ____________________________________________________ What percentage of the students get financial aid?
What sort of things make a student a stronger candidate for financial aid (i.e. GPA, SAT scores, extra-curricular activities?
How do students apply and receive scholarships?
What can we do now (starting in middle school) to prepare for college?
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LESSON 6
BUDGETING AND PLANNING
39
LESSON 6: BUDGETING AND PLANNING

Lesson Overview: The students will learn how to create a budget for college. The students will also learn about the costs associated with college. Length: 90 Minutes
Learning Objectives: The students will create a budget for a 4-yr private college, a 4-yr public college and a community college The students will learn about variable costs The students will build on their vocabulary Materials: The Student Manual (one per student) Flip chart paper with the daily agenda written on it Removable pen (for the overhead) Markers Overhead Copies of the draft brochure Preparation: Write out the daily agenda on a big piece of flip chart. Allocate times for each activity. Print the information packets for perspective students from the college websites. Make sure you have printed the information that answers all their research questions. Purchase and prepare all the materials needed in advance. Prepare the vocabulary game Put the work that the students developed in the previous lesson in the brochure. Print up copies of the draft brochure so that the students see what portion is completed and what remains to be done.
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LESSON PLAN 6
I. OPENING Time: 5 Minutes Outline the agenda for the day. Distribute the draft brochure, so that students know which sections they will be working on during the lesson. II. BUDGETING- UNDERSTANDING THE CONCEPTS Time: 20 Minutes
Explain some of the following key concepts associated with budgeting. What is a Budget? A plan used to make the most of your money.10 There are two parts in a budget. The first is income, which is money received such as wages, a gift, allowance, interest, etc. The second part is expenses, which is money spent.11 o A budget helps you identify what you spend each month. o A budget helps you plan for a big expenditure (college or buying a car) o A budget helps you control how you spend your money. Show the students a sample budget (maybe one you use yourself). If you do not have one then use the one in Appendix 4B. Ask the students what they might use a budget for, and record their answers. There are two types of expenses: Fixed Expenses and Variable Expenses. Fixed Expenses: Costs that are exactly the same every time. For instance, rent is a fixed expense because you pay the same amount each month (i.e. $500). Some other fixed expenses are: college tuition, and car payments. Variable expenses: Costs which can change, and you have some control over. For instance, going to a dinner is a variable cost because you have the choice to go to dinner or not, and you also have the choice about how much you spend. o Some other variable expenses are: movies, books, travel, entertainment, food Fixed and Variable Expenses Matching Activity: Create a grid (2 columns x 10 rows). Label the left column expense and the right column type of expense. List some expenses in the left column. Ask the students what type expense each is?
Banking on Our Future. Wells Fargo Bank, 2001. NEFE High School Planning Program. Colorado: National Endowment for Financial Education, 2001.
11 10
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III. CREATING A BUDGET: THE COSTS
Time: 25 Minutes
Note: In this lesson, the students will focus on the costs associated with college and the students will create a budget that illustrates these costs. The students will look at the costs associated with a 4-yr private college, a 4-yr public college, and a 2-yr private college. There are many websites that list the average costs associated with each type of institute. You could bring in some documents for the students to discover these averages for themselves, or you could use the figures found in the sample brochure. Generating a list of Expenses Ask the students to brainstorm what they think the different costs associated with college are. Record all their suggestions on a flip chart. With the help of the students, group together the costs into bigger categories. Here are the main categories they should have: (1) Tuition (2) Room, (3) Board (a.k.a. food) (4) Books and supplies (5) Transportation/travel (6) Other expenses Define each of the categories for the students. Make sure that they understand what the concepts such as Tuition and Room & Board are. Ask the students to record the types of costs in their Student Manuals. Determining the Costs of Each Expense Ask the students to estimate how much they think each item will cost a year. Go through the costs, category by category. After the students estimate what they think the costs are, give them the real costs. There is a wide range in costs from school to school. Explain that you are providing national averages of costs, and that some areas are a lot less expensive to live in and some are more expensive (i.e. Boston is very pricey), and how some schools are cheaper (private vs. public). Refer to the prices you discovered for housing and good in lesson 4. Have the students fill in the real costs in their sample budget (located in the Student Manual). Also, as the instructor refer to appendix 6C for a completed budget. After the budget is complete, highlight which costs are fixed, and which costs vary from school to school. Explain to the students how they have just successfully created their first budget (the cost side). Ask the students to check off the budget section from their Student Passports (located in the Student Manual).
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IV. GRAPHING THE COSTS: CREATING A PIE CHART
Time: 25 Minutes
Joint Exercise: How to graph the private college costs Ask the students to turn to their student manuals. As the teacher, refer to Appendix 9 to see what percentage and chart you are striving to create. Ask the students to fill in the costs for the private college in the blank budget. Show the students how to calculate the percentage that each item represents of the total budget. Percentage Cost of an Item = Item/Total Costs x 100 Go through each item and determine the percentage they represent of total costs and then record the percentages. Show the students how to draw a circle chart. Start with a circle, and then explain how a circle has 360 degrees in it. Draw a segment to represent each cost on the circle. See template to assist. Remember to: o Label the percentage of each cost o Create a legend o Write down a title to the chart Individual Exercise: How to graph the public college costs Now that the students have created a pie chart for the private college costs, ask the students to complete the same steps to create a pie chart for the public college costs. Allow the students to ask you questions if they get stuck. At the end of the exercise, collect the Student Manuals and correct the charts before the next lessons. VI. VOCABULARY GAME: FINANCE TABOO Time: 10 Minutes
How to Play: 1) Students are divided into two teams. 2) One student from team A volunteers to go first. They are given a stack of cards with finance terms on one side. They may not show the word to their team. One person from team B stands next to them and gets to see the word. The person from team A has 30 seconds to get their team to say the word/term without saying it him/herself. They can act things out, or try describing it, without saying the word. 3) If team A does not get the word, team B has 30 seconds to try. 4) Provide skittles as a treat to the team who gets the most terms correct
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II. DEBRIEF
Time: 5 Minutes Let the students ask you any questions they might have. Ask the students what they learned during the day. Preview next weeks agenda
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VISUAL 6A: SAMPLE BUDGET FOR A GRADUATE STUDENT

Aug. Sept. Oct. Nov. Dec. Jan. $15,500 $600 $500 $120 $200 $55 $200 $200 $17,375 Feb March April May Total $31,000 $5,400 $1,000 $1,080 $1,800 $495 $1,800 $1,800 $44,375
EXPENSES
Tuition Rent Books Transportation Loan Payments Cell Food Other Total Costs
$15,500 $600 $500 $120 $200 $55 $200 $200 $15,500 $1,875 $600 $120 $200 $55 $200 $200 $1,375 $600 $120 $200 $55 $200 $200 $1,375 $600 $120 $200 $55 $200 $200 $1,375 $600 $120 $200 $55 $200 $200 $1,375 $600 $120 $200 $55 $200 $200 $1,375 $600 $120 $200 $55 $200 $200 $1,375 $600 $120 $200 $55 $200 $200 $1,375
Aug.
Sept.
Oct.
Nov.
Dec.
Jan. $12,000 $3,500 $400 $350 $320 $400 $16,970
Feb
March
April
May
Total $0 $24,000 $7,000 $3,600 $3,150 $2,880 $3,745 $44,375
FINANCES
Loans Grant Work-study Additional Job Savings Parent Contribution Total Income
$12,000 $3,500 $400 $350 $320 $545 $15,500 $1,615 $400 $350 $320 $400 $1,470 $400 $350 $320 $400 $1,470 $400 $350 $320 $400 $1,470 $400 $350 $320 $400 $1,470 $400 $350 $320 $400 $1,470 $400 $350 $320 $400 $1,470 $400 $350 $320 $400 $1,470
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VISUAL 6B: COSTS ASSOCIATED WITH COLLEGE

Blank Budget for the Students to Fill In
Costs of College for 1 Year

Type of Cost Tuition Room & Board Books and Supplies Transportation Other Expenses Total Yearly Cost 4-yr Private College 4-yr Public State College 2-yr Community College
Completed Budget for the Instructor
Costs of College
Type of Cost Tuition Books and Supplies VISUAL 6B: Other Expenses Total Yearly Cost 4-yr Private College $21,235 $700 4-yr Public State College $5,491 $500 2-yr Community College $2,191 $6,000 COLLEGE $800
Room & Board $7,791 $6,636 VISUAL 6B: COSTS ASSOCIATED WITH
COSTS ASSOCIATED WITH COLLEGE VISUAL 6B: COSTS ASSOCIATED WITH COLLEGE Transportation $500 $500 $600 VISUAL 6B: COSTS ASSOCIATED WITH COLLEGE
$31,526 $14,427 $11,091 $1,300 $1,300 $1,500
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VISUAL 6C PIE CHART OF A PRIVATE COLLEGE

(Activity also appears in the Student Manual) Private College Costs per Year Type of Cost Tuition Room & Board Books and Supplies Transportation Other Expenses Total Yearly Cost 4-yr Private College $21,235 $7,791 $700 $500 $1,300 $31,526 % of Total 67% 25% 2% 2% 4% 100%
Total Costs of a Private College

2% 2%
4%
25%
Tuition Room & Board Books & Supplies Transportation Other Expenses 67%
*** Repeat Activity for 4-yr public college and 2-yr community college 47
LESSON 7
HOW TO PAY FOR COLLEGE?
48
LESSON 7: HOW TO PAY FOR COLLEGE?

Lesson Overview: The students will learn about the different options available to pay for college. Length: 90 Minutes
Learning Objectives: The students will learn about the different financing options for college. The students will look at what financing options are available. The students will build on their vocabulary through a fun vocabulary game. Materials: The Student Manual (one per student) Flip chart paper with the daily agenda written on it Removable pen (for the overhead) Markers Overhead Copies of the draft brochure Preparation: Write out the daily agenda on a big piece of flip chart. Allocate times for each activity. Purchase and prepare all the materials needed in advance. Prepare the vocabulary game Put the work that the students developed in the previous lesson in the brochure. Print up copies of the draft brochure so that the students see what portion is completed and what remains to be done.
SPECIAL NOTE This would be the perfect day to bring in a financial aid counselor from a college. The college financial aid counselor could lead the lesson. They could follow the proposed lesson or teach the students the same desired content in another way. For instance, they might want the students to look through materials from their college.
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LESSON PLAN 7
Time: 5 Minutes I. OPENING Outline the agenda for the day. Distribute the draft brochure, so that students know which sections they will be working on during the lesson. II. STUDENT SUCCESS STORY Time: 15 Minutes Ask the students to read the Bernadette Williams story about how she paid for college (appears in the visual at the end of the lesson and in the Student Manual). Ask the students what Bernadatte did to get her scholarships. Record the list the students generate. To become a strong candidate for scholarships Bernadette: I. Did well academically in school II. Did community service To apply for scholarships she: I. Researched available scholarships at her school and online II. She filled out her applications and applied III. She prepared for her essays and got help from friends, teachers and family IV. She prepared for her interviews III. OPTIONS TO PAY FOR COLLEGE Time: 15 Minutes
Brainstorm Financing Options Ask the students what options they think are available to their client to pay for college. Record the list that the students come up with. Narrow down the list to the following major categories: Summer job, workstudy (part time job at school), scholarship, loan, grant, gift, and savings. Also, go through the definition of each funding category to make sure the students understand each one. Define each financing option to the students. Summer Job: Money that the client saves in the summer. It is earned money that never needs to be paid back. This is part of the students contribution. Savings: Any money that the client saves before school starts.
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE Part-time Job: Money the client can earn from a part-time job while at school. The government has work-study programs to helps students earn money at school. The money is earned and does not need to be repaid. Money from an organization, school, or community group given to attend college. This money never needs to be repaid. The two main types of scholarships include: Merit-based: Awarded to students based on their individual achievements, such as grade point average, test scores, activities, special talents, community service Need-based: Awarded to students and families based on their eligibility and demonstrated need.
Scholarship:
Grants: Loan:
Is an award that is distributed that does not need to be repaid. A grant is federal money given out based on need. A loan is money your college, the government or a bank lends students to go to college. The clients have to pay the money back to the lender with interest over a period of time. There are also loans for parents to help out. Money someone gives a student to help pay for college. For instance, if parents give a student $1,000 towards tuition, that is considered a gift. A gift typically does not need to be repaid. Time: 10 Minutes
Gift:
IV. HOW DO SCHOOLS DETERMINE FINANCIAL NEED?12
Briefly explain some of the criteria schools look at when determining financial need. Ask the students to think about their own situation while you review the criteria, so that they can determine if they might be eligible for aid one day. Family size: number of family members living in the same household or attending college. Siblings in undergraduate college: For families with multiple children in undergraduate college at the same time, the parent contribution is adjusted to account for the number of siblings enrolled and the cost of the siblings institution. Graduate students are independent by federal definition, and therefore are not considered in the institutional analysis.
** The best way to search for scholarships and fellowships is to use a personalized search, like the FastWeb scholarship search, that compares your background with a database of awards. Only those awards that fit your profile are identified as matches. It is a free service that has access to over $1 billion in scholarshops. 12 Boston College: 2004-2005 Financial Aid Award Information.
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE Parent Income Parent Assets: Such as real estate (a home), savings, investments, business/farm net value, trusts, etc are considered. Consumer debt (e.g. credit card debt) is not considered. A comparison of assets reported, versus dividend and interest income received, will be made and figures adjusted if necessary. Divorce/separation: While divorce might affect the extent to which one or both parents can contribute, it does not absolve either parent of this obligation. Student Contribution: Each student is expected to contribute to paying for college through earnings from a summer job or savings. V. EVAPORATE THE MYTH: FINANCIAL AID STATISTICS Time: 5 Minutes
Share with the students some general statistics about financial need and aid, so that they realise that most Americans need to borrow money to go to college. Over of students at four-year private colleges and almost 2/3 of students at four-year public schools receive some types of financials assistance. Colleges with high tuition and fees try to make their programs more affordable to promising students by offering financial aid packages that are sometimes very generous. 2/3 of undergraduates students graduate with some debt, and the average federal student loan debt is $16,888 (Stafford and Perkins Loans).13 VI. INFORMATION ABOUT FEDERAL LOANS & GRANTS14 Time: 20 minutes Federal loans and grants provide the most aid to students. Federal loans provided to students need to be paid back, with interest, while federal grants are provided to pay for school and never need to be repaid. Refer the students to the chart in their Student Manual (see directly below) which summarizes the U.S. Department of Educations Federal Student Aid (FSA) programs that will help students pay for school. Run briefly through the different categories, and make sure that they understand that there are three major types of aid the government provides: Loans based on need: Perkins Loans Stafford Loans and PLUS Loans (to parents) Work-study loans (Money paid to work at a part-time job) Grants based on need (Pell Grant and Supplemental educational grant)
13 14
Student Loans. FinAid! Available at http://www.finaid.org/loans/ The Student Guide for High School Seniors/College Students 2004/2005. Financial Aid from the U.S. Department of Education, 2004.
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Federal Student Aid Program Federal Pell Grant Type of Aid Grant: does not have to be repaid Program Details Available almost exclusively to undergraduates; the amount of the grant is determined by your financial need and the cost of your education program For undergraduates with exceptional financial need; priority is given to Federal Pell Grant recipients; funds depend on availibility at school. For undergraduate and gradute students; jobs can be on campus or off campus; students are paid at least minimum wage. This loan is awarded to undergraduate or graduate students with exceptional financial need; payment is owed to the school that made the loan. There is a 5% interest rate. Subsidized: U.S. Department of Education pays interest while borrower is in school and during grace and deferment periods. There is a maximum interest rate of 8.25% Unsubsidized: Borrower is responsible for interest during life of the loan. There is a maximum interest rate of 8.25%. Annual Maximum Award Limits $4,050 for 20032004
Federal Supplemental Educational Opportunity Grant (FSEOG) Federal Work Study Federal Perkins Loan
Grant: does not need to be repaid
$4,000
Money is earned while attending school; does not have to be repaid Loan: must be repaid
A limit of ~$3,500. $4,000 for undergraduate students; $6,000 for graduate students $2,625 to $8,500, depending on grade level. $2,625 to $18,500, depending on grade level (includes any subsidized amounts received for the same period) Cost of attendance minus any other financial aid the student receives
Subsidized FFEL or Direct Stafford Loan Unsubsidized FFEL or Direct Stafford Loan
Loan: must be repaid
Federal PLUS Loan (parent loans)
Loan: must be repaid.
Available to parents of dependent undergraduate students. Interest rate is under 9.1%. There is small fee to use this loan. Repayment: Begins within 60 days after the loan is fully disbursed, while the student is still enrolled. The parent borrower has up to 10 years to repay the loan with a $50 minumum monthly payment.
Question: How can students apply for these loans, grants and work-study opportunities? Answer: Students can apply for free by filling out the Free Application for Federal Student Aid (FAFSA) which can be completed on the Internet or by hand. 53
LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE Other Financing Options Briefly go over the following three types of additional financing options some students might want to consider. Section 529 Plans: Section 529 plans are state-sponsored college savings programs. The two major types are Prepaid Tuition Plans, which lock in current tuition rates, and State College Savings Plans, which offer more flexible investing options. Both are useful ways for families to save for their childrens college education. Scholarships for Volunteering and Community Service: Volunteering can not only help the disadvantaged, but it can provide money for college education. Learn about the Naitonal Service Scholarships Program, AmeriCorps, and other awards for community serivce. Military Aid: Aid resources for veterans and their dependents and for students interested in pursuing careers in the military. VII. VOCABULARY GAME: JEOPARDY Time: 15 Minutes
How to Play: 1. Place the Jeopardy overhead (Appendix 2) onto the overhead projector. 2. Select which terms you want to quiz the students on before the lesson 3. Fill in the main categories (i.e. banking) on the overhead 4. Select a student to choose the 1st category. 5. Ask the question. 6. Suggest that students spend 15 seconds thinking of their answer before raising their hand. After 15 seconds, call on a student. 7. If the student gets the answer right, provide them a treat (i.e. a candy), and then the student gets to choose the next category. 8. This continues until all 12 questions are answered. 9. Try to call on students you have not heard from. Time: 5 Minutes V. DEBRIEF Let the students ask you any questions they might have. Ask the students what they learned during the day. Preview next weeks agenda
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VISUAL 7A: SCHOLARSHIP SUCCESS STORY15

