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Your Money, Your Future
If you're a high school student, you're probably no stranger to people asking you what you want to do after graduation. Don't worry - it's been that way for generations. However, given the current economy, you and the adults in your life might be more concerned about your future than ever before. Planning and paying for college during an economic downturn isn't easy.
Don't give up!
That doesn't mean you have to throw in the towel or give up your dreams of higher education. That's where WYEP FreeZone comes in. We're here to listen and help. While we don't have all the answers to all your questions, we do have our ears to the ground to find out what's on the minds of teens like you who are considering college.
WYEP FreeZone sat down with teens at The Union Project community center in East Liberty to hear their thoughts on saving for college and the economy.
The Pros
We've also been asking people who know about this stuff to share advice. Financial planners, accountants, community leaders - there's some really valuable stuff to be learned from these people, to help you make the right decisions before you get in over your head in debt or bad financial decisions.
Check out video interviews by some of our WYEP FreeZone student correspondents:
WYEP FreeZone's Larry talks to Doug, a financial services advisor.
WYEP FreeZone's Emily asks Carol, an accountant, about student finances.
What's a FAFSA?
FAFSA stands for "Free Application for Federal Student Aid." Okay, we know, we know, it sounds boring and complicated. But this very important application can give you some big help in planning for your higher education future. Download this WYEP FreeZone Onesheet that explains more about the process. Go ahead, do it. We'll wait.
Here are some other important FAFSA-related links:
- To apply for a pin number:
http://www.pin.ed.gov/pinwebapp/pinindex.jsp - To fill out a dependency status worksheet:
http://www.fafsa.ed.gov/before015.htm - To look at the documents you need:
http://www.fafsa.ed.gov/before003.htm - To look at application deadlines:
http://www.fafsa.ed.gov/before003a.htm - To fill out the FAFSA, edit or continue filling out:
http://www.fafsa.ed.gov/complete001.htm - To fill out worksheets that help you prepare the information for FAFSA:
http://www.fafsa.ed.gov/worksheet.htm
What are these loans all about? And am I stuck with them?
Stafford...Perkins...they sound like the names of British butlers. But they're some of the types of loans you could be using to pay for school. Actually, there are quite a few ways for you to finance your college education. Make sure you know what you're signing up for, though - a few simple differences between loans and repayment programs can make a world of difference in the amount you owe when you're out of with college.
As for being stuck with student loan debt for the rest of your life? Consider a worst case scenario: Let's say you go to college, borrow about $80,000 to pay for tuition, and when you graduate you can only find a job that pays $24,000 a year. It's gonna be pretty tough to pay your monthly student loan bill on that kind of salary. You might be tempted to declare bankruptcy to have the debt wiped away (and risk of wiping away your good credit score, too). Recent news headlines talk about many homeowners taking that last-resort option if they bought a house they ultimately couldn't afford and were bogged down with mortgages they couldn't repay.
But that won't work with student loans. Unlike home mortgage debt, it's become nearly impossible to erase unpaid student loan debt. Once you take on a loan from the government or from a private lender, it's very hard to get that debt erased from your record without paying it back.
There is hope, though. Download the WYEP FreeZone Onesheet below to figure out which types of loans might be best for you, and what options you have to pay back your debt when you're out of school. There are some new programs which offer relief to student lenders.
Welcome to CentsCity
Need a little practice with all these money managing ideas? WYEP is proud to introduce you to CentsCity, an online game that offers you the chance to win great prizes and rewards, all while making sure you're on top of your game with your personal finances.
For a limited time, WYEP is giving FREE access to CentsCity to 600 students ages 8-18. All you need to do is send an email to CentsCity@wyep.org, or call 412-381-9131 x 220 between 9am-5 pm Monday-Friday. We'll give you your passport access and you'll be on your way to explore the CentsCity world!
More information about CentsCity.
Support for WYEP's "Engaging Communities on the Economy" project provided by:
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