Category: Paying for College

Case Study: Living In Poverty

Nov 09, 2017
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Case Study, Paying for College, Career, Budgeting, Research
Thanks to Brian Page of Reading High School in Reading, Ohio for this guest submission. Brian pointed out this "Cliff Effect" problem this summer and was determined to create a case that would demonstrate its impacts on financial decision-making and how it can trap people in poverty.  Here's Brian's description, with a link to this case study: In the United States, the poor are staying poor and the rich are staying rich at an alarming rate. A silver bullet solution does not exist, but many...

Question of the Day: What college major provides graduates with the highest median CAREER earnings?

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Nov 08, 2017
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Question of the Day, Career, Chart of the Week, Paying for College, Research
Answer: Chemical Engineering with median lifetime earnings of about $4 million From NY Times: Awesome article that dispels common myths about the college major. Here's one of my favorite myth-busters highlighting the variance in a given major: "It’s true that computer science and engineering top all the pay rankings, but salaries within specific majors vary greatly. “Students and parents have a pretty good idea of what majors pay the most, but they have a poor sense of the magnitude...

Question of the Day: How much more does a college graduate earn over their lifetime compared to a high school graduate?

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Oct 29, 2017
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Paying for College, Research, Question of the Day
Answer (from Federal Reserve Bank of San Francisco research): $800,000 From their report: Earning a four-year college degree remains a worthwhile investment for the average student. Data from U.S. workers show that the benefits of college in terms of higher earnings far outweigh the costs of a degree, measured as tuition plus wages lost while attending school. The average college graduate paying annual tuition of about $20,000 can recoup the costs of schooling by age 40. After that, the...

Why Every High School Student Should Play PAYBACK With Their Parents!

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Oct 27, 2017
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Paying for College, Research, Activities, Interactive, Student Loans
Stumbled upon this survey from Thrivent Financial "State of Student Debt In America," highlighting the lack of communication between students and their parents when it comes to college: Opening the lines of communication is key to reducing stress and ensuring students really are prepared for the realities of college costs. And students desire that dialogue to happen regularly. The survey found the majority of students (70 percent) wish their families spoke with them about college costs more...

PAYBACK Rocks University of Maine (my Alma Mater)

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Oct 26, 2017
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Article, Career, Paying for College
This was my first time returning to the University of Maine since I graduated this past May, and things felt different. There were fresh, new faces that I didn’t recognize from my years in college, and my backpack was full of material from my job instead of binders full of homework and textbooks. I went into the presentation confident, coupled with a healthy dose of timidness. I had only ever presented in front of high school students and my peers in classes, but this time, at the age of...

Question of the Day: What fraction of students receive scholarships or grants for college?

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Oct 23, 2017
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Paying for College, Question of the Day, Research, Current Events
NGPF has just started a new service: The Daily QuoD (that's Question of the Day in NGPF-speak!). Subscribe to our blog (right hand side of NGPF Blog homepage) and you will receive a new QuoD every weekday during the school ready to use in your classroom. Enjoy! ------------------------- Answer (from College Board): About 2/3 of college students receive scholarships or grants I thought given all the focus on student loans, it is instructive to see that a majority of students receive support...

NGPF Podcast: Tim Talks to Michael Carter, Founder of Strive for College

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Oct 22, 2017
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Podcasts, Parent Conversations, Paying for College, Student Loans
How can we get more first-generation students to consider college when they don't have parental role models experienced in the process? Michael's non-profit organization has the answer by providing trained mentors to guide and encourage students so they can achieve their college dreams. Listen to Michael's story on how he has built Strive for College from his dorm room at Washington University (St. Louis) to an organization serving tens of thousands of students. Enjoy the journey of this...

Why We Built the PAYBACK Game With McKinney

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Oct 20, 2017
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Interactive, Paying for College
I saw this quote in a CNN Money article about student loan repayment becoming a new corporate benefit: "When I got my salary, I thought it was so much money. But then I started making my budget and it became real to me how much my student loans would affect my day-to-day living," said Florentino, a 25-year-old single mom The final screen that students see when playing PAYBACK shows two numbers: their monthly salary and their monthly student loan payment. Rather than wait until after graduation...