(The questions also appear in the Student Manual)
School: Awards: Amount:
University of Southern Maine 5 scholarships More than $30,000
Bernadette Williams is proof that hard work pays off. This University of Southern Maine undergraduate has received five scholarships this year alone, totalling over $30,000. After going the extra mile in her high school career and her scholarship search, Bernadette is reaping big rewards. Search and Find Bernadettes winning efforts began with a search for scholarships that would help her pay her way. Even though there are hundreds of thousands of scholarships out there, Bernadette knew they wouldnt just fall into her lap. So she began to look for information in her school and community. She also did a scholarship search on FastWeb, where she learned about two scholarships that she eventually won: The Tylenol Scholarship and the MBNA Maine Scholarship. Out of Class Efforts Repaid Though she can boast a great grade point average, Bernadette won most of her scholarships for her work outside of the classroom. Throughout high school, she was heavily involved in community service organizations like the National Honors Society, where she raised money for breast cancer and tutored fellow high school students. Totaling over 500 hours of community service with her peer leadership group, Bernadette mentored elementary school children and participated in a red ribbon campaign for the D.A.R.E. program. Thats the kind of volunteer involvement that won Bernadette the Sam Walton Community Involvement Scholarship. Were looking for students who have a strong academic background and participate in extracurricular activities, but its importatn that theyre focused on community involvement, said Brad Fisher, Community Project Manager for the Walmart Foundation.
Hadad, Roxana. Scholarship Success Stories: Bernadette Williams. Fast Web! Available at: http://fastweb.monster.com/fastweb/content/nationalscholarship/williams-bernadette.ptml
15
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Write to the Top But Bernadette knew that her grades and community service alone wouldnt win scholarships. Most of the scholarships she was applying for required essays on topics ranging from Tell us about yourself to If you could change something in your community what would it be and why?. To help her put together the best application possible, Bernadette attended special scholarship application sessions held by her schools financial aid office. She also asked teachers to edit her essays and offer ideas on how she could improve them. Preparing for the Interview Once she moved to the semifinals, Bernadette found many of the providers wanted an interview as well. But she wasnt intimidated. I had practiced doing interviews before. I set up mock interviews with teachers so that I would know how to answer certain questions and get used to answering on the spot. Her practice paid off. After cruising her interview with the MBNA Maine Scholars Review Committee, Bernadette was awarded a scholarship that was renewable for up to four years. As Bernadette shows, finding scholarships can be easy, but winning them takes more work. Thanks to that work ethic, Bernadette Williams doesnt have to work as hard to pay her tuition.
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LESSON 8
CREATING A FINANCIAL PLAN FOR COLLEGE
57
LESSON 8: CREATING A FINANCIAL PLAN FOR COLLEGE

Lesson Overview: The students will create a financial plan for a 4-yr private college, a 4-yr public college, and a 2-yr community college. Length: 90 Minutes
Learning Objectives: The students will create a budget for how to finance college The students will see how a budget can easily be turned into a graph The students will build on their vocabulary skills Materials: The Student Manual (one per student) Flip chart paper with the daily agenda written on it Removable pen (for the overhead) Markers Overhead Copies of the draft brochure Preparation: Write out the daily agenda on a big piece of flip chart. Allocate times for each activity. Purchase and prepare all the materials needed in advance. Prepare the vocabulary game Put the work that the students developed in the previous lesson in the brochure. Print up copies of the draft brochure so that the students see what portion is completed and what remains to be done.
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LESSON PLAN 8
Time: 5 Minutes I. OPENING Outline the agenda for the day. Distribute the draft brochure, so that students know which sections they will be working on during the lesson. II. CREATE A FINANCING BUDGET Time: 30 Minutes
Note: Ask the students to refer to the blank financing budget found in their Student Manuals (see Visual 8A). Ask the students to fill in the budget the information that they already know. They should create a financing plan for a 4-yr public college, a 4-yr private college and a 2-yr community college. The plan should be a snapshot of a year. Total Financing: The students have already established how much it will cost to go to college each year for their clients. Since they know how much each college costs, then they also know how much money is needed to pay for college. In the total financing needed column, place the total cost amount needed. These total financing column needs to match the total cost column in order to have a balanced budget. Then fill in the information that is consistent regardless of the student. For instance: Expected family contribution (gift): They can place $1,000 for the private college, and $500 towards the public and community colleges. Summer job savings: The average amount the client will be expected to save from a summer job is $1,000. Work-study: The average client can earn around $2,000 each year through work-study programs. Then work with the students to fill in the other types of financing needed. For instance, ask the students to look at what types of Federal aid the client might be eligible for? Does the client qualify for federal aid? If so, what type and for what quantity? Grants: Does the client qualify for financial need grants? If so, what is a realistic amount of money the client could get from that source? Loans: Does the client qualify for financial loans? If so what is a realistic amount of money the client can get from that source?
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE Ask the students to add up the amount they have in each column so far. Then have them determine how much they still need to raise to reach the financing amount goal. Note that they can determine how much they still need by subtracting what they have so far from what they need to raise and the remainder is what is left. Then have the students place that remainder amount in the PLUS loans column. The government lends parents or legal guardians the remaining quantity of money needed to pay for college. PLUS Loans: Add the remainder in this column. And now the students 1-year budget for each type of institution complete. III. GRAPH THAT DATA! Time: 35 Minutes
As a group try to turn the financing budgets into three circle charts. Circle chart displaying the financial plan for a private 4-yr college Circle chart displaying the financial plan for a public 4-yr college Circle chart displaying the financial plan for a community 2-yr college A bar chart comparing the three plans If there is more then 1 instructor, split the class into smaller groups to work on the graphs. Follow the following instructions to make the graphs: PowerPoint/Excel Instructions 1) Open PowerPoint 2) Select New Slide 3) Select Content Layout that is second down on the left (the one that has a Title and Charts and/or graphs) 4) Add Title College Expenses 5) Click on Chart/Graph icon in the middle of the page 6) Right click on bars and go to Chart Type select the type of chart you are trying to make. 7) Select the Multi Layer, 3-D chart or 3-D Pie, then press OK 8) Excel Table will appear on the page, fill in the table with budget categories and figures 9) At anytime to view datasheet, go to View and select Datasheet 10) To format an axis, right click on the axis and make changes (i.e. to change axis to $) 11) Make sure all the finishing touches are complete (i.e. title is labelled, axises are labelled, colors are clear and so forth) And, your done with the slide! Repeat these steps to complete each of the graphs. Please refer to the sample presentation found in the appendix to see what the charts could look like.
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE IV. VOCABULARY GAME: IDENTITY GAME Time: 15 Minutes
How to Play: 1. Print out slips of paper with different vocabulary words on them. Sample financial vocabulary words are in the appendix. 2. Every student should have a slip taped to their back and not know what their word is. 3. The students must ask other students questions to try to find out their word is. 4. Students can only questions that generate a yes or no response. 5. Students can only ask 3 questions Time: 5 Minutes IV. DEBRIEF Let the students ask you any questions they might have. Ask the students what they learned during the day. Preview next weeks agenda
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VISUAL 8A: COLLEGE FINANCING BUDGET

Blank Budget for the students to complete Item Summer Job Part-Time Job (Work-study) Scholarship based on need, talent and academics) Grants (Federal Pell Grant & FSEOG Grant) Loans Federal PLUS Loans (Loans to parents to help Gift Savings Total Yearly Cost 4-yr Private College 4-yr Public State College 2-yr Community College
Completed Budget for the instructor to refer to: Item Summer Job Part-Time Job (Work-study) Scholarship Grants Loans Federal PLUS Loans (Loans to parents to help Gift Savings Total Yearly Cost 4-yr Private College $1,000 $2,000 $2,600 $7,000 $6,194 $10,732 $1,000 $1,000 $31,526 4-yr Public State College $1,000 $2,000 $1,000 $2,300 $3,000 $3,627 $500 $1,000 $14,427 2-yr Community College $1,000 $2,000 $200 $1,600 $3,500 $1,291 $500 $1,000 $11,091
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VISUAL 8B: SAMPLE COLLEGE FINANCIAL GRAPHS

$40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 4-yr Private College 4-yr Public College 2-yr Community College
Savings Gift Federal PLUS Loans Loans Grants Scholarships Work-Study Job Summer Job
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LESSON 9
FINALIZE BROCHURE
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LESSON 9: FINALIZE BROCHURE

Lesson Overview: Students will compile all the information that they have learned in the past 8 lessons to create a brochure (a planning guide to college). Length: 90 Minutes
Learning Objectives: The students will compile all the information they learned The students will finalize their brochure The students will build on their vocabulary Materials: The Student Manual (one per student) Flip chart paper with the daily agenda written on it Removable pen (for the overhead) Markers Overhead Copies of the draft brochure Preparation: Write out the daily agenda on a big piece of flip chart. Allocate times for each activity. Purchase and prepare all the materials needed in advance. Prepare the vocabulary game Put the work that the students developed in the previous lesson in the brochure. Print up copies of the draft brochure so that the students see what portion is completed and what remains to be done. Distribute invitations to the final presentation to the clients.
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LESSON PLAN 9
I. OPENING Time: 5 Minutes Outline the agenda for the day. Distribute the draft brochure, so that students know which sections they will be working on during the lesson. II. CREATE THE BROCHURE RECOMMENDATION Time: 65 Minutes
Review the Topics from the Course On a flip chart list all the different topics covered in the course Finalize Brochure 1. Examine the topics compare it to the information that is in the draft brochure. See if there are any topics that are missing that the students would like to include in the brochure. See if there are any points that the students would like to add to what is already in the draft brochure. 2. By the end of the lesson, the students should have completed all the sections of the brochure. This means each section has the appropriate bullet points, images, graphics and animations needed. Use the Sample Brochure as a Guide Use the sample WOW Brochure found at the end of the appendices to guide the product you produce as a class. Topics you might want to include: Cover page Important things to know about college College advisors (names of the students) Benefits of college Why college pays off financially Questions to consider when planning for college College requirements Cost budget for different types of colleges A financing plan for different types of colleges Why to save? The power of interest Conclusion
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE III. VOCABULARY GAME: FINANCE TABOO Time: 15 Minutes
How to Play: 1) Students are divided into two teams. 2) One student from team A volunteers to go first. They are given a stack of cards with finance terms on one side. They may not show the word to their team. One person from team B stands next to them and gets to see the word. The person from team A has 30 seconds to get their team to say the word/term without saying it him/herself. They can act things out, or try describing it, without saying the word. 3) If team A does not get the word, team B has 30 seconds to try. 4) Provide starburst as a treat to the team who gets the most terms correct IV. DEBRIEF Time: 5 Minutes Let the students ask you any questions they might have. Ask the students what they learned during the day. Preview next weeks agenda
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LESSON 10
PRACTICE FOR THE FINAL PRESENTATION
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LESSON 10: PRACTICE FINAL PRESENTATION

Lesson Overview: Studens will practice how to use their brochure to advise high school students on how to plan for college. Length: 90 Minutes
Learning Objectives: The students will practice asking questions to their client (a high school student) The students will practice using the data from the brochure to create a budget for their client The students will practice making a recommendation to their client The students will improve their public speaking skills Materials: The Student Manual (one per student) Flip chart paper with the daily agenda written on it Computer Spreadsheet for the students to plug in information Screen Copies of the finalized brochure Preparation: Write out the daily agenda on a big piece of flip chart. Allocate times for each activity. Find a space where the students can practice their presentation. Find a computer and projection so that the students can practice with the Excel Spreadsheet Put the work that the students developed in the previous lesson in the brochure. Print up copies of the finalized brochure. Create an excel budget, with the appropriate formulas, so that students can enter in expense and financing figures and it totals up automatically.
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LESSON PLAN 10
I. OPENING Time: 5 Minutes Outline the agenda for the day and distribute the finalized brochure II. ASSIGN SPEAKING PARTS Time: 10 Minutes
Divide the Presentation Divide up the presentation so that every student gets a speaking part. Potential Parts Include o A student to introduce the topic of the presentation o A student to share the benefits of colleges (non-financial and financial) o A student to share what colleges look for in applicants o 2 students to share ways that students can pay for college (i.e. with a summer job, scholarships) o 1 student to ask the client (the high school student) what type of college they want to attend (see sample questions in Visual 10A) o 1 student to enter the data from the brochure into the excel budget sheet based on the clients preferences (i.e. a 4-yr private college) o 1 student to share how much the client selected type of institution will cost each year o 1 student to share how the client can pay each year of college o 1 student to conclude the presentation o All students pass out their WOW! Brochure
Public Speaking Model how you would present a section Ask the students what made you an effective speaker? Record their observations on flip chart paper and encourage them to follow the same formula. Here are a few budget speaking tips: o No fidgeting o Keep eye contact with the audience o Speak slowly and articulately o Do not read directly from a paper, know your information you are sharing.
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III. INDIVIDUAL PRACTICING Time: 10 Minutes Ask the students to think about how they want to present their material Ask the students to find a spot where they can practice their part. Encourage the students to practice their part several times aloud. Suggest to the students that at the end of their parts they should introduce the next speaker. o For instance, James would say and now Vanessa will discuss how you can pay for college. Time: 20 Minutes IV. SMALL GROUP PRACTICING In the small groups, have the students run through their parts. One small group could work on the introductory section Another small group could work on the client section (Interviewing and creating the recommendation) Another small group could work on finishing the presentation After each student presents their segment, pause and ask the rest of the students to provide feedback. What did the student do well? What could the student improve? If you have time, run through the small group presentations twice. V. LARGE GROUP PRACTICING Time: 30 Minutes As a large group run through the entire presentation. Provide overall feedback to the students. If there are some students that need additional help, have the assistant in the class work with them. Practice with the Excel Budget Sheet. You might want to have a PowerPoint for some of the other parts. For instance, you might want to have a graph of how college financial pays off in the long-term. Time: 15 Minutes VI. DEBRIEF Allow the students to ask any questions regarding the upcoming presentation. Tell the students to practice their parts so that they are comfortable presenting in front of an audience. Ask the students to dress appropriately.
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VISUAL 10A: WOW! GUIDING INTERVIEW QUESTIONS FOR THE HIGH SCHOOL STUDENT
1) What grade are you in? 2) How well do you do in school? What grades do you get? 3) What types of activities do you participate in (i.e. sports, student government, art, theater)? 4) Do you think you could be considered for an academic, athletic or extracurricular actitivity scholarship? If yes, for what? 5) Do you think your parents will help pay for college? If yes, how much (i.e. 10%, 25%, 100%)? 6) Do you have a job? If yes, how much do you make a week? Do you save your money? 7) Do you have any money saved for college yet? 8) Do you think you would qualify for financial aid?
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WOW!
A FINAL PRESENTATION
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WOW! FINAL PRESENTATION
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE Lesson Overview: Students will use the content from their brochure to advise a high school student on how to plan for college. Length: 30 Minutes
Learning Objectives: The students will teach the audience and their clients how to prepare for college. Materials: Brochures Budget Chart to Display Laptop and projector to display budget A small gift for the students Preparation: Make sure the technology is available and set up. Test the technology at the location before you present. Purchase a small gift for the students (i.e. create a certificate of completion). Arrange for a high school junior to be the client Site for the Presentation Below are a few potential locations where the students could present their final recommendation: A high school, a middle school, a community center, a financial institution, and other (be creative). Presentation Flow You (as the instructor) introduce the presentation Introduce the high school client to the students and to the guests The students should ask the high school student (their client) some of the guiding questions which appear on the next page Based on the type of school the client wants to attend, the students will look at the budget that they created for different types of colleges. The students will base their recommendation on the type of college their client wants to attend. A question and answer session facilitated by the instructor should follow When the presentation is over, thank the students for all their hard work and distribute the brochures to the audience.
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WOW: GUIDING INTERVIEW QUESTIONS FOR THE HIGH SCHOOL STUDENT

