Sponsored by Welcome COUNTRY Financial® proudly provides financial literacy education to your cl

Sponsored   by Welcome COUNTRY Financial® proudly provides financial literacy education to your cl Sponsored   by Welcome COUNTRY Financial® proudly provides financial literacy education to your cl - Start

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Sponsored by Welcome COUNTRY Financial® proudly provides financial literacy education to your cl - Description

Financial literacy is important, no matter how old you are . and . no . matter your . goals. Understanding . money allows you to make . more . informed choices and to be better able to pursue your . dreams. Congratulations . ID: 723620 Download Presentation

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Sponsored by Welcome COUNTRY Financial® proudly provides financial literacy education to your cl




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Presentations text content in Sponsored by Welcome COUNTRY Financial® proudly provides financial literacy education to your cl

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Sponsored by

Welcome

COUNTRY Financial® proudly provides financial literacy education to your classroom.

Financial literacy is important, no matter how old you are and no matter your goals. Understanding money allows you to make more informed choices and to be better able to pursue your dreams. Congratulations on taking this first step in becoming more financially savvy.

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Managing Debt After CollegeA Financial Beginnings Financial Education Program

Copyright © 2014 Financial Beginnings, all rights reserved.

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What plans to do you have once you have completed school?Copyright © 2014 Financial Beginnings, all rights reserved.

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What are we doing today?We will:Take a realistic look at post-college living expensesCreate a budget for post-college life

Learn about loan restructuring and consolidation optionsDiscuss how to set long-term financial goals that incorporate saving and debt managementCopyright © 2014 Financial Beginnings, all rights reserved.

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How much money do you think you’ll make annually?Copyright © 2014 Financial Beginnings, all rights reserved.

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Nationally

Copyright © 2014 Financial Beginnings, all rights reserved.

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So how much will you make in your lifetime?

Average salary of an undergraduate is $71,552Assuming you work 40 years you would earn….$2,862,080

Still nearly half of Americans die with less than $10,000 Copyright © 2014 Financial Beginnings, all rights reserved.

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Where do our millions go?

$224,690 on Food$121,212 for Cars$250,000 for housing$171,816 for College$94,560 for Retirement$600,000 for Interest Payments$256,049 for TaxesAnd what about things like vacations, braces, clothing…….

Copyright © 2014 Financial Beginnings, all rights reserved.

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Will we start at the average salary?Average starting salary for an undergraduate is $44,000

Copyright © 2014 Financial Beginnings, all rights reserved.

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Post Graduation BudgetActivityCopyright © 2014 Financial Beginnings, all rights reserved.

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Post Graduation Budget

Copyright © 2014 Financial Beginnings, all rights reserved.

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Post Graduation BudgetWhat did your total monthly expenses add up to? Were there any budget line items you would spend more or less on?

How much do you have available for savings? What will you be saving for?

Copyright © 2014 Financial Beginnings, all rights reserved.

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Understanding Your LoansFederal Student Loans- The US Department of Education funds or insures.

Private Student Loans- These loans are nonfederal loans that are made by a bank, credit union, state agency or school.

Not sure which type of loans you have?

www.NSLDS.ed.gov Copyright © 2014 Financial Beginnings, all rights reserved.

SOURCE: U.S. Department of Education 2013

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When must I begin making payments?Most are 6 months after graduation or if you drop below ½ timePLUS loans have no grace period Paying interest while in school can help to keep loans lowYou can estimate your monthly payments at:

http://www.finaid.org/calculators/loanpayments.phtmlhttps://studentloans.gov/myDirectLoan/mobile/repayment/repaymentEstimator.action Copyright © 2014 Financial Beginnings, all rights reserved.

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Using the calculator

Copyright © 2014 Financial Beginnings, all rights reserved.

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My payment is what!?!?

Copyright © 2014 Financial Beginnings, all rights reserved.

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Standard Repayment PlanCopyright © 2014 Financial Beginnings, all rights reserved.

SOURCE: U.S. Department of Education 2013

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Graduated Repayment PlanCopyright © 2014 Financial Beginnings, all rights reserved.

SOURCE: U.S. Department of Education 2013

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Extended Repayment PlanCopyright © 2014 Financial Beginnings, all rights reserved.

SOURCE: U.S. Department of Education 2013

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Income-Based Repayment PlanCopyright © 2014 Financial Beginnings, all rights reserved.

SOURCE: U.S. Department of Education 2013

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Pay As You Earn Repayment PlanCopyright © 2014 Financial Beginnings, all rights reserved.

SOURCE: U.S. Department of Education 2013

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Income-Contingent Repayment PlanCopyright © 2014 Financial Beginnings, all rights reserved.

SOURCE: U.S. Department of Education 2013

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Income- Sensitive Repayment PlanCopyright © 2014 Financial Beginnings, all rights reserved.

SOURCE: U.S. Department of Education 2013

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Loan Consolidation Activity

Copyright © 2014 Financial Beginnings, all rights reserved.

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Loan Consolidation Activity

Copyright © 2014 Financial Beginnings, all rights reserved.

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Things to watch for

Copyright © 2014 Financial Beginnings, all rights reserved.

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Deferment or ForbearanceUnemploymentEconomic hardshipGraduate fellowshipRehabilitation training programMilitaryIn-school

Medical/dental internship residencyStudent loan debt burdenAmeriCorpsNational GuardDeferment

ForbearanceCopyright © 2014 Financial Beginnings, all rights reserved.

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Consequences of Default

Copyright © 2014 Financial Beginnings, all rights reserved.

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Forgiveness, Cancelation or Discharge

Copyright © 2014 Financial Beginnings, all rights reserved.

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Setting Financial GoalsGet married?Buy a house?Buy a car?Have children?Go back to school?

$25,000$50,000 down payment$20,000$800 per month$30,000-50,000Plans for next 5-10 years

Possible CostCopyright © 2014 Financial Beginnings, all rights reserved.

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Starting Off Strong

Copyright © 2014 Financial Beginnings, all rights reserved.

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Got it?Can you:Take a realistic look at post-college living expenses?Create a budget for post-college life?Understand loan restructuring and consolidation options?

Set long-term financial goals that incorporate saving and debt management?Copyright © 2014 Financial Beginnings, all rights reserved.

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Sponsored by

Want to learn more? 

Visit

countryfinancial.com/FinEdCongratulations,you are well on your way to being

more

financially

savvy.

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