Making Each of the students in the activity below is trying to make decisions about the amount of student loans they will take on in order to get a college degree. Using the facts provided and the recommended tools, help each student make a sound decision about paying for college. Meet Jada: . 110 . To save on room & board, decided to attend local state college and live with her parents. Financial aid offer offers her $5500 per year in Federal loans Expected family contribution (EFC) is $4200 per year Neither she nor her family can afford $4200, yearly, so she plans to take private student loans for that full amount Trying to decide between two career tracks, both of which are offered by her college: Graphic designer, because she's artistic and loves computers Accountant, because she's great at math and she's done job shadowing in this area Uses the directory a' to look up the starting salaries for the positions she is interested in. (For the purpose of this activity, assume lowest salary is starting salary.) O o . 1. How much will Jada owe in student loans by the time she graduates? 2. What's the starting salary for each career? (Tip: For each occupation, go to its page and scroll down to the Job Outlook box for salary information.) 3. If she thinks she'll like both careers equally, which should she consider majoring in, from a student debt perspective? Why? 4. What other facts might she want to look up for each career before making a final decision? Meet Megan: Lives in a suburb of San Jose, CA and is trying to decide between San Jose State University and Santa Clara University Both are close to home, but she wants to live on campus instead of with her mother and stepfather She came across the and decides to put her numbers Qualifies for $5000 in Pell Grants and $9000 in outside scholarships won through an essay contest Has saved $1500 she can contribute toward tuition; her parents cannot afford to help Got $3000 in Perkins loans, $3000 in Federal Subsidized loans, and $2500 in Federal Unsubsidized loans Is going to take any of the remaining balance in private loans at an interest rate of 7.9% 11. How much debt will she have at graduation for San Jose State University? What will her monthly loan payment be? 12. How much debt will she have at graduation for Santa Clara University? What will her monthly loan payment be? 13. Megan has heard from a college counselor that the graduation rate at Santa Clara University is almost DOUBLE the graduate rate at San Jose State University. She also heard that the loan default rate is far below the national average at both schools. Should she be worried about either metric for either of these two schools? Why do you feel this way? 14. What questions would you want to ask, either of Megan or of the two colleges, before helping her make a decision? Making Each of the students in the activity below is trying to make decisions about the amount of student loans they will take on in order to get a college degree. Using the facts provided and the recommended tools, help each student make a sound decision about paying for college. Meet Jada: . 110 . To save on room & board, decided to attend local state college and live with her parents. Financial aid offer offers her $5500 per year in Federal loans Expected family contribution (EFC) is $4200 per year Neither she nor her family can afford $4200, yearly, so she plans to take private student loans for that full amount Trying to decide between two career tracks, both of which are offered by her college: Graphic designer, because she's artistic and loves computers Accountant, because she's great at math and she's done job shadowing in this area Uses the directory a' to look up the starting salaries for the positions she is interested in. (For the purpose of this activity, assume lowest salary is starting salary.) O o . 1. How much will Jada owe in student loans by the time she graduates? 2. What's the starting salary for each career? (Tip: For each occupation, go to its page and scroll down to the Job Outlook box for salary information.) 3. If she thinks she'll like both careers equally, which should she consider majoring in, from a student debt perspective? Why? 4. What other facts might she want to look up for each career before making a final decision? Meet Megan: Lives in a suburb of San Jose, CA and is trying to decide between San Jose State University and Santa Clara University Both are close to home, but she wants to live on campus instead of with her mother and stepfather She came across the and decides to put her numbers Qualifies for $5000 in Pell Grants and $9000 in outside scholarships won through an essay contest Has saved $1500 she can contribute toward tuition; her parents cannot afford to help Got $3000 in Perkins loans, $3000 in Federal Subsidized loans, and $2500 in Federal Unsubsidized loans Is going to take any of the remaining balance in private loans at an interest rate of 7.9% 11. How much debt will she have at graduation for San Jose State University? What will her monthly loan payment be? 12. How much debt will she have at graduation for Santa Clara University? What will her monthly loan payment be? 13. Megan has heard from a college counselor that the graduation rate at Santa Clara University is almost DOUBLE the graduate rate at San Jose State University. She also heard that the loan default rate is far below the national average at both schools. Should she be worried about either metric for either of these two schools? Why do you feel this way? 14. What questions would you want to ask, either of Megan or of the two colleges, before helping her make a decision