5) What grade are you in? 6) How well do you do in school? Are you a good student? 7) What types of activities do you participate in (i.e. sports, student government, art, theater)? 8) Do you think you could be considered for an academic, athletic or extracurricular actitivity scholarship? If yes, for what? 9) Do you think your parents will help pay for college? If yes, how much (i.e. 10%, 25%, 100%)? 10) Do you have a job? If yes, how much do you make a week? Do you save your money? 11) Do you have any money saved for college yet? 12) Do you think you would qualify for financial aid?
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APPENDICES
VISUALS, TOOLS & PROCESSES
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APPENDIX 1: RECRUITMENT PLAN FOR STUDENTS

If the students at your school have the choice to take your course, or someone elses, and you need to recruit the students, here is a short recruitment lesson to help you. I. QUICK INTRODUCTION BY INSTRUCTOR II. PLAY THE STAND UP/SIT DOWN GAME: Ask the students to stand up after each question if they agree with what you have said. After each question, ask the students to sit back down and then ask the next question. Stand up if you brushed your teeth this morning Stand up if you like vegetables Stand up if you like Usher Stand up if one of your parents or guardians has ever gone to college Stand up if you want to go to college Stand up if you think college is unaffordable (too expensive to attend) III. FINANCIAL BENEFIT OF COLLEGE: Share how if you have a college degree you will make ~$2.2 million in your lifetime, and if you only have a high school diploma you will make ~$1.3 million in your lifetime. College is worth it because you will make $900,000 extra on average in your lifetime. And that is just the financial benefit. There are also huge social benefits to attending college. For instance, it is a lot of fun. IV. DESCRIBE THE COURSE: What types of activities they will participate in, and what the final presentation will be.
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APPENDIX 2: JEOPARDY OVERHEAD
Category 1:
Category 2:
Category 3:
100
100
100
200
200
200
300
300
300
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APPENDIX 3: WEBSITE RESOURCES

Useful Financial Aid Websites Include: Chronicle of Higher Education College Board Online Home Page Electronic Financial Aid Library FastWeb: Financial Aid Search Through the WEB Finaid: Financial Aid Information Page Grants: Yahoo Education Grants Index of Minority Scholaships and Fellowships Jumpstart Coalition for Personal Financial Literacy (www.jumpstart.org) Junior Achievement Student Center: Your Map for Tomorrow (http://studentcenter.ja.org/aspx/PayCollege/PlanningForCollege.aspx) Massachusetts Higher Education Information Center National Council on Economic Education: Financial Fitness for Life (http://www.ncee.net/ea/program.php?pid=8Junior Achievement) Petersons Education Center Sponsored Programs Information Network US Department of Education Guide Veterans Administration Funding Information
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VOCABULARY
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE ATM: Balance: Bank: Borrow: Budget: Cash: Check: A computerized machine that performs basic banking functions, such as issuing cash withdrawals. The exact amount of money contained in a bank account. A place of business that lends, exchanges, takes care of, an issues money. It is also a place where money can be saved and stored. To request a loan with the promise or understanding of repaying it. A plan used to make the most of your money. Money in the form of coins and bills. A written order instructing the bank to pay money. The order must contain a date, payee, amount, and an authorized signature. Is a bank account where people deposit money and can write checks to pay individuals and companies using money in the account.
Checking Account:
College: Credit Card: Debit:
A postsecondary school where students can get an associate, bachelors, masters, doctors, or first-professional degree. A plactic card that can be used to purchase items by borrowing money with a promise to pay it back. Any item that reduces the balance in a bank account. A check, bank service fee, and ATM withdrawals are all examples of debits.
Debit Card: A plastic card that can be used to purchase items by taking money out of your checking account. Deposit: When money is added to an account.
Enrollment: The total number of students registered in a given school unit at a given time, generally in the fall of a year. Expense: An item that money is spent on.
Federal Reserve: The central bank of the United States. Also called the Fed. Its main function is controlling the money supply through monetary policy.
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE Graduate: Income: Interest: An individual succesfully completes high school, colleges, or some other program of studies. The amount of money earned as a result of completing a job. Income = Revenue - Expenses (1) The fee paid for borrowing money, generally a percentage of the money borrrowed. You pay this fee when you use your credit card and borrow money. (2) The fee paid to a customer who invests their money. You receive this fee when you save money in a bank.
Investment: Property or another possession bought for future financial gain. Loan: Money: An agreement between a borrower and a lender, in which the borrower agrees to repay money with interest over a period of time. Currency used as the accepted medium of exchange that both measures worth and stores value. A college that is funded primarily through private funding and tuition. A college that is funded primarily by the state.
Private College: Public College: Rent:
Periodic fee for the use of property.
Room & Board: The cost of a room and food at college. Savings: Money set aside for large purchases in the future.
Savings Account: A bank account for storing money and to which the bank adds interest. An insured low-risk way of saving. Scholarships & Fellowships: Student: Tuition: Withdraw: Money given to a student to help pay for school. It does not need to be repaid.
A person who attends school. Fee paid for the courses taken at college. When money is taken out of an account. This is done by writing a check, using an automatic teller machine (ATM) card, or by giving a withdraw slip to a teller.
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SAMPLE WOW BROCHURE
84
College Booklet
How to plan financially for college?
Produced by Apprentices from the Cleveland Middle School
85
College Advisors
Toney
Jennifer
Ianna
Justin
Lucas
Oscar
Shawn
Devon
Morgan
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College
Important Things to Know
Why go to College?
When we interviewed some college students they said they like college because: 1. Life-changing experience 2 Meet tons of new people 3 Can live away from home 4 Freedom 5 Choose what to study 6 Tons of activities (sports, drama, singing, clubs) 7 Safe place to take risks 8 More job options after college 9 It is a lot of FUN

$2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 H School igh G raduates C ollege G raduates
$E arned in an A verage Lifetime
Questions to Consider when Planning for College

1 Do you want to go to a private 4-yr college, a public 4-yr college, or a 2yr community college? 2 What is your Grade Point Average? 3 What type of extracurricular activities do you participate in? 4 What specific colleges are you considering? 5 Do you have a part-time job? 6 Do you have any savings? 7 How much do you think you family will be able to contribute? 8 What do you want to study?
College Requirements
Colleges consider the following items when deciding who they will admit to their school. 1. 2 3 4 5 6 Academic Record (did you take challenging courses?) Grade Point Average Class Rank Standardized Test Scores (SATs, State Exams) Extracurricular Activities (Sports, clubs, etc.) College Interview
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College
Ways to pay for College

When we interviewed the financial aid counselor at the local college we found out that students pay for college with money from: Summer Job: Students save the money they make in the summers. Part-time Job: While at school many students have a part-time job and earn money for school. Scholarships: Colleges give money to students based on financial need, academic talent and extracurricular talent (i.e. sports). This $ doesnt need to be paid back. Grants: Colleges give money to students based on financial need. This $ doesnt need to be paid back. Loan: Colleges will lend students and parents money to help pay for school. This money needs to be paid back with interest. Gift: Money given to a student to help pay for school and doesnt need to be repaid. Gifts often come from family and friends. Savings: Money students have set aside in the past (i.e. in a bank) to pay for college.
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Cost of College
Comparing Different Types of Schools
Costs of College
Type of Cost Tuition Room & Board Books and Supplies Transportation Other Expenses Total Yearly Cost 4-yr Private College $21,235 $7,791 $700 $500 $1,300 $31,526 4-yr Public State College $5,491 $6,636 $500 $500 $1,300 $14,427 2-yr Community College $2,191 $6,000 $800 $600 $1,500 $11,091
How much does College cost?

$35,000
$31,526
$30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 4-yr Priv ate College 4-yr Public State College 2-yr Community College
** Statistics from www.collegeboard.com $14,427 $11,091
Other Expenses Transportation Books and Supplies Room & Board Tuition
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Paying for College

How to Pay for College
4-yr Private College $1,000 $2,000 $2,600 $7,000 $6,194 $10,732 $1,000 $1,000 $31,526 4-yr Public State College $1,000 $2,000 $1,000 $2,300 $3,000 $3,627 $500 $1,000 $14,427 2-yr Community College $1,000 $2,000 $200 $1,600 $3,500 $1,291 $500 $1,000 $11,091
Item Summer Job Part-Time Job

(Work-study)
Scholarship
based on need, talent and academics)
Grants
(Federal Pell Grant & FSEOG Grant)
Loans Federal PLUS Loans

(Loans to parents to help
Gift Savings Total Yearly Cost

$35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 4-yr Private College 4-yr Public State College 2-yr Com unity m College
** Statistics from www.collegeboard.com $14,427 $11,091 $31,526
Sav ings Gift Federal PLUS Loans Loans Grants Scholarship Part-Time Job Summer Job
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Saving
Why it so important!

Look at how much money you have if you get $500 a year and you either spend it, save it at home, or put it at a bank with 5% interest.
$4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 Spend Save at Home
$3,539 $3,000
Zero $
Save in a Bank
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92

Student Financial Handbook
The Federal Reserve Bank of Boston and Citizen Schools collaborated to develop this curriculum. Written by Natasha London-Thompson in 2006. Originally taught at the Citizen Schools after-school program at the Woodrow Wilson Middle School (Dorchester, MA) during the Fall Semester 2004. George Guild, from the Boston Federal Reserve, Kristin Hansen, Keith Clark and Dan Gorsky from Citizen Schools, were instrumental in the development of this curriculum
TABLE OF CONTENTS
Lesson 1 Introduction to the Course.4 Lesson 2 - Why College? .......7 Lesson 3 Why Save? ...10 Lesson 4 Researching Costs & Colleges..14 Lesson 5 College Exploration......17 Lesson 6 Budgeting & Planning......19 Lesson 7 How to Finance College? ...25 Lesson 8 Budget & Creating a Financial Plan..30 Lesson 9 Finalize Brochure ....33 Lesson 10 Practice Final Presentation .........33 Appendix 1 Public Speaking Tips ..34 Appendix 2- Helpful Website Resources .....37 Appendix 3 Vocabulary .......38
LESSON 1
WHY COLLEGE?
What benefits did you and your classmates think up?
_____________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________
HOW TO GET INTO COLLLEGE?

What do colleges look for in applicants?
____________________ _____________________ _____________________ _____________________ ___________________________ ___________________________ ___________________________ ___________________________ ___________________________ ___________________________ ___________________________ ___________________________ ___________________________ ___________________________
LESSON 2
WHY COLLEGE?
WHY COLLEGE PAYS OFF?

$2,500,000
$2,000,000
$1,500,000
$E arned in an Average Lifetime
$1,000,000
$500,000
$0 High School G raduates College G raduates
GUIDING COLLEGE PANEL QUESTIONS

1) What college did you go to? 2) Where was it located? 3) Did you go to a public or a private college? 4) What did you study at school? 5) Why do you think college was such a special experience? 6) How much did your college cost a year? 7) How did you pay for college? 8) What kind of activities did you participate in at college?
LESSON 3
WHY SAVE?
10
HOW DO BANKS WORK?
Interest Customer A
Interest
The Bank
Customer B
Customer A puts her money in the bank. The bank pays her interest for leaving her money at the bank Then the bank lends money to Customer B, who pays the bank back the amount borrowed with interest.
How do banks make money?
11
HOW DOES $ MAKE $?

$0 $3,000 $3,539
SAVING PAYS! THANKS TO INTEREST
12
BENEFITS OF A BANK ACCOUNT

What benefits did you and your classmates think up?
_________________________ _________________________ _________________________ _________________________ _________________________ _________________________ _________________________ _________________________ _________________________ _________________________ _________________________ _________________________ _________________________ _________________________ _________________________
13
LESSON 4
14
COST TO LIVE
Beginning Estimate End Estimate
RENT How much does it cost to rent a onebedroom apartment for a month? FOOD How much does it cost to eat for a month?
15
COLLEGE RESEARCH QUESTIONS

Name of College:_______________________________ Background and School Vital Statistics When was it founded? ___________________________ Where is it located (town)? ______________________________________ Is it a private or public college? ___________________________________ How many years is it? __________________________________________ How many undergraduate students attend the school? _________________ Admission Information How many students apply each year for admission?___________________ How many students are accepted each year? ________________________ What is the average SAT score of admitted students? _________________ What is the average GPA of the admitted students? ___________________ Financial Information How much does tuition cost a year?________________________________ How much does room & board cost a year? _________________________ Does the school offer athletic scholarships?__________________________ How much financial aid is given out? _______________________________ How many students receive aid? __________________________________ Other Information ____________________________________________________________ ____________________________________________________________
16
LESSON 5
COLLEGE EXPLORATION
17
FINANCIAL AID INTERVIEW QUESTIONS

Name of Interviewer (student):____________________________ Name of the Financial Aid Counselor: How much does this college cost?
How do people pay for college? List the Sources 1. ____________________________________________________ 2. ____________________________________________________ 3. ____________________________________________________ 4. ____________________________________________________ 5. ____________________________________________________ What percentage of the students get financial aid? What are the qualifications for financial aid?
18
LESSON 6
19
TYPES OF COLLEGE COSTS

When you go to college, what types of expenses will you have?
___________________________________ ___________________________________ ___________________________________ ___________________________________ __________________________________ __________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________
20
COSTS OF COLLEGE
Create Your First Budget Type of Cost 4-yr Private College 4-yr Public State College 2-yr Community College
Tuition
Room & Board
Books and Supplies
Transportation
Other Expenses
Total Yearly Cost
21
4-YR PRIVATE COLLEGE COSTS

Displayed as a Pie Chart!
Item
Private College Cost
% of Total Cost
Total Yearly Expenses
22
4-YR PUBLIC COLLEGE COSTS

