uw oshkosh money madness welcome to…….. uw oshkosh money madness the financial aid game for...

Welcome to……..UW Oshkosh Money Madness

The Financial Aid Game for Winners!

Let’s Get Started!

THE MONEY GAME CONSISTS OF:

• 3 Ten-Minute Presentations

• Followed by 3 Question and Answer Rounds

• Captains will select 2 Players from their teams to face off in each Question and Answer Round

HIGHEST TOTAL POINTS WINS GAME

Rules

• Team captains can quickly substitute players between questions during the Question and Answer Rounds

• Answering a question before answers are shown earns you 20 bonus points!

• Technical – Arguing Call – Lose 20 Points

FIRST Topic: College Financial Aid

Worried about College Costs? Let’s learn about Financial Aid and the UW Oshkosh Financial Aid Office.

Financial Aid 101• Financial aid basics

• Each year while you are in college, your first step is to complete the Free Application for Federal Student Aid, or your Renewal Free Application for Federal Student Aid, also known as the FAFSA

• The results of the FAFSA are sent to the UW Oshkosh Financial Aid Office and they use the information to determine your financial aid package

• Cost of attendance (COA) includes Tuition, Fees Room & Board, Books, Supplies and Transportation.

• Stop in the Financial Aid Office on campus with your questions!

Determining Your Need for Financial Aid

• The FAFSA determines your family's expected family contribution (EFC).

• COA - EFC = Your Need• Your need determines how much and what type of

financial aid you are eligible for.• You are considered for grants, scholarships, loans

and work-study.• It doesn’t matter what your family income is,

almost every student is eligible for a Federal Student Loan!

• Stop in the Financial Aid Office on campus with your questions!

• Federal• State• Institutional• Community • Employer of family• Private sources• Scholarships searches [scholarships can

come from federal, state, institutional, etc. sources too.]

Sources of Financial Aid Include:

Paying for College

• Look for free money – apply for scholarships and grants

• Then consider other options for financial aid:• Work-Study• Student Education Loans (federal and private)

• When borrowing loans that will be paid off after graduation. KNOW the “Real costs of school”

• UWOSH.GradReady.com to monitor your student loans

Shot Clock Time• Captain selects two players from his/her team to compete

• Captain can substitute players between questions

• The first person to raise their hand gets to answer.

NO HELP FROM THE TEAM MEMBERS SITTING IN THE AUDIENCE!!

Shot Clock Round 1

Question 1 20 points

The Cost of Attendance (COA) includes…

Your answer is?

C. Rent, Clothes and Reeve food court

B. Tuition, Fees, Room and Board

D. Tuition, Credit Cards and Mi Taza

A. Tuition, Movie Tickets and Pizza Hut Express

Question 2 30 points

A family’s anticipated financial commitment toward college education is known as……

Your answer is?

C. ACH

B. EFT

D. EFC

A. UWO

Question 3 40 points

A typical financial aid package consists of:

Your answer is?

C. GRANTS, SCHOLARSHIPS, LOANS, WORK-STUDY

B. STAFFORD LOAN, CAR LOAN, BOAT LOAN

D. FEIGNING INJURY ON A COLLEGE CAMPUS

A. WORK-STUDY ONLY

Question 4 35 points

The form that families complete to determine financial need is called:

Your answer is?

C. DADSA

B. FISAP

D. SALSA

A. FAFSA

Question 5 50 points

How many UWO students get financial aid? (Percentage)

Your answer is?

C. 30%

B. 70%

D. ALL

A. 50%

Question 6 60 points

What UWO program can help you monitor your loan indebtedness and get your finances in shape?

Your answer is?

C. GradReady

B. GradReady

D. All of the above

A. GradReady

Second Topic: Debt Management

Let’s Discuss 3 important topics: Student statistics, types of student loans

and credit cards.

Student Debt Is Real

• So smart, so successful – so broke?• Over 70% of students have to borrow to help pay for their

college education.• Don’t become a statistic!

• For students ages 18-24, one-third of their income is spent on debt

• Average cost of college education at UWO is $17,000 per year

• Average student loan debt at UWO is $28,720• Average college student credit card debt is $3,200 at

graduation• More 21-to-24-year-olds are declaring bankruptcy than

graduating from college

Types of Education Loans

• Always remember to stop by the UW Oshkosh Financial Aid Office with your questions!

