Embedded Files
2.5
Topic 2.5 Lesson Plan
Click icon for Discussion
DISCUSSION:
How do you know how much money you will be getting in financial aid?
Discuss these questions with your classmates or with a partner:
1. You’re considering a few different colleges you’ve been accepted into and are trying to determine your net price for each school. What are some things you need to know to figure this out?
1 5 mins
In this activity, students will be able to:
Discuss the documents you will be getting from FAFSA
Click icon for discussion
*Student note:
Awards are also referred to as aid “package” or aid “offer"
INFOGRAPHIC:
The Financial Aid Process - The Award
Congratulations! You have received an acceptance letter from a college! So what’s next? We’re now in the 4th stage of the financial aid roadmap. Read the 4th box labeled “Award” to learn more about the next stage of the financial aid process. Then, answer this question in the Google Form:
In your own words, describe what a financial aid offer is.
2 5 mins
In this activity, students will be able to:
Understand what a financial aid package is & when they should expect to receive one from a college
Click icon for reference
REFERENCE POINT:
Financial Aid Flow
Before we dive deeper into financial aid packages, let’s take a step back and recap some of the important forms you use and when you use them in the financial aid process. Review this slide & answer these questions in the Google Form:
How are the FAFSA, SAR, and Financial Aid package connected?
What are some other names a Financial Aid Package may be called?
Your friend has been accepted into her #1 choice for college. She’s so excited that she doesn’t bother looking at her financial aid package and wants to confirm her spot right away. What do you tell her & why?
3 7 min
In this activity, students will be able to:
Know how to navigate specific info from their aid offer
Click icon for video
VIDEO:
How to Read Your Financial Aid Award Letter
It’s time to take a closer look at what a financial aid package includes and how to compare offers from different colleges. Watch this video to learn more about how to do so. Then, answer the questions in the Google Form.
Write a formula that will calculate what your net price of attending a school is.
What are some ways you can make it easier to compare different offers from schools?
Why might a student consider attending a school with a high sticker price?
4 10 mins
In this activity, students will be able to:
Understand how to read a financial aid offer (a.k.a. award letter)
Click icon for fine print
THE FINE PRINT:
Financial Aid Package
Let’s practice reading a few different financial aid offers from various schools. Follow the directions in the Google Form to complete this activity.
5 40 mins
In this activity, students will be able to:
Read a financial aid offer (a.k.a. award letter)
Click icon for video
VIDEO:
How to Read a College Financial Aid Statement
In the previous resource, you saw how no two financial aid offers look alike! Therefore, it’s extremely important to read through your offers in detail. Watch this video through 1:07 to find out what else may be hiding in your offer that you should look out for. Then, answer these questions in the Google Form.
In the video, Kim points out two items that are included in the financial aid packages. What are these two items and why are they misleading?
What is the risk you take by NOT reading your financial aid award offer in detail? How could skipping this step impact your life after college?
6 8 mins
In this activity, students will be able to:
Read a financial aid statement
Click icon for article
ARTICLE:
Accepting Aid
You know by now that different types of financial aid are better than others, especially when it comes to repayment. Skim through this chart to review what order you should accept different types of financial aid. Then, read the rest of the article in more detail and answer these questions:
1. You realize that the amount of aid you have been offered is more than what you need. Which type(s) of aid would you want to accept less of and why?
2. In your own words, explain the significance of signing a promissory note.
7 10 mins
In this activity, students will be able to:
Explain the order in which they should accept different types of aid & when they will receive that aid
Click icon for Discussion
DISCUSSION:
What are items you will need for college?
Discuss these questions with your classmates or with a partner:
1. What are some items you spend money on right now?
2. Now, imagine your life as a college freshman. What are some things you think you will spend money on?
8 5 mins
In this activity, students will be able to:
Discuss ideas of the different items needed when they are away from their parents at college
Click icon for Infographic
INFOGRAPHIC:
The Financial Aid Process
You’ve accepted your offer to attend a school and you’re now in college! Read the box labeled “College” in the roadmap and then answer these questions:
Many college students have a hard time managing their money &, as a result, end up spending much more than they can afford.
Brainstorm some ways you can manage your money when you are in college. (Hint: Think of some budgeting strategies you may already be using that would be helpful in college.)
In college, you have a variety of social events to go to, some of which cost money (e.g. dinner with friends, football games, going out for a movie with your floormates, etc). What are some criteria you can use to evaluate an event and decide whether or not you will go?
How do you think NOT managing your money in college can impact your life AFTER college?
9 8 mins
In this activity, students will be able to:
Understand the importance of a budget in college
Click icon for data crunch
DATA CRUNCH:
What’s the Average College Budget?
Analyze the graph in this Google Form to complete this Data Crunch.
10 10 mins
In this activity, students will be able to:
Understand how current college students spend money while in school
Click icon for video
VIDEO:
College Students Struggle with Money Management
One of the best things you can do to stay on top of your finances in college (and beyond) is to create a budget. However, the hard part is then sticking to your budget. Watch this video to hear about two college students’ struggles with money management and the consequences they faced. Then, answer these questions in the Google Form.
In what major ways did Kekasha struggle with money during college?
What major mistakes did David make while in college?
How are Kekasha and David’s situations similar? How are they different?
How has David’s post-college life been impacted by his financial decisions?
11 10 mins
In this activity, students will be able to:
Identify common challenges college students face when trying to stick to a budget
Click icon for comparison
COMPARE:
College Needs vs. Wants
Although financial gurus will make it seem clear cut for what qualifies as a need versus a want, in real life it’s often not that obvious. Determining what you really need versus what you actually want is key to creating a realistic budget and sticking to it. In this activity, you will take a closer look at what qualifies as a need versus a want in the context of budgeting while in college. Follow the directions in the Google Form to complete this activity.
In what major ways did Kekasha struggle with money during college?
What major mistakes did David make while in college?
How are Kekasha and David’s situations similar? How are they different?
How has David’s post-college life been impacted by his financial decisions?
12 10 mins
In this activity, students will be able to:
Identify common challenges college students face when trying to stick to a budget
Click icon for comparison
ACTIVITY:
Building a Monthly College Budget
Make decisions around saving and spending during college
Create a budget for the first year of college
13 10 mins
In this activity, students will be able to:
Make choices regarding income in college
Set aside money to pay yourself first in savings
Create a monthly budget to follow during freshman year
And then reflect on the process of budgeting.
Click icon for comparison
INTERACTIVE:
Payback
You will have to make a lot of financial decisions before, during, and after college that range anywhere from “I’m tired of dining hall food. Should I go out for dinner tonight?” to “What are my potential savings if I move off campus?” Thankfully, you can get a preview of the potential outcomes of your decisions by playing Payba¢k! Follow the directions in the Google Form to complete this interactive.
Your Goal:
Make it to graduation & beyond with a reasonable amount of debt to pay back after you graduate. Try not to get burnt out along the way by getting poor grades, not making enough social connections, or running out of happiness (3 bars at the bottom of your screen as you play the game).
14 10 mins
In this activity, students will be able to:
Make real-time & realistic decisions to try to manage student debt
Experience the consequence for each decision they make on: focus, attention, happiness, & student debt
Page updated
Report abuse