Item
Public College Cost
% of Total Cost
23
2-YR COMMUNITY COLLEGE COSTS

Item
Community College Cost
% of Total Cost
24
LESSON 7
25
SCHOLARSHIP SUCCESS STORY: 1 BERNADETTE WILLIAMS

School: Awards: Amount: University of Southern Maine 5 scholarships More than $30,000 Bernadette Williams is proof that hard work pays off. This University of Southern Maine undergraduate has received five scholarships this year alone, totalling over $30,000. After going the extra mile in her high school career and her scholarship search, Bernadette is reaping big rewards. Search and Find Bernadettes winning efforts began with a search for scholarships that would help her pay her way. Even though there are hundreds of thousands of scholarships out there, Bernadette knew they wouldnt just fall into her lap. So she began to look for information in her school and community. She also did a scholarship search on FastWeb, where she learned about two scholarships that she eventually won: The Tylenol Scholarship and the MBNA Maine Scholarship. Out of Class Efforts Repaid Though she can boast a great grade point average, Bernadette won most of her scholarships for her work outside of the classroom. Throughout high school, she was heavily involved in community service organizations like the National Honors Society, where she raised money for breast cancer and tutored fellow high school students. Totaling over 500 hours of community service with her peer leadership group, Bernadette mentored elementary school children and participated in a red ribbon campaign for the D.A.R.E. program.Thats the kind of volunteer involvement that won Bernadette the Sam Walton Community Involvement Scholarship. Were looking for students who have a strong academic background and participate in extracurricular activities, but its importatn that theyre focused on community involvement, said Brad Fisher, Community Project Manager for the Walmart Foundation.
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27
FINANCING OPTIONS
What ways to pay for college did you and your Classmates think up?
____________________________________ ____________________________________ ____________________________________ ____________________________________ ____________________________________ ____________________________________ ____________________________________ ____________________________________ ____________________________________ ____________________________________ ____________________________________ ____________________________________ ____________________________________ ____________________________________ ____________________________________
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FEDERAL LOANS & GRANTS

Federal Student Aid Program Federal Pell Grant Federal Supplemental Educational Opportunity Grant (FSEOG) Federal Work Study Type of Aid Program Details Annual Maximum Award Limits $4,050 for 20032004 $4,000 Grant: does not have to be repaid Grant: does not need to be repaid Available almost exclusively to undergraduates; the amount of the grant is determined by your financial need and the cost of your education program For undergraduates with exceptional financial need; priority is given to Federal Pell Grant recipients; funds depend on availibility at school. For undergraduate and gradute students; jobs can be on campus or off campus; students are paid at least minimum wage.
Federal Perkins Loan
A limit of ~$3,500.
This loan is awarded to undergraduate or graduate students with exceptional financial need; payment is owed to the school that made the loan. There is a 5% interest rate. Subsidized: U.S. Department of Education pays interest while borrower is in school and during grace and deferment periods. There is a maximum interest rate of 8.25% Unsubsidized: Borrower is responsible for interest during life of the loan. There is a maximum interest rate of 8.25%.
$4,000 for undergraduate students; $6,000 for graduate students $2,625 to $8,500, depending on grade level. $2,625 to $18,500, depending on grade level (includes any subsidized amounts received for the same period) Cost of attendance minus any other financial aid the student receives
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LESSON 8
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COLLEGE FINANCING BUDGET

Item Summer Job Part-Time Job (Work-study) Scholarship based on need, talent and academics) Grants (Federal Pell Grant & FSEOG Grant) Loans Federal PLUS Loans (Loans to parents to help Gift Savings Total Yearly Cost 4-yr Private College 4-yr Public State College 2-yr Community College
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POWERPOINT INSTRUCTIONS
How to make a chart! 1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 11) Open PowerPoint Select New Slide Select Content Layout that is second down on the left (the one that has a Title and Charts and/or graphs) Add Title College Expenses Click on Chart/Graph icon in the middle of the page Right click on bars and go to Chart Type select the type of chart you are trying to make. Select the Multi Layer, 3-D chart or 3-D Pie, then press OK Excel Table will appear on the page, fill in the table with budget categories and figures At anytime to view datasheet, go to View and select Datasheet To format an axis, right click on the axis and make changes (i.e. to change axis to $) Make sure all the finishing touches are complete (i.e. title is labelled, axises are labelled, colors are clear and so forth)
And, your done with the slide!
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LESSONS 9, 10 & WOW

FINALIZE BROCHURE AND PRESENTATION
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GUIDING INTERVIEW QUESTIONS FOR THE HIGH SCHOOL STUDENT

1) What grade are you in? 2) How well do you do in school? What grades do you get? 3) What types of activities do you participate in (i.e. sports, student government, art, theater)? 4) Do you think you could be considered for an academic, athletic or extra-curricular actitivity scholarship? If yes, for what? 5) Do you think your parents will help pay for college? If yes, how much (i.e. 10%, 25%, 100%)? 6) Do you have a job? If yes, how much do you make a week? Do you save your money? 7) Do you have any money saved for college yet? 8) Do you think you would qualify for financial aid?
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APPENDICES
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PUBLIC SPEAKING TIPS

Speak loudly and clearly Stand up straight No fidgeting & no hands in pockets Have good energy in your voice Look at your audience Know the audience Know the material & do not read from paper. SPEAK WITH CONFIDENCE
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WEBSITE RESOURCES
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VOCABULARY
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE ATM: Balance: Bank: A computerized machine that performs basic banking functions, such as issuing cash withdrawals. The exact amount of money contained in a bank account. A place of business that lends, exchanges, takes care of, an issues money. It is also a place where money can be saved and stored. To request a loan with the promise or understanding of repaying it. A plan used to make the most of your money. Money in the form of coins and bills. A written order instructing the bank to pay money. The order must contain a date, payee, amount, and an authorized signature. Is a bank account where people deposit money and can write checks to pay individuals and companies using money in the account.
Borrow: Budget: Cash: Check:
Checking Account:
A postsecondary school where students can get an associate, bachelors, masters, doctors, or first-professional degree. A plactic card that can be used to purchase items by borrowing money with a promise to pay it back. Any item that reduces the balance in a bank account. A check, bank service fee, and ATM withdrawals are all examples of debits. When money is added to an account.
Deposit:
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Investment: Property or another possession bought for future financial gain. Loan: An agreement between a borrower and a lender, in which the borrower agrees to repay money with interest over a period of time. Currency used as the accepted medium of exchange that both measures worth and stores value. A college that is funded primarily through private funding and tuition. A college that is funded primarily by the state.
Money:
Room & Board: The cost of a room and food at college. Savings Account: A bank account for storing money and to which the bank adds interest. An insured low-risk way of saving. Scholarships & Fellowships: Student: Tuition: Withdraw: Money given to a student to help pay for school. It does not need to be repaid.
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A Financial Perspective
For Middle School Students
The Federal Reserve Bank of Boston and Citizen Schools collaborated to develop this curriculum. Written by Natasha London-Thompson in 2006. Originally taught at the Citizen Schools after-school program at the Woodrow Wilson Middle School (Dorchester, MA) during the Fall Semester 2004. George Guild, from the Boston Federal Reserve, Kristin Hansen, Keith Clark and Dan Gorsky from Citizen Schools, were instrumental in the development of this curriculum.
TABLE OF CONTENTS
Statement of Need, Purpose and Goals ..4 Notes to the Instructor..5 Session 1 Lesson Plan Introduction to the Course..6 Session 2 Lesson Plan - Why College? .......15 Session 3 Lesson Plan Why Save? ....21 Session 4 Lesson Plan Researching Costs & Colleges...29 Session 5 Lesson Plan College Exploration......35 Session 6 Lesson Plan Budgeting & Planning.......40 Session 7 Lesson Plan How to Finance College? ....49 Session 8 Lesson Plan Budget & Creating a Financial Plan...58 Session 9 Lesson Plan Finalize Brochure .....65 Session 10 Lesson Plan Practice Final Presentation ......69 WOW: Final Presentation ... . .....74
Appendices: Examples of Visuals, Tools and Processes

Appendix 1: Recruitment of Students Tips 78 Appendix 2: Jeopardy Overhead.....79 Appendix 3: Website Resources .80 Vocabulary List ......81 Sample Brochure ..........84
STATEMENT OF NEED, PURPOSE AND OBJECTIVES

The Need: Youth enter the workforce or go to college completely unprepared with the basic tools needed to manage their finances (i.e. how to balance a checkbook or how to create a budget). There are only 7 states that require students to complete courses in personal finance before graduating from high school.1 Almost half of all parents dont think they set a good example when it comes to handling their own money and are not capable of properly teaching their children.2 Programs, such as this one, are needed to help fill the knowledge gap and prepare youth to take financial responsibility for their lives. The Purpose: A college education provides limitless opportunities for an individual. Yet for many, college seems like an unattainable goal financially. The purpose of this curriculum is to teach students how to plan financially for college. College can be expensive, but is a worthwhile investment in the long run. Throughout this course, students will learn about the social and economic value of college. Students will also learn the value of saving, and that it is never too early to start. The average adolescent spends $264 a month, which they can start saving for college today.3 Course Objectives: Middle school students will learn the benefits of college. Middle school students will learn the value of saving. Middle school students will learn how college is affordable. Middle school students will be able to create a budget. Middle school students will improve their public speaking skills. Middle school students will visit a College Campus. Middle school students will improve their financial vocabulary. Middle school students will learn how to create graphs and charts from simple spreadsheets. Middle school students will teach their peers, their parents and community members the basics of financial literacy.
1 2
Survey of the States. National Council on Economic Education. 2005. Northwestern Mutual, October 2003, Teaching Kids About Money. Parents survey summary. 3 First Coinstar Teens Talk. Coinstar, 2003..
NOTES TO THE INSTRUCTOR

While teaching this curriculum at the Woodrow Wilson Middle School in fall 2004, I learned many valuable lessons that I would like to share with you. Extra Support is Helpful: If you can find someone to co-teach this curriculum, or support you in the classroom, I would suggest it. It helps to have a person available to help individual students who struggle with some of the material. Technology can be hard to find: Technology (computers and Internet) can be hard to find at some schools. The curriculum can be adapted so that technology is needed in limited quantities. Vocabulary/Knowledge Gaps: The students might not possess some of the basic vocabulary or knowledge that you think they should have. For instance, in my classroom I was explaining scholarships to the students, and quickly discovered that they had a hard time grasping the concept because they did not know what basic words like requirement or criteria meant. Throughout the course try to learn what type of knowledge they already possess and what they still need to learn. Participation from all students: There will be some eager students who will actively participate in your class; while there will be some quieter students who might never participate. Do your best to engage all the students? Try to call on students you have not heard from. Also, encourage the students to spend 30 seconds thinking about the question before they attempt to answer it. This allows the students that take a little longer to process things and a chance to still participate. The value of money: Since the middle schools students are still living at home and are not supporting themselves, their perception of what things cost is skewed. For instance, students in my class thought that it would only cost $100 to eat for 1 year. Try to bring in food flyers or other items to help students grasp what things really cost.
LESSON 1
LESSON 1: INTRODUCTION TO COLLEGE

Lesson Overview: Students will discuss the benefits of colleges and what colleges look for in applicants. Students will be introduced to the goals of the course. Length: 90 Minutes
Learning Objectives: The students will get to know each other through several interactive activities. The students will learn the structure of the course, including the rules and what the final presentation will be. The students will identify their own reasons to attend college. The students will learn what colleges look for in applicants. The students will learn concepts and vocabulary, such as income, tuition and scholarships, through a vocabulary game. Materials: Nametags (each student should wear a nametag). Have the students wear the nametags each lesson until you know their names. The Student Manual (one manual per student) Pens (for nametags and for the students) Flip chart paper with the daily agenda written on it Removable pen (for the overhead) Overhead Big pictures with the faces of the people from the first activity A copy of the sample brochure for each student Preparation: Write out the daily agenda on a big piece of flip chart. Allocate times for each activity. Students like knowing what is coming up next. Purchase and prepare all the materials needed in advance Prepare the vocabulary game Print copies of the sample brochure for each student
LESSON PLAN 1
I. OPENING ACTIVITY: WHAT IS THE COMMON LINK? Place pictures of each of the fellowing people on the wall. Time: 15 Minutes
Ask the students who these people are. Ask the students what each of their jobs are. Ask the students what the people all have in common. Share with the students that the common link is that each of the people graduated from college. They each have used college to help them achieve their dreams. Martin Luther King Jr., Civil Rights Leader. Morehouse College. Hillary Rodham Clinton, Senator and Former First Lady of the U.S., Wellesley College & Yale Law School. Samuel L. Jackson, Actor, Morehouse College. Natalie Portman, Actress, Harvard University. Michael Vick, Football Quarterback, Virginia Tech. President George Bush, President of the United States, Yale University & Harvard University. Bill Cosby, Actor and Comedian, Temple University Tom Brady, Football Quarterback, Michigan University Ask the students to discuss how college helped each of these people achieve success.
LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE II. INTRODUCTION: TO THE INSTRUCTOR AND THE COURSE Time: 15 Minutes
Note: Give a brief description of the course to the students. Taking the time to clearly articulate the goals of the course because it helps the students understand what they are working towards. Introduce the agenda for the day, so that the students have an idea of how the day will flow. Introduction of the Instructor Introduce yourself and try to hit on some of the following points. Background (i.e. current job) Why you are teaching the course Your college experience (i.e. school you attended, program of study, if you enjoyed it) Why is Financial Literacy and Planning for College Important? Explain your personal reasons for why you are teaching the course Explain why planning for college early is important One of the biggest financial investments an individual will make in their life is college. Simple financing tools like knowing how to create a budget will prove to be an invaluable tool later in life. Introduce the Goal of the Course and the Final WOW! GOAL OF THE COURSE: Is for the students to understand how to plan financially for college. FINAL PRODUCT: The students will create a brochure that will help high school students plan for college. Distribute the sample brochure to the students, so they see what they will create. Make a list of the different sectors in the brochure (i.e. why save? Costs of college?). Explain how each week the students will create a part of the brochure. FINAL PRESENTATION: For the final presentation, the students will use the brochure they created to advise a high school student on how to plan for college. By the end of the course, they will be college advisors.
& Teach
Retention of Knowledge
& Do & Discuss & See Hear
The students will use the brochure to demonstrate their knowledge and to help a high school student. The process of the students advising a high school student will allow them the opportunity to teach-back, which will reinforce their learning.
Learning Triangle
Ground rules for the Lessons Brainstorm with the students. (Please read the basic rules of brainstorming found in Visual 1A before you do this activity with the students.) Qualities of professionalism (i.e. raise your hand if you have a question). Record their suggested ground rules and make them the rules for the course. Refer to this list throughout the course if necessary. It is important to set clear expectations (regarding behavior) with the students.
III. COLLEGE ICE BREAKER: DICE GAME/STARBURST GAME
Time: 20 Minutes
Note: Take the time to learn about the students in your class. By understanding the students and their backgrounds, you can be a better teacher. Remember to never assume anything about the students, and to take the time to find out instead. Also, note that many famous Americans were the first in their families to attend college, so if a students family has never attended college, they can be the first. How to Play the Dice Game or- Starburst Game? 1. On flipchart paper or a chalkboard, write out questions and connect them to a number on the dice or a color of the starburst. 2. Students take turns rolling the dice and answering the questions, or pulling out a starburst, answering the question, and eating.
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE Possible Questions: - What is your name? - Where are you from? - What do you want to be when you grow up? - What is your favorite subject? - What subject do you struggle with? - Do you have a savings account? - Can you think of one college? - What do you think about college? - What is one thing you know about college? - Say one question you have about college? - Why go to college? - What can you get out of college? - Do you think you need to go to college? - How much do you think college costs a year? The visuals could look like this: DICE GAME If you roll a 1) What is your name? 2) Where are you from? 3) Why go to college? 4) Say one question you have about college? 5) How much do you think college costs a year? 6) What is the point of going to college? STARBURST GAME If you pick a Red Starburst What do you want to be when you grow up? Blue Starburst How much do you think college costs? Yellow Starburst Can you think of one college you might want to go to? Orange Starburst What is the point of going to college?
IV. BRAINSTORM: WHY GO TO COLLEGE?
Time: 5 Minutes
Ask the students why they think people go to college, and what do they think these people gain from the experience at college. Tell the students that their responses to this question will be recorded and placed in the WOW! Brochure. Write down all the benefits that the students share on a big piece of flip chart paper.
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE V. LESSON OF THE DAY: WHAT DO COLLEGES LOOK FOR? Time: 15 Minutes
Instructions: 1. Ask when the students think they should start thinking and planning for college? 6th Grade? 7th Grade? 8th Grade? 9th Grade? 10th Grade? 11th Grade? 12th Grade? a. Explain how they should start planning as early as middle school because colleges have many entrance requirements that are based on their entire high school career. 2. Explain how entrance requirements differ from college to college, but there are several main requirements that colleges look for.4 Ask the students to think about what these might be. Record all their ideas on a piece of flip chart paper to be included in the WOW! Brochure. 3. After they make their 1st list, help further develop some of their ideas. For instance if the student says that grades matter, you could add that a school looks for consistency in academic achievement, as well as improvement over time of grades. 4. Check the list of college admission requirements to see if you missed any items. If you did, tell the students and explain the requirement to them. What college admissions look for? ACADEMIC RECORD: What courses did you take? How many courses? Did you take challenging courses? APPLICATION ESSAY: How strong is the essay you write to the college? GRADES: What was the consistency of your grades? Did you improve significantly? What was your grade point average (G.P.A.)? CLASS RANK: How are your grades compared to the other people in your class? STANDARDIZED TEST SCORES: What was your SAT score? EXTRACURRICULAR ACTIVITIES: Such as sports, drama, and music. LETTERS OF RECOMMENDATION COLLEGE INTERVIEW
Financial Aid Center. Junior Achievement Worldwide, 2004. Available at: htto://www.ja.org/studentcenter/financial/financial_planning_look.shtml
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE VI. VOCABULARY GAME: IDENTITY GAME Time: 15 Minutes
How to Play: 1. Print out big slips of paper with different vocabulary words on them. Sample financial vocabulary words are in the appendix. 2. Every student should have a slip tapped to their back and not know what their word is. 3. The students must ask other students questions to try to find out their word is. 4. Students can only questions that generate a yes or no response. 5. Students can only ask 3 questions VII. DEBRIEF Time: 5 Minutes
Let the students ask you any questions they might have. Ask the students what they learned during the day. Preview next weeks agenda. There will be a panel of college students who will come in to meet them.
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VISUAL 1A: GUIDELINES TO BRAINSTORMING

