Use the News
By the USF Stavros Center in Collaboration with TBT NIE and FPES
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With generous funding from State Farm
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 Check out and download our new student guide for this lesson! 
Unnerving university loans have students second guessing college Taking a risk by going to college and investing in yourself can be scary. Many students take out loans to get through their university experience. The career that they land as a result of furthering their education may or may not pay the bills for the debt. New college grads are finding that taking out loans for college does not always “pay" as illustrated in the Cartoons for the Classroom activity from the Tampa Bay Times Newspaper in Education. 
Consider your future career choice and if a degree is needed. What does the average pay look like for your career in the town you would like to work? What is the demand for the career itself? Is there a high occupational outlook? Be sure to weigh the choices in fields where a university education is not needed. If you can work your way through college, even taking an extra year or two- you may be able to graduate without school loans. Depending on the repayment structure for your college loan, it may be years before you pay off any of the principal. What have you heard about college debt? Is it worth it? Search for a “Student Loan Calculator” online. <https://www.bankrate.com/calculators/college-planning/loan-calculator.aspx> Find out how much it costs to take out a loan for $5,000, $10,000 and $50,000 over a 10 year period of time. Create a grid that shows the payments for each with 4%, 5% and 6% interest rates. What would it look like if you take 20 years to pay off your loans? What are the consequences of not paying these loans in a timely manner? What if you miss a payment? Write a paragraph to explain the best choice for you, make sure to explain why.
For more https://www.econedlink.org/resources/how-will-i-pay-for-college/ Extension: Research your chosen career in a specific town and compare the pay to cost of living. Create a budget and find out how much money you have available and are willing to put towards student loans. Florida Financial Literacy Standards: SS.912.FL.4.1 Discuss ways that consumers can compare the cost of credit by using the annual percentage rate (APR), initial fees charged, and fees charged for late payment or missed payments. SS.912.FL.4.8 Examine the fact that failure to repay a loan has significant consequences for borrowers such as negative entries on their credit report, repossession of property (collateral), garnishment of wages, and the inability to obtain loans in the future. SS.912.FL.4.9 Explain that consumers who have difficulty repaying debt can seek assistance through credit counseling services and by negotiating directly with creditors. Comments are closed.
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