Question: How much free financial aid is lost to families who do not file the FAFSA?

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Oct 18, 2017
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Paying for College, Student Loans, Article, Question of the Day
Answer: $2.3 billion The confluence of FAFSA season upon us (you could file beginning on October 1st) and our team working on an upcoming Question of the Day release is what led to the question that is the subject of this post.  From Quartz:  The US government awards federal, state, and institutional money every year to students who fill out the Free Application for Federal Student Aid (FAFSA) and meet certain household-income qualifications. But if students don’t...

Two NGPF Interns Took On the Payback Challenge: Here's How They Did!

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Oct 13, 2017
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Paying for College, Student Loans, Savings, Activities
Donnesh: The first quality about this simulation that stands out is how it gives the user the opportunity to blend their real life choices and starting position, with hypotheticals, to know exactly how much future decisions will cost. I saw what my potential earnings would look like with the major I’ve applied for and saw how my GPA and school really affect how much debt I’ll need to withdraw. I played this game 4 times to see how different choices led to different outcomes. ...

What's Trending On the NGPF Blog?

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Oct 12, 2017
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Entrepreneurship, Parent Conversations, Career, Credit Reports, Paying for College
Here are some NGPF Blog posts (both old and new) that are trending based on pageviews: How Can My Students/Children Under the Age of 18 Check Their Credit Report? Why Are Soft Skills So Important in the Workplace? Let's Pick A Side Hustle One Strategy To Keep College Costs Down: Graduate in 4 Years! Blog posts categorized as "Parent Conversations" ...

Financial Education Explained by Danielle: How I Finished College in 3 Years

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Oct 11, 2017
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Paying for College, Article
The National Center for Education Statistics said in a recent study that it takes undergraduate students an average of 6 years to earn their Bachelor’s degree. That’s an extra 2 years worth of tuition and university related costs that could have been saved. In all fairness, some majors like biochemistry are difficult, and it takes more time to complete them. Additionally, everyone’s college experience is different, and sometimes students take a year or two off to save money,...

Financial Education Explained by Danielle: My Student Loan Story

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Oct 05, 2017
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Article, Current Events, Student Loans, Paying for College
My parents, both alumni of Loyola Marymount University, graduated in the late 1980’s. This was a few years shy of when FAFSA was officially created. As the eldest child in my family, I was designated as their “guinea pig experiment” when it came to applying for financial aid and navigating the student loan process. As tuition for higher education has risen over 400% since the 1980’s, and I could sense my parents’ hesitation when they told me to reach for the stars...

NGPF and McKinney Launch PAYBACK, A Game To Teach College-Bound Students How to Manage Student Debt

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Oct 03, 2017
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Paying for College, Interactive, Current Events, Student Loans, New Products
One of the frustrating insights from our recent research report, Who Has Access To Financial Education In America Today? was how infrequently "paying for college" (or some variant) was covered in a personal finance course. Yes, while scouring 11,000 websites and 18,000 course descriptions, college was far down the list of terms that were most frequently cited. Yet, when you consider both the gravity of the college decision (and it's long-term impact) as well as the timeliness of such information...

NGPF Podcast: Tim Talks to Jenny Nicholson, Creator of College Simulation Game, PAYBACK

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Sep 30, 2017
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Paying for College, Student Loans, Career, Podcasts, Parent Conversations, Interactive
I am excited to welcome Jenny Nicholson, Creative Director at McKinney, back to the NGPF podcast (here was our earlier discussion about the game Spent). I have gotten to know Jenny quite well over the past six months as we collaborated on a game called PAYBACK (check out the NY Times article about the game here). The goal of this online simulation is to immerse students into the college experience so they can hone their decision making skills to successfully navigate the...

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