Guidelines: 1. 2. 3. 4. 5. Quantity not quality at this stage All ideas are ok Hold comments until the end, no critique along the way Build on other's ideas Repeats okay
Other tips: 1. Have a separate scribe from the facilitator 2. Scribe should write clearly, quickly and use abbreviations to keep up with the flow 3. Use easy to read colors (blue, green, purple, black and brown) and avoid the ones that are difficult to read (red, orange, yellow and pink) 4. Alternate colors when writing different ideas 5. Facilitator should make broadly encouraging comments "great, let's keep the momentum going" "good, who has more?" the list is looking good, let's get some more up here." but refrain from turning these comments into evaluations of a particular contribution so don't say things like, "I like that one." "That's a good one, are there more like it?" "Nice one Derria" The point is to encourage a lot of input. 6. Facilitator should look out for folks who haven't commented, "I haven't heard from some of you, what do you have to add?" Or when calling on people call on hands that are up for the first time before coming around a second or third time to others. 7. Dont spend too much time checking for clarification or getting authors to approve of wording. 8. At the end Facilitator gives a little warning before wrapping up i.e. "we have room/time for a few more - who has some burning ones to get on the list?" Scribe and facilitator add their thoughts Check to see that ideas gotten written up in a way that "authors" agree Check for clarification; see what needs to be explained before moving on.
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LESSON 2
WHY COLLEGE?
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LESSON 2: WHY COLLEGE?

Lesson Overview: The students will learn about the long-term benefits of college. The students will interview a panel of current and graduated college students. Length: 90 Minutes
Learning Objectives: The students will build on their vocabulary. The students will learn about the long-term financial benefits of college. The students will interview a panel of students about college Materials: Nametags (each student should wear a nametag) The Student Manual (one per student) Pens (for nametags and for the students) Flip chart paper with the daily agenda written on it Removable pen (for the overhead) Overhead Digital Camera Copies of the draft brochure Preparation: Write out the daily agenda on a big piece of flip chart. Allocate times for each activity. Purchase and prepare all the materials needed in advance. Organize for a panel of current and college students to attend the lesson. Prepare the vocabulary game Create a template for the brochure where you can place the content from each week. Put the work that the students developed in the previous lesson in the brochure. Print up copies of the draft brochure so that the students see what portion is completed and what remains to be done.
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LESSON PLAN 2
Time: 10 Minutes I. OPENING Welcome the high school student, who is the client, to the class Outline the agenda for the day Distribute the draft brochure, so that students know which sections they will be working on during the lesson. Take pictures of the students and the client (to use in the final presentation) II. ECONOMIC LESSON: OPPORTUNITY COST Explain to the students the concept of Opportunity Cost. Opportunity cost: Is the next best alternative you give up when you make a choice. For example, if Michael, takes a part time job at McDonalds to make money and buy a car, the opportunity cost is the other things that might have been done with that time instead. For instance, Michael could have participated in his school football team, and could have potentially received a college scholarship for the sport one day. By making the decision to have a job after-school, Michael made the decision not to do other things.5 The opportunity cost of going to college is the foregone income from other alternatives such as a full-time job. Short term, there is an opportunity cost to attending college, but long-term the decision pays off financially. Look at the following three charts that illustrate the long-term financial benefits of attending college. Ask the students to think of how opportunity costs might appear in their lives. III. LONG-TERM FINANCIAL BENEFITS OF COLLEGE Time: 15 Minutes Time: 10 Minutes
Note: Explain to the students how higher education pays off with higher lifetime earnings. Explain to the students how if they go to college, they will probably make $1 million more dollars in their lifetimes. Display the Why college Pays Off chart from the next page.6 Ask the students to share what they would do with an extra million dollars in their life? How many cars could they buy? How many MdDonalds burgers?
Kids Net. Available at http://www.kids.net.au/encyclopedia-wiki/op/Opportunity_cost According to Pathways to Getting Ahead: A joint project of Public and Community Affairs Department (Federal Reserve) and Asset Development Institute (Brandeis University). Sept 2003, Larry Beeferman and Sandra Venner.
6 5
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$2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 High School Graduates College Graduates
$ Earned in an Average Lifetime
Explain how even if a student attended the most expensive school in the country and had to pay full fare, they would still end up with $780,000 more in their lifetime then someone who did not go to college.
Display the following chart.7
College/High School Wage Gap

$25.00 $20.00 $15.00 $10.00 $5.00 $0.00 Men 1979 Men 2001 Women Women 1979 2001 H.S. Grads Coll. Grads
The wage gap between college graduates and high school graduates is widening.
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Note: All hourly wages are in constant 2001 dollars. From chapter 3 of Levy-Murnane, The New Division of Labor (2004).
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE IV. COLLEGE INTERVIEW PANEL Time: 40 Minutes
Note: Arrange for a panel with current college students and college graduates to come to the lesson. Have 3-5 guests on the panel. Provide some interviewing tips to the students before the panel starts. For instance, the students should raise their hands when they have a question and wait to be called on. Also, encourage the students to record some of the responses. This will help ensure that they are listening to all the answers and that they gain experience transcribing what they hear. Panel Instructions - For 20 Minutes the Panelists should share: (1) Why they chose to go to college? (2) What people gain from college? (3) What road did they take to get to college? (4) How they pay/paid for college? - Question and Answer Section: The students have a series of guiding questions (see below). Encourage the students to ask their own questions, as well as any of the guiding questions to the panel. Guiding College Panel Interview Questions (These questions also appear in the Student Manual) 1) 2) 3) 4) 5) 6) 7) 8) What college did you go to? Where was it located? Did you go to a public or a private college? What did you study at school? Why do you think college was such a special experience? How much did your college cost a year? How did you pay for college? What kind of activities did you participate in at college? Time: 10 Minutes
V. VOCABULARY GAME: FINANCE TABOO
How to Play: 1. Students are divided into two teams. 2. One student from team A volunteers to go first. They are given a stack of cards with finance terms on one side. They may not show the word to their team. One person from team B stands next to them and gets to see the word. The person from team A has 30 seconds to get their team to say the word/term without saying it him/herself. They can act things out, or try describing it, without saying the word. 3. If team A does not get the word, team B has 30 seconds to try.
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE VI. DEBRIEF Time: 5 Minutes Let the students ask you any questions they might have. Ask the students what they learned during the day. Preview next weeks agenda
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LESSON 3
WHY SAVE?
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LESSON 3: WHY SAVE?

Lesson Overview: The purpose of this lesson is for the students to learn how they can make more money by saving money. In this lesson, students will learn the power of interest and how to save money. Length: 90 Minutes
Learning Objectives: The students will learn why saving money is so important The students will learn the basics about interest The students will learn how to start a bank account The students will build on their vocabulary Materials: The Student Manual (one per student) Print the Appendix 2: Jeopardy as an overhead Flip chart paper with the daily agenda written on it Removable pen (for the overhead) Markers Overhead Copies of the draft brochure Preparation: Write out the daily agenda on a big piece of flip chart. Allocate times for each activity. Purchase and prepare all the materials needed in advance. Fill in the categories on your jeopardy overhead Put the work that the students developed in the previous lesson in the brochure. Print up copies of the draft brochure so that the students see what portion is completed and what remains to be done.
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LESSON PLAN 3
Time: 5 Minutes I. OPENING Outline the agenda for the day. Distribute the draft brochure, so that students know which sections they will be working on during the lesson. II. WHY SAVE? Time: 15 Minutes Introduce the power of saving. Explain how individuals put money aside in a bank account to save money for the future. Explain how banks pay individuals to store their money at the bank. This is called interest. Use the following diagram to illustrate how a bank is a business (the diagram is also found in the Student Manual Ask for some volunteers. Have one student pretend to be the bank, another student pretend to be Customer A, and another student pretend to be Customber B. Use the fake monopoly money found in Visual 3A, and have the students act out the graph below.
Interest
The Bank
Customer A
Interest
Customer B
Customer A puts her money in the bank. The bank pays her interest for leaving her money at the bank Then the bank lends money to Customer B, who pays the bank back the amount borrowed with interest. Question: How do banks make money? Answer: The amount of interest the bank is paid by customber B is more then the amount of interest the bank pays to customer A. So the bank makes a profit.
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE III. ECONOMIC LESSON: POWER OF INTEREST Time: 25 Minutes
Interest Activity Establish the conditions for giving out candy. Divide students into three groups. Have the students sit with their groups. Group A: Represents people who spend their money right away Group B: Represents people who save their money, but store it at home Group C: Represents people who save their money at a bank Round 1: Round 2: Groups A, B, and C are each given 4 jelly beans. Allow group A to eat theirs. Instruct group B and C to keep theirs. Groups A and B are each given 4 jelly beans. Instruct group A to eat theirs and group B to save theirs. Give group C 5 jelly beans because their jelly beans are in a bank, so they get a jelly bean in interest. Groups A and B are each given 4 jelly beans. Instruct group A to eat theirs and group B to save theirs. Give group C 6 jelly beans because their jelly beans are in a bank, they get a jelly bean in interest.
Round 3:
Discussion - Ask each group to count their jelly beans. They will notice that Group C has the most jelly beans at the end of the exercise. Let the students share what they think happened, what the activity showed, etc. The students can have a debate representing different views about the interest and candy activity. Share what interest is to the students. Interest can be defined simply as the price of borrowing money.8 The fee paid for the use of money, generally a percentage of the money borrowed. When you keep your savings in a bank, the bank pays you extra money, which is called interest. The interest is added to your account on a regular basis, usually once a month or once every three months. For example a credit card company charges interests to customers who use their credit cards and borrow money. Also, a customer can earn interest from a bank or financial institution by keeping his/her money at the institution. Explain how high interest rates when you are saving money is good. Explain how high interest rates when you are borriwing money is not good.
8
NEFE School Financial Planning Program. National endowment for financial education. Colorado, 2001.
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE Show the students the following chart to illustrate the power of interest.
$3,539 $3,000
$0
Point our how much money the students would have if they got $500 a year for 5 years and either spent it, saved it at home, or put it at a bank with 5% interest. This means trying hard not to touch the money you have. SAVING PAYS! The other side of interest is that when someone borrows money from a bank they need to pay interest. The bank usually charges more to people who borrow, then they pay out to people who save. This is how the banks make a profit. IV. BENEFITS OF A BANK ACCOUNT Time: 10 Minutes
Ask the students why a bank account is beneficial? Record the list that the students generate. Narrow down the list. Some benefits you might want to include are listed below:9 Safe place to keep money Ease of access to money Writing checks Automated teller machines (ATMS) Withdrawals at the bank Better way to manage money Safer than carrying cash Provides record of payment Allows for better tracking of money deposited and spent A place to make money and borrow money. A bank will pay you interest to store your money with them. A bank will charge you interest if it lends you money.
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Banking on Our Future. Wells Fargo Banks, 2001.
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V.
BANKING TERMS
Time: 10 Minutes
Term by term, ask the students to define each of the following terms. The terms that they do not know, or they need clarity on, please fill in the blanks. It is important for them to learn these financial terms. You can also teach these terms as part of an activity. Bring in a sample check, fill it in, and show the students the steps that the check will go through (i.e. being deposited, an update balance, which will result in available funds to withdrawal) BALANCE: The exact amount of money contained in a bank account. CHECK: A written order instructing the bank to pay money. The order must contain a date, payee, amount and an authorized signature. WITHDRAWAL: When money is taken out of an account. This is done by writing a check, using an automatic teller machine (ATM) card, or by giving a withdraw slip to a teller. VI. TYPES OF BANK ACCOUNTS Time: 5 Minutes
Ask the students what they think the two main types of bank accounts are. o Answer: Savings account and checking account Explain the difference between the two types of accounts. SAVINGS ACCOUNT: Is a bank account where you store your money and earn interest at the same time. You dont need a lot of money to open a savings account, and you can withdraw money at any time. (Show the students a bank savings account book) CHECKING ACCOUNT: Is a bank account where you store your money and can write checks to individuals and companies using money from the account.
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VII. VOCABULARY GAME: JEOPARDY How to Play: 1. Place the Jeopardy overhead (Appendix 2) onto the overhead projector. a. Select which terms you want to quiz the students on before the lesson b. Fill in the main categories (i.e. banking) on the overhead c. Have candy for the winning team or student 2. Select a student to choose the 1st category.
Time: 15 Minutes
3. Ask the question. 4. Suggest that students spend 15 seconds thinking of their answer before raising their hand. After 15 seconds, call on a student. 5. If the student gets the answer right, provide them a treat (i.e. a candy), and then the student gets to choose the next category. 6. This continues until all 12 questions are answered. 7. Try to call on students you have not heard from. VIII. DEBRIEF Time: 5 Minutes Let the students ask you any questions they might have. Ask the students what they learned during the day. Preview next weeks agenda
27
VISUAL 3A: MONEY FOR SAVING ACTIVITY
$10
$5 $5 $10
$10 $10 $10 $10

