Unit 3: Postsecondary Eduction and the Military

what are two things you need to consider when making your decision?

salary of the job, what education and training do you need

earnings-to-debt ratio as it relates to postsecondary education and careers

beginning wage compared to average student debt

career fields that have the highest earnings-to-debt ratio

STEM and nursing

career fields that have low earnings-to-debt ratios

fine arts, ethnic studies, speech, social work, education

what percentage of your monthly income should be going to payments for your postsecondary education?

no more than 8-15%, ideal is 10%

how many years is the typical payoff time for student loans?

typically 10 years

student debt should be no more than what?

no more than one years salary after taxes

which households typically have the most student debt?

high-income households

various categories that students must pay for in college

• tuition

• school supplies (textbooks)

• living expenses (food, housing)

student loan

money to pay for college that is borrowed and must be repaid

scholarship

money given to college students that doesn’t have to be repaid

grants

awards of money based on economic need that do not have to be repaid

tuition program

offers free or reduced tuition

GI bill

pays for tuition at public colleges for active military and veterans

what has a major impact on your career besides earnings-to-debt ratio?

financial well-being

economic mobility

ability to improve one’s income