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
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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.Slide2
Managing Debt After CollegeA Financial Beginnings Financial Education Program
Copyright © 2014 Financial Beginnings, all rights reserved.Slide3
What plans to do you have once you have completed school?Copyright © 2014 Financial Beginnings, all rights reserved.Slide4
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.Slide5
How much money do you think you’ll make annually?Copyright © 2014 Financial Beginnings, all rights reserved.Slide6
Nationally
Copyright © 2014 Financial Beginnings, all rights reserved.Slide7
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.Slide8
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.Slide9
Will we start at the average salary?Average starting salary for an undergraduate is $44,000
Copyright © 2014 Financial Beginnings, all rights reserved.Slide10
Post Graduation BudgetActivityCopyright © 2014 Financial Beginnings, all rights reserved.Slide11
Post Graduation Budget
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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.Slide13
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 2013Slide14
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.Slide15
Using the calculator
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My payment is what!?!?
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Standard Repayment PlanCopyright © 2014 Financial Beginnings, all rights reserved.
SOURCE: U.S. Department of Education 2013Slide18
Graduated Repayment PlanCopyright © 2014 Financial Beginnings, all rights reserved.
SOURCE: U.S. Department of Education 2013Slide19
Extended Repayment PlanCopyright © 2014 Financial Beginnings, all rights reserved.
SOURCE: U.S. Department of Education 2013Slide20
Income-Based Repayment PlanCopyright © 2014 Financial Beginnings, all rights reserved.
SOURCE: U.S. Department of Education 2013Slide21
Pay As You Earn Repayment PlanCopyright © 2014 Financial Beginnings, all rights reserved.
SOURCE: U.S. Department of Education 2013Slide22
Income-Contingent Repayment PlanCopyright © 2014 Financial Beginnings, all rights reserved.
SOURCE: U.S. Department of Education 2013Slide23
Income- Sensitive Repayment PlanCopyright © 2014 Financial Beginnings, all rights reserved.
SOURCE: U.S. Department of Education 2013Slide24
Loan Consolidation Activity
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Loan Consolidation Activity
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Things to watch for
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Deferment or ForbearanceUnemploymentEconomic hardshipGraduate fellowshipRehabilitation training programMilitary
In-schoolMedical/dental internship residencyStudent loan debt burdenAmeriCorpsNational GuardDeferment
ForbearanceCopyright © 2014 Financial Beginnings, all rights reserved.Slide28
Consequences of Default
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Forgiveness, Cancelation or Discharge
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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.Slide31
Starting Off Strong
Copyright © 2014 Financial Beginnings, all rights reserved.Slide32
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.Slide33
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Want to learn more?
Visit
countryfinancial.com/FinEdCongratulations,you are well on your way to being
more
financially
savvy.