28
LESSON 4
29
LESSON 4: RESEARCHING COSTS AND COLLEGES

Lesson Overview: The students will learn about the costs of living. The students will research colleges to deepen their knowledge. Length: 90 Minutes
Learning Objectives: The students will learn about the costs of living The students will learn more about colleges The students will build on their vocabulary Materials: The Student Manual (one per student) Flip chart paper with the daily agenda written on it Removable pen (for the overhead) Markers Newspapers, flyers, college materials Overhead Copies of the draft brochure Preparation: Write out the daily agenda on a big piece of flip chart. Allocate times for each activity. Purchase and prepare all the materials needed in advance. Prepare the vocabulary game Put the work that the students developed in the previous lesson in the brochure. Print up copies of the draft brochure so that the students see what portion is completed and what remains to be done.
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LESSON PLAN 4
Time: 5 Minutes I. OPENING Outline the agenda for the day. Distribute the draft brochure, so that students know which sections they will be working on during the lesson.
II. COST OF LIVING ACTIVITY
Time: 25 Minutes
Note: Many students have an unrealistic idea of how much it costs to live. This exercise is created to help kids understand the different costs that are associated with college. Instructions: Bring in newspapers (the real estate section) and grocery flyers for each student. On the board create a chart that looks like this: Item Rent 1 Bedroom Apartment Food Ask the students what they think it would cost to eat for 1 week and live in a 1bedroom apartment for a week. Write down the average response on the board. o Make this activity more interactive by setting it up as a price is right activity where students individually, or as small groups guess the different prices. In small groups, the students should look through the real estate section and see how much 1-bedroom apartment costs for a month. They can use their math skills to divide the cost of an apartment for a month by 4 to get the price for 1 week. In small groups, the students should think about what they eat each week. They should check out the prices in the food flyer and estimate what it costs for them to eat for a week. The estimate should be multiplied by 4 to reflect the cost of food for 1 month. The students should share what they think the cost of food and rent is after they conducted their research. Have a short discussion about the difference in cost of living. 31 Beginning Activity Estimate End Activity Estimate

III. RESEARCHING THE COLLEGES
Time: 40 Minutes
Note: The students will be given 40 minutes to try to answer as many questions about the three different types of colleges as possible. Instructions Divide the class into three groups (4-yr Private College, 4-yr Public College, and 2-yr Community College). Each group will examine one college that fits into their category. For instance, in Boston, the students could explore Boston College, UMASS Boston and Bunker Hill Community College. Distribute all the materials you prepared to look through for the students. Each group should get brochures from their category of college. Many middle schools do not have access to the Internet, so it is important that you prepare a lot of the materials you want them to research ahead of time. If your classroom does have Internet and computer access, you might want to have the students visit the college websites themselves to find the desired information. Provide some suggested websites for them to explore for this exercise. Types of documents to print from each college: Information packet about college for prospective students Financial aid information Other information you think is relevant (i.e. school size) Questions to Research: Each group should try to answer the questions found Visual 4A for their respective category of college. These questions also appear in their Student Manuals. IV. VOCABULARY GAME: IDENTITY GAME Time: 15 Minutes
How to Play: 1) Print out slips of paper with different vocabulary words on them. Sample financial vocabulary words are in the appendix. 2) Every student should have a slip taped to their back and not know what their word is. 3) The students must ask other students questions to try to find out their word is. 4) Students can only questions that generate a yes or no response.
IV. DEBRIEF
Time: 5 Minutes
Let the students ask you any questions they might have. Ask the students what they learned during the day.
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VISUAL 4A: COLLEGE RESEARCH QUESTIONS

Name of College:_________________________________________________ Background and School Vital Statistics When was it founded? _____________________________________________ Where is it located (town)? _________________________________________ Is it a private or public college? ______________________________________ How many years is it? _____________________________________________ How many undergraduate students attend the school? ____________________ Admission Information How many students apply each year for admission?______________________ How many students are accepted each year? ___________________________ What is the average SAT score of admitted students? ____________________ What is the average GPA of the admitted students? ______________________ Financial Information How much does tuition cost a year?___________________________________ How much does room & board cost a year? _____________________________ Does the school offer athletic scholarships?_____________________________ How much financial aid is given out? __________________________________ How many students receive aid? _____________________________________ Other Information ________________________________________________________________ ________________________________________________________________ ________________________________________________________________ ________________________________________________________________
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LESSON 5
COLLEGE EXPLORATION
34
LESSON 5: COLLEGE EXPLORATION

Lesson Overview: The students will explore a college campus. The students will learn more about what college is; what its like to be in college; why it is important to go to college; how to pay for college and what it takes to get to college. Length: 90 Minutes plus Travel Time
Learning Objectives: Students will visit a major university. Students will gain aspirations of going to college. Students will make connections with current college students. Students will build on their oral communication skills. Materials: The Student Manual (one per student) Pens Staff contact list including cell phone numbers in case of emergency Student volunteers recruited as campus tour guides Adult financial aid counselor recruited to be interviewed Map of campus Copies of the draft brochure Preparation: Set up campus visit. Arrange transportation to bring students to the campus. Arrange a campus tour. o Tell the school how many students you have and decide on the appropriate number of tour guides. Make sure the team leader has a map of the campus. Arrange for an interview with an adult financial aid counselor. Put the work that the students developed in the previous lesson in the brochure. Print up copies of the draft brochure so that the students see what portion is completed and what remains to be done.
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LESSON 5 PLAN
I. TRAVEL TO THE COLLEGE Time: Varies
II. OPENING Time: 5 Minutes Foreshadow the events for the exploration. Preview what you are going to see and do on the Exploration (Interview of a college student, college tour, meeting with a financial aid counselor and closing thoughts). o Ask the students to introduce themselves (name, program name, city) before they ask any question or when they meet a new person. o Ask the students to listen respectfully to the tour guides and interviewees. o Ask the students to stick with their team. III. COLLEGE TOUR Time: 45 Minutes
Note:Current college students will give a tour of the campus to the students. Ask the current college students to address the following things. University History University Size Class size Class schedule How students can get involved in extra-curricular activities What the students can do in middle school to prepare for college entrance? What sorts of things colleges look for during admission (i.e. grades, extracurricular, SATs)? What does a typical day look like (i.e. ID, major, grading system)? How do they balance school work, studying, having fun and other activities? Thank the tour guides for their time. And go to meet the financial aid counselor. IV. INTERVIEW FINANCIAL AID COUNSELOR Time: 35 Minutes
Financial Aid Counselor - Background The financial aid counselor will meet with the entire group. The financial aid counselor will provide some advise to students on how they can start preparing financially for college now. The financial aid counselor will explain how students can pay for college.
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE Ask the financial aid counselor to provide a sample financial aid letter that illustrates how the student can finance their education. o Ask for this ahead of time. Ask the financial aid counselor to provide materials about scholarships, loans and other financing options to the students. o What do they give their students to plan. Financial Aid Counselor The Interview The students will interview the financial aid counselor (see attached questions in appendix 6A and in the Student Manual). V. CLOSING Time: 5 Minutes
Faciliate a debrief with the students that incorporates the following questions: o What did you learn about college life today? o How do you feel about going to college now that you have talked to some current students? o What was your favorite moment of the day? VI. TRAVEL BACK TO SCHOOL Time: Varies
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VISUAL 5A: INTERVIEW QUESTIONS FOR THE FINANCIAL AID COUNSELOR

Name of Interviewer (student):____________________________ Name of the Financial Aid Counselor: _________________________ How much does this college cost?
How do people pay for college? List the Sources 1. ____________________________________________________ 2. ____________________________________________________ 3. ____________________________________________________ 4. ____________________________________________________ 5. ____________________________________________________ What percentage of the students get financial aid?
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LESSON 6
39
LESSON 6: BUDGETING AND PLANNING

Lesson Overview: The students will learn how to create a budget for college. The students will also learn about the costs associated with college. Length: 90 Minutes
Learning Objectives: The students will create a budget for a 4-yr private college, a 4-yr public college and a community college The students will learn about variable costs The students will build on their vocabulary Materials: The Student Manual (one per student) Flip chart paper with the daily agenda written on it Removable pen (for the overhead) Markers Overhead Copies of the draft brochure Preparation: Write out the daily agenda on a big piece of flip chart. Allocate times for each activity. Print the information packets for perspective students from the college websites. Make sure you have printed the information that answers all their research questions. Purchase and prepare all the materials needed in advance. Prepare the vocabulary game Put the work that the students developed in the previous lesson in the brochure. Print up copies of the draft brochure so that the students see what portion is completed and what remains to be done.
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LESSON PLAN 6
I. OPENING Time: 5 Minutes Outline the agenda for the day. Distribute the draft brochure, so that students know which sections they will be working on during the lesson. II. BUDGETING- UNDERSTANDING THE CONCEPTS Time: 20 Minutes
Explain some of the following key concepts associated with budgeting. What is a Budget? A plan used to make the most of your money.10 There are two parts in a budget. The first is income, which is money received such as wages, a gift, allowance, interest, etc. The second part is expenses, which is money spent.11 o A budget helps you identify what you spend each month. o A budget helps you plan for a big expenditure (college or buying a car) o A budget helps you control how you spend your money. Show the students a sample budget (maybe one you use yourself). If you do not have one then use the one in Appendix 4B. Ask the students what they might use a budget for, and record their answers. There are two types of expenses: Fixed Expenses and Variable Expenses. Fixed Expenses: Costs that are exactly the same every time. For instance, rent is a fixed expense because you pay the same amount each month (i.e. $500). Some other fixed expenses are: college tuition, and car payments. Variable expenses: Costs which can change, and you have some control over. For instance, going to a dinner is a variable cost because you have the choice to go to dinner or not, and you also have the choice about how much you spend. o Some other variable expenses are: movies, books, travel, entertainment, food Fixed and Variable Expenses Matching Activity: Create a grid (2 columns x 10 rows). Label the left column expense and the right column type of expense. List some expenses in the left column. Ask the students what type expense each is?
Banking on Our Future. Wells Fargo Bank, 2001. NEFE High School Planning Program. Colorado: National Endowment for Financial Education, 2001.
11 10
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III. CREATING A BUDGET: THE COSTS
Time: 25 Minutes
Note: In this lesson, the students will focus on the costs associated with college and the students will create a budget that illustrates these costs. The students will look at the costs associated with a 4-yr private college, a 4-yr public college, and a 2-yr private college. There are many websites that list the average costs associated with each type of institute. You could bring in some documents for the students to discover these averages for themselves, or you could use the figures found in the sample brochure. Generating a list of Expenses Ask the students to brainstorm what they think the different costs associated with college are. Record all their suggestions on a flip chart. With the help of the students, group together the costs into bigger categories. Here are the main categories they should have: (1) Tuition (2) Room, (3) Board (a.k.a. food) (4) Books and supplies (5) Transportation/travel (6) Other expenses Define each of the categories for the students. Make sure that they understand what the concepts such as Tuition and Room & Board are. Ask the students to record the types of costs in their Student Manuals. Determining the Costs of Each Expense Ask the students to estimate how much they think each item will cost a year. Go through the costs, category by category. After the students estimate what they think the costs are, give them the real costs. There is a wide range in costs from school to school. Explain that you are providing national averages of costs, and that some areas are a lot less expensive to live in and some are more expensive (i.e. Boston is very pricey), and how some schools are cheaper (private vs. public). Refer to the prices you discovered for housing and good in lesson 4. Have the students fill in the real costs in their sample budget (located in the Student Manual). Also, as the instructor refer to appendix 6C for a completed budget. After the budget is complete, highlight which costs are fixed, and which costs vary from school to school. Explain to the students how they have just successfully created their first budget (the cost side). Ask the students to check off the budget section from their Student Passports (located in the Student Manual).
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IV. GRAPHING THE COSTS: CREATING A PIE CHART
Time: 25 Minutes
Joint Exercise: How to graph the private college costs Ask the students to turn to their student manuals. As the teacher, refer to Appendix 9 to see what percentage and chart you are striving to create. Ask the students to fill in the costs for the private college in the blank budget. Show the students how to calculate the percentage that each item represents of the total budget. Percentage Cost of an Item = Item/Total Costs x 100 Go through each item and determine the percentage they represent of total costs and then record the percentages. Show the students how to draw a circle chart. Start with a circle, and then explain how a circle has 360 degrees in it. Draw a segment to represent each cost on the circle. See template to assist. Remember to: o Label the percentage of each cost o Create a legend o Write down a title to the chart Individual Exercise: How to graph the public college costs Now that the students have created a pie chart for the private college costs, ask the students to complete the same steps to create a pie chart for the public college costs. Allow the students to ask you questions if they get stuck. At the end of the exercise, collect the Student Manuals and correct the charts before the next lessons. VI. VOCABULARY GAME: FINANCE TABOO Time: 10 Minutes
How to Play: 1) Students are divided into two teams. 2) One student from team A volunteers to go first. They are given a stack of cards with finance terms on one side. They may not show the word to their team. One person from team B stands next to them and gets to see the word. The person from team A has 30 seconds to get their team to say the word/term without saying it him/herself. They can act things out, or try describing it, without saying the word. 3) If team A does not get the word, team B has 30 seconds to try. 4) Provide skittles as a treat to the team who gets the most terms correct
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II. DEBRIEF
Time: 5 Minutes Let the students ask you any questions they might have. Ask the students what they learned during the day. Preview next weeks agenda
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VISUAL 6A: SAMPLE BUDGET FOR A GRADUATE STUDENT

Aug. Sept. Oct. Nov. Dec. Jan. $15,500 $600 $500 $120 $200 $55 $200 $200 $17,375 Feb March April May Total $31,000 $5,400 $1,000 $1,080 $1,800 $495 $1,800 $1,800 $44,375
EXPENSES
Tuition Rent Books Transportation Loan Payments Cell Food Other Total Costs
$15,500 $600 $500 $120 $200 $55 $200 $200 $15,500 $1,875 $600 $120 $200 $55 $200 $200 $1,375 $600 $120 $200 $55 $200 $200 $1,375 $600 $120 $200 $55 $200 $200 $1,375 $600 $120 $200 $55 $200 $200 $1,375 $600 $120 $200 $55 $200 $200 $1,375 $600 $120 $200 $55 $200 $200 $1,375 $600 $120 $200 $55 $200 $200 $1,375
Aug.
Sept.
Oct.
Nov.
Dec.
Jan. $12,000 $3,500 $400 $350 $320 $400 $16,970
Feb
March
April
May
Total $0 $24,000 $7,000 $3,600 $3,150 $2,880 $3,745 $44,375
FINANCES
Loans Grant Work-study Additional Job Savings Parent Contribution Total Income
$12,000 $3,500 $400 $350 $320 $545 $15,500 $1,615 $400 $350 $320 $400 $1,470 $400 $350 $320 $400 $1,470 $400 $350 $320 $400 $1,470 $400 $350 $320 $400 $1,470 $400 $350 $320 $400 $1,470 $400 $350 $320 $400 $1,470 $400 $350 $320 $400 $1,470
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VISUAL 6B: COSTS ASSOCIATED WITH COLLEGE

Blank Budget for the Students to Fill In
Costs of College for 1 Year

Type of Cost Tuition Room & Board Books and Supplies Transportation Other Expenses Total Yearly Cost 4-yr Private College 4-yr Public State College 2-yr Community College
Completed Budget for the Instructor
Costs of College
Type of Cost Tuition Books and Supplies VISUAL 6B: Other Expenses Total Yearly Cost 4-yr Private College $21,235 $700 4-yr Public State College $5,491 $500 2-yr Community College $2,191 $6,000 COLLEGE $800
Room & Board $7,791 $6,636 VISUAL 6B: COSTS ASSOCIATED WITH
COSTS ASSOCIATED WITH COLLEGE VISUAL 6B: COSTS ASSOCIATED WITH COLLEGE Transportation $500 $500 $600 VISUAL 6B: COSTS ASSOCIATED WITH COLLEGE
$31,526 $14,427 $11,091 $1,300 $1,300 $1,500
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VISUAL 6C PIE CHART OF A PRIVATE COLLEGE

(Activity also appears in the Student Manual) Private College Costs per Year Type of Cost Tuition Room & Board Books and Supplies Transportation Other Expenses Total Yearly Cost 4-yr Private College $21,235 $7,791 $700 $500 $1,300 $31,526 % of Total 67% 25% 2% 2% 4% 100%
Total Costs of a Private College

2% 2%
4%
25%
Tuition Room & Board Books & Supplies Transportation Other Expenses 67%
*** Repeat Activity for 4-yr public college and 2-yr community college 47
LESSON 7
48
LESSON 7: HOW TO PAY FOR COLLEGE?

Lesson Overview: The students will learn about the different options available to pay for college. Length: 90 Minutes
Learning Objectives: The students will learn about the different financing options for college. The students will look at what financing options are available. The students will build on their vocabulary through a fun vocabulary game. Materials: The Student Manual (one per student) Flip chart paper with the daily agenda written on it Removable pen (for the overhead) Markers Overhead Copies of the draft brochure Preparation: Write out the daily agenda on a big piece of flip chart. Allocate times for each activity. Purchase and prepare all the materials needed in advance. Prepare the vocabulary game Put the work that the students developed in the previous lesson in the brochure. Print up copies of the draft brochure so that the students see what portion is completed and what remains to be done.
SPECIAL NOTE This would be the perfect day to bring in a financial aid counselor from a college. The college financial aid counselor could lead the lesson. They could follow the proposed lesson or teach the students the same desired content in another way. For instance, they might want the students to look through materials from their college.
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LESSON PLAN 7
Time: 5 Minutes I. OPENING Outline the agenda for the day. Distribute the draft brochure, so that students know which sections they will be working on during the lesson. II. STUDENT SUCCESS STORY Time: 15 Minutes Ask the students to read the Bernadette Williams story about how she paid for college (appears in the visual at the end of the lesson and in the Student Manual). Ask the students what Bernadatte did to get her scholarships. Record the list the students generate. To become a strong candidate for scholarships Bernadette: I. Did well academically in school II. Did community service To apply for scholarships she: I. Researched available scholarships at her school and online II. She filled out her applications and applied III. She prepared for her essays and got help from friends, teachers and family IV. She prepared for her interviews III. OPTIONS TO PAY FOR COLLEGE Time: 15 Minutes
Brainstorm Financing Options Ask the students what options they think are available to their client to pay for college. Record the list that the students come up with. Narrow down the list to the following major categories: Summer job, workstudy (part time job at school), scholarship, loan, grant, gift, and savings. Also, go through the definition of each funding category to make sure the students understand each one. Define each financing option to the students. Summer Job: Money that the client saves in the summer. It is earned money that never needs to be paid back. This is part of the students contribution. Savings: Any money that the client saves before school starts.
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE Part-time Job: Money the client can earn from a part-time job while at school. The government has work-study programs to helps students earn money at school. The money is earned and does not need to be repaid. Money from an organization, school, or community group given to attend college. This money never needs to be repaid. The two main types of scholarships include: Merit-based: Awarded to students based on their individual achievements, such as grade point average, test scores, activities, special talents, community service Need-based: Awarded to students and families based on their eligibility and demonstrated need.
Scholarship:
Grants: Loan:
Is an award that is distributed that does not need to be repaid. A grant is federal money given out based on need. A loan is money your college, the government or a bank lends students to go to college. The clients have to pay the money back to the lender with interest over a period of time. There are also loans for parents to help out. Money someone gives a student to help pay for college. For instance, if parents give a student $1,000 towards tuition, that is considered a gift. A gift typically does not need to be repaid. Time: 10 Minutes
Gift:
IV. HOW DO SCHOOLS DETERMINE FINANCIAL NEED?12
Briefly explain some of the criteria schools look at when determining financial need. Ask the students to think about their own situation while you review the criteria, so that they can determine if they might be eligible for aid one day. Family size: number of family members living in the same household or attending college. Siblings in undergraduate college: For families with multiple children in undergraduate college at the same time, the parent contribution is adjusted to account for the number of siblings enrolled and the cost of the siblings institution. Graduate students are independent by federal definition, and therefore are not considered in the institutional analysis.
** The best way to search for scholarships and fellowships is to use a personalized search, like the FastWeb scholarship search, that compares your background with a database of awards. Only those awards that fit your profile are identified as matches. It is a free service that has access to over $1 billion in scholarshops. 12 Boston College: 2004-2005 Financial Aid Award Information.
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE Parent Income Parent Assets: Such as real estate (a home), savings, investments, business/farm net value, trusts, etc are considered. Consumer debt (e.g. credit card debt) is not considered. A comparison of assets reported, versus dividend and interest income received, will be made and figures adjusted if necessary. Divorce/separation: While divorce might affect the extent to which one or both parents can contribute, it does not absolve either parent of this obligation. Student Contribution: Each student is expected to contribute to paying for college through earnings from a summer job or savings. V. EVAPORATE THE MYTH: FINANCIAL AID STATISTICS Time: 5 Minutes
Share with the students some general statistics about financial need and aid, so that they realise that most Americans need to borrow money to go to college. Over of students at four-year private colleges and almost 2/3 of students at four-year public schools receive some types of financials assistance. Colleges with high tuition and fees try to make their programs more affordable to promising students by offering financial aid packages that are sometimes very generous. 2/3 of undergraduates students graduate with some debt, and the average federal student loan debt is $16,888 (Stafford and Perkins Loans).13 VI. INFORMATION ABOUT FEDERAL LOANS & GRANTS14 Time: 20 minutes Federal loans and grants provide the most aid to students. Federal loans provided to students need to be paid back, with interest, while federal grants are provided to pay for school and never need to be repaid. Refer the students to the chart in their Student Manual (see directly below) which summarizes the U.S. Department of Educations Federal Student Aid (FSA) programs that will help students pay for school. Run briefly through the different categories, and make sure that they understand that there are three major types of aid the government provides: Loans based on need: Perkins Loans Stafford Loans and PLUS Loans (to parents) Work-study loans (Money paid to work at a part-time job) Grants based on need (Pell Grant and Supplemental educational grant)
13 14
Student Loans. FinAid! Available at http://www.finaid.org/loans/ The Student Guide for High School Seniors/College Students 2004/2005. Financial Aid from the U.S. Department of Education, 2004.
52

Federal Student Aid Program Federal Pell Grant Type of Aid Grant: does not have to be repaid Program Details Available almost exclusively to undergraduates; the amount of the grant is determined by your financial need and the cost of your education program For undergraduates with exceptional financial need; priority is given to Federal Pell Grant recipients; funds depend on availibility at school. For undergraduate and gradute students; jobs can be on campus or off campus; students are paid at least minimum wage. This loan is awarded to undergraduate or graduate students with exceptional financial need; payment is owed to the school that made the loan. There is a 5% interest rate. Subsidized: U.S. Department of Education pays interest while borrower is in school and during grace and deferment periods. There is a maximum interest rate of 8.25% Unsubsidized: Borrower is responsible for interest during life of the loan. There is a maximum interest rate of 8.25%. Annual Maximum Award Limits $4,050 for 20032004
Federal Supplemental Educational Opportunity Grant (FSEOG) Federal Work Study Federal Perkins Loan
Grant: does not need to be repaid
$4,000
A limit of ~$3,500. $4,000 for undergraduate students; $6,000 for graduate students $2,625 to $8,500, depending on grade level. $2,625 to $18,500, depending on grade level (includes any subsidized amounts received for the same period) Cost of attendance minus any other financial aid the student receives
Question: How can students apply for these loans, grants and work-study opportunities? Answer: Students can apply for free by filling out the Free Application for Federal Student Aid (FAFSA) which can be completed on the Internet or by hand. 53
LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE Other Financing Options Briefly go over the following three types of additional financing options some students might want to consider. Section 529 Plans: Section 529 plans are state-sponsored college savings programs. The two major types are Prepaid Tuition Plans, which lock in current tuition rates, and State College Savings Plans, which offer more flexible investing options. Both are useful ways for families to save for their childrens college education. Scholarships for Volunteering and Community Service: Volunteering can not only help the disadvantaged, but it can provide money for college education. Learn about the Naitonal Service Scholarships Program, AmeriCorps, and other awards for community serivce. Military Aid: Aid resources for veterans and their dependents and for students interested in pursuing careers in the military. VII. VOCABULARY GAME: JEOPARDY Time: 15 Minutes
How to Play: 1. Place the Jeopardy overhead (Appendix 2) onto the overhead projector. 2. Select which terms you want to quiz the students on before the lesson 3. Fill in the main categories (i.e. banking) on the overhead 4. Select a student to choose the 1st category. 5. Ask the question. 6. Suggest that students spend 15 seconds thinking of their answer before raising their hand. After 15 seconds, call on a student. 7. If the student gets the answer right, provide them a treat (i.e. a candy), and then the student gets to choose the next category. 8. This continues until all 12 questions are answered. 9. Try to call on students you have not heard from. Time: 5 Minutes V. DEBRIEF Let the students ask you any questions they might have. Ask the students what they learned during the day. Preview next weeks agenda
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VISUAL 7A: SCHOLARSHIP SUCCESS STORY15

School: Awards: Amount:
University of Southern Maine 5 scholarships More than $30,000
Bernadette Williams is proof that hard work pays off. This University of Southern Maine undergraduate has received five scholarships this year alone, totalling over $30,000. After going the extra mile in her high school career and her scholarship search, Bernadette is reaping big rewards. Search and Find Bernadettes winning efforts began with a search for scholarships that would help her pay her way. Even though there are hundreds of thousands of scholarships out there, Bernadette knew they wouldnt just fall into her lap. So she began to look for information in her school and community. She also did a scholarship search on FastWeb, where she learned about two scholarships that she eventually won: The Tylenol Scholarship and the MBNA Maine Scholarship. Out of Class Efforts Repaid Though she can boast a great grade point average, Bernadette won most of her scholarships for her work outside of the classroom. Throughout high school, she was heavily involved in community service organizations like the National Honors Society, where she raised money for breast cancer and tutored fellow high school students. Totaling over 500 hours of community service with her peer leadership group, Bernadette mentored elementary school children and participated in a red ribbon campaign for the D.A.R.E. program. Thats the kind of volunteer involvement that won Bernadette the Sam Walton Community Involvement Scholarship. Were looking for students who have a strong academic background and participate in extracurricular activities, but its importatn that theyre focused on community involvement, said Brad Fisher, Community Project Manager for the Walmart Foundation.
15
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LESSON 8
57
LESSON 8: CREATING A FINANCIAL PLAN FOR COLLEGE

Lesson Overview: The students will create a financial plan for a 4-yr private college, a 4-yr public college, and a 2-yr community college. Length: 90 Minutes
Learning Objectives: The students will create a budget for how to finance college The students will see how a budget can easily be turned into a graph The students will build on their vocabulary skills Materials: The Student Manual (one per student) Flip chart paper with the daily agenda written on it Removable pen (for the overhead) Markers Overhead Copies of the draft brochure Preparation: Write out the daily agenda on a big piece of flip chart. Allocate times for each activity. Purchase and prepare all the materials needed in advance. Prepare the vocabulary game Put the work that the students developed in the previous lesson in the brochure. Print up copies of the draft brochure so that the students see what portion is completed and what remains to be done.
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LESSON PLAN 8
Time: 5 Minutes I. OPENING Outline the agenda for the day. Distribute the draft brochure, so that students know which sections they will be working on during the lesson. II. CREATE A FINANCING BUDGET Time: 30 Minutes
Note: Ask the students to refer to the blank financing budget found in their Student Manuals (see Visual 8A). Ask the students to fill in the budget the information that they already know. They should create a financing plan for a 4-yr public college, a 4-yr private college and a 2-yr community college. The plan should be a snapshot of a year. Total Financing: The students have already established how much it will cost to go to college each year for their clients. Since they know how much each college costs, then they also know how much money is needed to pay for college. In the total financing needed column, place the total cost amount needed. These total financing column needs to match the total cost column in order to have a balanced budget. Then fill in the information that is consistent regardless of the student. For instance: Expected family contribution (gift): They can place $1,000 for the private college, and $500 towards the public and community colleges. Summer job savings: The average amount the client will be expected to save from a summer job is $1,000. Work-study: The average client can earn around $2,000 each year through work-study programs. Then work with the students to fill in the other types of financing needed. For instance, ask the students to look at what types of Federal aid the client might be eligible for? Does the client qualify for federal aid? If so, what type and for what quantity? Grants: Does the client qualify for financial need grants? If so, what is a realistic amount of money the client could get from that source? Loans: Does the client qualify for financial loans? If so what is a realistic amount of money the client can get from that source?
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE Ask the students to add up the amount they have in each column so far. Then have them determine how much they still need to raise to reach the financing amount goal. Note that they can determine how much they still need by subtracting what they have so far from what they need to raise and the remainder is what is left. Then have the students place that remainder amount in the PLUS loans column. The government lends parents or legal guardians the remaining quantity of money needed to pay for college. PLUS Loans: Add the remainder in this column. And now the students 1-year budget for each type of institution complete. III. GRAPH THAT DATA! Time: 35 Minutes
As a group try to turn the financing budgets into three circle charts. Circle chart displaying the financial plan for a private 4-yr college Circle chart displaying the financial plan for a public 4-yr college Circle chart displaying the financial plan for a community 2-yr college A bar chart comparing the three plans If there is more then 1 instructor, split the class into smaller groups to work on the graphs. Follow the following instructions to make the graphs: PowerPoint/Excel Instructions 1) Open PowerPoint 2) Select New Slide 3) Select Content Layout that is second down on the left (the one that has a Title and Charts and/or graphs) 4) Add Title College Expenses 5) Click on Chart/Graph icon in the middle of the page 6) Right click on bars and go to Chart Type select the type of chart you are trying to make. 7) Select the Multi Layer, 3-D chart or 3-D Pie, then press OK 8) Excel Table will appear on the page, fill in the table with budget categories and figures 9) At anytime to view datasheet, go to View and select Datasheet 10) To format an axis, right click on the axis and make changes (i.e. to change axis to $) 11) Make sure all the finishing touches are complete (i.e. title is labelled, axises are labelled, colors are clear and so forth) And, your done with the slide! Repeat these steps to complete each of the graphs. Please refer to the sample presentation found in the appendix to see what the charts could look like.
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE IV. VOCABULARY GAME: IDENTITY GAME Time: 15 Minutes
How to Play: 1. Print out slips of paper with different vocabulary words on them. Sample financial vocabulary words are in the appendix. 2. Every student should have a slip taped to their back and not know what their word is. 3. The students must ask other students questions to try to find out their word is. 4. Students can only questions that generate a yes or no response. 5. Students can only ask 3 questions Time: 5 Minutes IV. DEBRIEF Let the students ask you any questions they might have. Ask the students what they learned during the day. Preview next weeks agenda
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VISUAL 8A: COLLEGE FINANCING BUDGET

Blank Budget for the students to complete Item Summer Job Part-Time Job (Work-study) Scholarship based on need, talent and academics) Grants (Federal Pell Grant & FSEOG Grant) Loans Federal PLUS Loans (Loans to parents to help Gift Savings Total Yearly Cost 4-yr Private College 4-yr Public State College 2-yr Community College
Completed Budget for the instructor to refer to: Item Summer Job Part-Time Job (Work-study) Scholarship Grants Loans Federal PLUS Loans (Loans to parents to help Gift Savings Total Yearly Cost 4-yr Private College $1,000 $2,000 $2,600 $7,000 $6,194 $10,732 $1,000 $1,000 $31,526 4-yr Public State College $1,000 $2,000 $1,000 $2,300 $3,000 $3,627 $500 $1,000 $14,427 2-yr Community College $1,000 $2,000 $200 $1,600 $3,500 $1,291 $500 $1,000 $11,091
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VISUAL 8B: SAMPLE COLLEGE FINANCIAL GRAPHS

$40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 4-yr Private College 4-yr Public College 2-yr Community College
Savings Gift Federal PLUS Loans Loans Grants Scholarships Work-Study Job Summer Job
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LESSON 9
FINALIZE BROCHURE
64
LESSON 9: FINALIZE BROCHURE

Lesson Overview: Students will compile all the information that they have learned in the past 8 lessons to create a brochure (a planning guide to college). Length: 90 Minutes
Learning Objectives: The students will compile all the information they learned The students will finalize their brochure The students will build on their vocabulary Materials: The Student Manual (one per student) Flip chart paper with the daily agenda written on it Removable pen (for the overhead) Markers Overhead Copies of the draft brochure Preparation: Write out the daily agenda on a big piece of flip chart. Allocate times for each activity. Purchase and prepare all the materials needed in advance. Prepare the vocabulary game Put the work that the students developed in the previous lesson in the brochure. Print up copies of the draft brochure so that the students see what portion is completed and what remains to be done. Distribute invitations to the final presentation to the clients.
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LESSON PLAN 9
I. OPENING Time: 5 Minutes Outline the agenda for the day. Distribute the draft brochure, so that students know which sections they will be working on during the lesson. II. CREATE THE BROCHURE RECOMMENDATION Time: 65 Minutes
Review the Topics from the Course On a flip chart list all the different topics covered in the course Finalize Brochure 1. Examine the topics compare it to the information that is in the draft brochure. See if there are any topics that are missing that the students would like to include in the brochure. See if there are any points that the students would like to add to what is already in the draft brochure. 2. By the end of the lesson, the students should have completed all the sections of the brochure. This means each section has the appropriate bullet points, images, graphics and animations needed. Use the Sample Brochure as a Guide Use the sample WOW Brochure found at the end of the appendices to guide the product you produce as a class. Topics you might want to include: Cover page Important things to know about college College advisors (names of the students) Benefits of college Why college pays off financially Questions to consider when planning for college College requirements Cost budget for different types of colleges A financing plan for different types of colleges Why to save? The power of interest Conclusion
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LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE III. VOCABULARY GAME: FINANCE TABOO Time: 15 Minutes
How to Play: 1) Students are divided into two teams. 2) One student from team A volunteers to go first. They are given a stack of cards with finance terms on one side. They may not show the word to their team. One person from team B stands next to them and gets to see the word. The person from team A has 30 seconds to get their team to say the word/term without saying it him/herself. They can act things out, or try describing it, without saying the word. 3) If team A does not get the word, team B has 30 seconds to try. 4) Provide starburst as a treat to the team who gets the most terms correct IV. DEBRIEF Time: 5 Minutes Let the students ask you any questions they might have. Ask the students what they learned during the day. Preview next weeks agenda
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LESSON 10
PRACTICE FOR THE FINAL PRESENTATION
68
LESSON 10: PRACTICE FINAL PRESENTATION

Lesson Overview: Studens will practice how to use their brochure to advise high school students on how to plan for college. Length: 90 Minutes
Learning Objectives: The students will practice asking questions to their client (a high school student) The students will practice using the data from the brochure to create a budget for their client The students will practice making a recommendation to their client The students will improve their public speaking skills Materials: The Student Manual (one per student) Flip chart paper with the daily agenda written on it Computer Spreadsheet for the students to plug in information Screen Copies of the finalized brochure Preparation: Write out the daily agenda on a big piece of flip chart. Allocate times for each activity. Find a space where the students can practice their presentation. Find a computer and projection so that the students can practice with the Excel Spreadsheet Put the work that the students developed in the previous lesson in the brochure. Print up copies of the finalized brochure. Create an excel budget, with the appropriate formulas, so that students can enter in expense and financing figures and it totals up automatically.
69
LESSON PLAN 10
I. OPENING Time: 5 Minutes Outline the agenda for the day and distribute the finalized brochure II. ASSIGN SPEAKING PARTS Time: 10 Minutes
Divide the Presentation Divide up the presentation so that every student gets a speaking part. Potential Parts Include o A student to introduce the topic of the presentation o A student to share the benefits of colleges (non-financial and financial) o A student to share what colleges look for in applicants o 2 students to share ways that students can pay for college (i.e. with a summer job, scholarships) o 1 student to ask the client (the high school student) what type of college they want to attend (see sample questions in Visual 10A) o 1 student to enter the data from the brochure into the excel budget sheet based on the clients preferences (i.e. a 4-yr private college) o 1 student to share how much the client selected type of institution will cost each year o 1 student to share how the client can pay each year of college o 1 student to conclude the presentation o All students pass out their WOW! Brochure
Public Speaking Model how you would present a section Ask the students what made you an effective speaker? Record their observations on flip chart paper and encourage them to follow the same formula. Here are a few budget speaking tips: o No fidgeting o Keep eye contact with the audience o Speak slowly and articulately o Do not read directly from a paper, know your information you are sharing.
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III. INDIVIDUAL PRACTICING Time: 10 Minutes Ask the students to think about how they want to present their material Ask the students to find a spot where they can practice their part. Encourage the students to practice their part several times aloud. Suggest to the students that at the end of their parts they should introduce the next speaker. o For instance, James would say and now Vanessa will discuss how you can pay for college. Time: 20 Minutes IV. SMALL GROUP PRACTICING In the small groups, have the students run through their parts. One small group could work on the introductory section Another small group could work on the client section (Interviewing and creating the recommendation) Another small group could work on finishing the presentation After each student presents their segment, pause and ask the rest of the students to provide feedback. What did the student do well? What could the student improve? If you have time, run through the small group presentations twice. V. LARGE GROUP PRACTICING Time: 30 Minutes As a large group run through the entire presentation. Provide overall feedback to the students. If there are some students that need additional help, have the assistant in the class work with them. Practice with the Excel Budget Sheet. You might want to have a PowerPoint for some of the other parts. For instance, you might want to have a graph of how college financial pays off in the long-term. Time: 15 Minutes VI. DEBRIEF Allow the students to ask any questions regarding the upcoming presentation. Tell the students to practice their parts so that they are comfortable presenting in front of an audience. Ask the students to dress appropriately.
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VISUAL 10A: WOW! GUIDING INTERVIEW QUESTIONS FOR THE HIGH SCHOOL STUDENT
1) What grade are you in? 2) How well do you do in school? What grades do you get? 3) What types of activities do you participate in (i.e. sports, student government, art, theater)? 4) Do you think you could be considered for an academic, athletic or extracurricular actitivity scholarship? If yes, for what? 5) Do you think your parents will help pay for college? If yes, how much (i.e. 10%, 25%, 100%)? 6) Do you have a job? If yes, how much do you make a week? Do you save your money? 7) Do you have any money saved for college yet? 8) Do you think you would qualify for financial aid?
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WOW!
A FINAL PRESENTATION
73
WOW! FINAL PRESENTATION
74
LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE Lesson Overview: Students will use the content from their brochure to advise a high school student on how to plan for college. Length: 30 Minutes
Learning Objectives: The students will teach the audience and their clients how to prepare for college. Materials: Brochures Budget Chart to Display Laptop and projector to display budget A small gift for the students Preparation: Make sure the technology is available and set up. Test the technology at the location before you present. Purchase a small gift for the students (i.e. create a certificate of completion). Arrange for a high school junior to be the client Site for the Presentation Below are a few potential locations where the students could present their final recommendation: A high school, a middle school, a community center, a financial institution, and other (be creative). Presentation Flow You (as the instructor) introduce the presentation Introduce the high school client to the students and to the guests The students should ask the high school student (their client) some of the guiding questions which appear on the next page Based on the type of school the client wants to attend, the students will look at the budget that they created for different types of colleges. The students will base their recommendation on the type of college their client wants to attend. A question and answer session facilitated by the instructor should follow When the presentation is over, thank the students for all their hard work and distribute the brochures to the audience.
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WOW: GUIDING INTERVIEW QUESTIONS FOR THE HIGH SCHOOL STUDENT

5) What grade are you in? 6) How well do you do in school? Are you a good student? 7) What types of activities do you participate in (i.e. sports, student government, art, theater)? 8) Do you think you could be considered for an academic, athletic or extracurricular actitivity scholarship? If yes, for what? 9) Do you think your parents will help pay for college? If yes, how much (i.e. 10%, 25%, 100%)? 10) Do you have a job? If yes, how much do you make a week? Do you save your money? 11) Do you have any money saved for college yet? 12) Do you think you would qualify for financial aid?
76
APPENDICES
VISUALS, TOOLS & PROCESSES
77
APPENDIX 1: RECRUITMENT PLAN FOR STUDENTS

If the students at your school have the choice to take your course, or someone elses, and you need to recruit the students, here is a short recruitment lesson to help you. I. QUICK INTRODUCTION BY INSTRUCTOR II. PLAY THE STAND UP/SIT DOWN GAME: Ask the students to stand up after each question if they agree with what you have said. After each question, ask the students to sit back down and then ask the next question. Stand up if you brushed your teeth this morning Stand up if you like vegetables Stand up if you like Usher Stand up if one of your parents or guardians has ever gone to college Stand up if you want to go to college Stand up if you think college is unaffordable (too expensive to attend) III. FINANCIAL BENEFIT OF COLLEGE: Share how if you have a college degree you will make ~$2.2 million in your lifetime, and if you only have a high school diploma you will make ~$1.3 million in your lifetime. College is worth it because you will make $900,000 extra on average in your lifetime. And that is just the financial benefit. There are also huge social benefits to attending college. For instance, it is a lot of fun. IV. DESCRIBE THE COURSE: What types of activities they will participate in, and what the final presentation will be.
78
APPENDIX 2: JEOPARDY OVERHEAD
Category 1:
Category 2:
Category 3:
100
100
100
200
200
200
300
300
300
79
APPENDIX 3: WEBSITE RESOURCES

80
VOCABULARY
81
LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE ATM: Balance: Bank: Borrow: Budget: Cash: Check: A computerized machine that performs basic banking functions, such as issuing cash withdrawals. The exact amount of money contained in a bank account. A place of business that lends, exchanges, takes care of, an issues money. It is also a place where money can be saved and stored. To request a loan with the promise or understanding of repaying it. A plan used to make the most of your money. Money in the form of coins and bills. A written order instructing the bank to pay money. The order must contain a date, payee, amount, and an authorized signature. Is a bank account where people deposit money and can write checks to pay individuals and companies using money in the account.
Checking Account:
A postsecondary school where students can get an associate, bachelors, masters, doctors, or first-professional degree. A plactic card that can be used to purchase items by borrowing money with a promise to pay it back. Any item that reduces the balance in a bank account. A check, bank service fee, and ATM withdrawals are all examples of debits.
Debit Card: A plastic card that can be used to purchase items by taking money out of your checking account. Deposit: When money is added to an account.
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Investment: Property or another possession bought for future financial gain. Loan: Money: An agreement between a borrower and a lender, in which the borrower agrees to repay money with interest over a period of time. Currency used as the accepted medium of exchange that both measures worth and stores value. A college that is funded primarily through private funding and tuition. A college that is funded primarily by the state.
Room & Board: The cost of a room and food at college. Savings: Money set aside for large purchases in the future.
Savings Account: A bank account for storing money and to which the bank adds interest. An insured low-risk way of saving. Scholarships & Fellowships: Student: Tuition: Withdraw: Money given to a student to help pay for school. It does not need to be repaid.
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SAMPLE WOW BROCHURE
84
College Booklet
How to plan financially for college?
85
College Advisors
Toney
Jennifer
Ianna
Justin
Lucas
Oscar
Shawn
Devon
Morgan
86
College
Why go to College?
When we interviewed some college students they said they like college because: 1. Life-changing experience 2 Meet tons of new people 3 Can live away from home 4 Freedom 5 Choose what to study 6 Tons of activities (sports, drama, singing, clubs) 7 Safe place to take risks 8 More job options after college 9 It is a lot of FUN

$2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 H School igh G raduates C ollege G raduates
$E arned in an A verage Lifetime
Questions to Consider when Planning for College

1 Do you want to go to a private 4-yr college, a public 4-yr college, or a 2yr community college? 2 What is your Grade Point Average? 3 What type of extracurricular activities do you participate in? 4 What specific colleges are you considering? 5 Do you have a part-time job? 6 Do you have any savings? 7 How much do you think you family will be able to contribute? 8 What do you want to study?
College Requirements
Colleges consider the following items when deciding who they will admit to their school. 1. 2 3 4 5 6 Academic Record (did you take challenging courses?) Grade Point Average Class Rank Standardized Test Scores (SATs, State Exams) Extracurricular Activities (Sports, clubs, etc.) College Interview
87
College
Ways to pay for College

When we interviewed the financial aid counselor at the local college we found out that students pay for college with money from: Summer Job: Students save the money they make in the summers. Part-time Job: While at school many students have a part-time job and earn money for school. Scholarships: Colleges give money to students based on financial need, academic talent and extracurricular talent (i.e. sports). This $ doesnt need to be paid back. Grants: Colleges give money to students based on financial need. This $ doesnt need to be paid back. Loan: Colleges will lend students and parents money to help pay for school. This money needs to be paid back with interest. Gift: Money given to a student to help pay for school and doesnt need to be repaid. Gifts often come from family and friends. Savings: Money students have set aside in the past (i.e. in a bank) to pay for college.
88
Cost of College
Costs of College
Type of Cost Tuition Room & Board Books and Supplies Transportation Other Expenses Total Yearly Cost 4-yr Private College $21,235 $7,791 $700 $500 $1,300 $31,526 4-yr Public State College $5,491 $6,636 $500 $500 $1,300 $14,427 2-yr Community College $2,191 $6,000 $800 $600 $1,500 $11,091

$35,000
$31,526
$30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 4-yr Priv ate College 4-yr Public State College 2-yr Community College
** Statistics from www.collegeboard.com $14,427 $11,091
Other Expenses Transportation Books and Supplies Room & Board Tuition
89
Paying for College

4-yr Private College $1,000 $2,000 $2,600 $7,000 $6,194 $10,732 $1,000 $1,000 $31,526 4-yr Public State College $1,000 $2,000 $1,000 $2,300 $3,000 $3,627 $500 $1,000 $14,427 2-yr Community College $1,000 $2,000 $200 $1,600 $3,500 $1,291 $500 $1,000 $11,091
Item Summer Job Part-Time Job

(Work-study)
Scholarship
based on need, talent and academics)
Grants
(Federal Pell Grant & FSEOG Grant)
Loans Federal PLUS Loans

(Loans to parents to help
Gift Savings Total Yearly Cost

$35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 4-yr Private College 4-yr Public State College 2-yr Com unity m College
** Statistics from www.collegeboard.com $14,427 $11,091 $31,526
Sav ings Gift Federal PLUS Loans Loans Grants Scholarship Part-Time Job Summer Job
90
Saving
Why it so important!

Look at how much money you have if you get $500 a year and you either spend it, save it at home, or put it at a bank with 5% interest.
$4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 Spend Save at Home
$3,539 $3,000
Zero $
Save in a Bank
91
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For Middle School Students

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

Appendices: Examples of Visuals, Tools and Processes

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

STATEMENT OF NEED, PURPOSE AND OBJECTIVES

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

NOTES TO THE INSTRUCTOR

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

LESSON 1: INTRODUCTION TO COLLEGE

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

& Do & Discuss & See Hear

III. COLLEGE ICE BREAKER: DICE GAME/STARBURST GAME

IV. BRAINSTORM: WHY GO TO COLLEGE?

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

VISUAL 1A: GUIDELINES TO BRAINSTORMING

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

LESSON 2: WHY COLLEGE?

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

Why College Pays Off?

$ Earned in an Average Lifetime

Display the following chart.7

College/High School Wage Gap

V. VOCABULARY GAME: FINANCE TABOO

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

LESSON 3: WHY SAVE?

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

Banking on Our Future. Wells Fargo Banks, 2001.

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

VISUAL 3A: MONEY FOR SAVING ACTIVITY

$10 $10 $10 $10

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

LESSON 4: RESEARCHING COSTS AND COLLEGES

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

VISUAL 4A: COLLEGE RESEARCH QUESTIONS

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

LESSON 5: COLLEGE EXPLORATION

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

VISUAL 5A: INTERVIEW QUESTIONS FOR THE FINANCIAL AID COUNSELOR

How do students apply and receive scholarships?

What can we do now (starting in middle school) to prepare for college?

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

LESSON 6: BUDGETING AND PLANNING

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

LETS TALK ABOUT COLLEGE: A FINANCIAL PERSPECTIVE

III. CREATING A BUDGET: THE COSTS