• Federal Student Loans – Take these first!• Federal Stafford Direct Loan Program• Federal Perkins Loan Program

• Loans options to fill remaining need include:• Direct PLUS Loan for Parents or Graduate Students • Private Loan Programs: Undergraduate students

often require a credit-worthy cosigner

It’s a Legal Contract! When accepting a loan, you will sign a promissory

note

- Your Federal Student Loan Promissory Note is called a Master Promissory Note or MPN

- All loans must be paid back

- It is a legal obligation

- Create a financial aid Folder on your computer to keep all of your financial aid documents in one place.

Before You Borrow

• As you prepare to pay for college each year, keep the following guidelines in mind:• Explore ALL your financial aid options• If you need to borrow, borrow only what you

need• Recognize that a student loan is a long-term

commitment and must be paid back• Be realistic about your starting salary• Create your account at

UWOSH.GradReady.com to manage your student loan debt

Credit Cards

• Sure, it may seem like EASY $, but it’s not FREE!

• Don’t let a free t-shirt make your fee or interest rate decision

• Shop around• Plan your spending • Overuse of plastic can result in BIG trouble• Limit to one or two at most.

Credit Cards

• Are NOT fast loans at the end of the month!

• Are NOT to buy things you can’t afford!

Shot Clock Round 2

Question 1 45 points

College students graduate with an average credit card debt of:

Your answer is?

A. $1000

B. $2400

C. $3200

D. $3600

Question 2 50 points

When you take out a loan……

What do you have to sign?

Your answer is?

A. BASEBALL CARD

B. PROMISSORY NOTE

C. INVALID CONTRACT

D. WRIT OF HABEUS CORPUS

Question 3 35 points

Which of these is not a federal loan program?

Your answer is?

A. STAFFORD

B. PLUS

C. PERKINS

D. GUIDO, THE KILLER LOAN SHARK

Question 4 45 points

Where is the financial aid office? (Hint: the oldest building on campus)

Your answer is?

A. SWART

B. REEVE UNION

C. SAGE

D. DEMPSEY

Final Topic: Budgeting and Your Credit

Let’s talk about:

Budget Basics, Your Credit Score and your Earning Power

Budget Basics

• Develop your budget or financial plan• Know your income and expenses• Organize your bills and payments• Identify wants vs. needs

(find ways to cut costs)• Make smart choices• Pay yourself first – even $5 adds up• Save money by packing snacks or

making coffee at home.

Be a Millionaire

• How easy is it to spend $10 a day at McDonalds, vending machines?

• Saving just $5 a day and investing it well means, $150 a month, $2,000 a year and by age 55 you’d have $1 million dollars…..wow! The power of saving!!!

The Right Tools For the Job• Find a bank. One that works for YOU!• Start a Savings account• Manage your Checking account• Manage your ATM/debit card• Manage one Credit card with a low limit, for

example start with a $500 limit …(yes, one is plenty)

• Having good credit will impact your ability to borrow money for a car, college and a future home.

Your Credit Score: Think of it as your GPA for how you manage your money!

• FICO Score is also known as your Credit Score• Your individual FICO Score:

• Analyzes your credit history• Generates a number from 300 to 850 (the higher

the better!)• High score means your are a ‘good’ credit risk so

you get great financial opportunities such as:• Borrowing money at lower interest rates• Renting or owning a home• Potential employers, insurance companies may

also review your credit score!

Your Credit Score: Think of it as your GPA for how you manage your money!

• What impacts this score?• Paying your bills on time and in full• Minimum number of credit cards• Keeping your total debt below your income

• No Joke – this score counts!

Your Earning Power – Real Life Example

What’s the real bottom line?$40,000 a year = $2,000 take-home a month

Now, how does this look?Rent/Utilities $780Food/groceries $450Transportation $400Student Loan Payment $182Minimum Credit card payment $100

Oops!! $88 left for the month? (less than $3/day)

Shot Clock Round 3

Question 1 30 points

What is the most important finance survival tool?

Your answer is?

A. A high interest credit card

C. Having a budget/financial plan

B. Mom and dad’s phone number

Question 2 40 points

In the 2013 film The Great Gatsby, the part of Gatsby is played by this actor:

Your answer is?

A. TOM CRUISE

B. GEORGE CLOONEY

C. LEONARDO DICAPRIO

D. MATT DAMON

Question 3 30 points

What is the best reason to get a credit card?

Your answer is?

A. Free T-shirt at time of application

B. 10% one-time discount

C. Establishing positive credit

D. Charging pizza for my entire dorm floor

Question 4 50 points

What score do banks consider when deciding what the interest rate is on your car loan?

Your answer is?

A. Your driving test score

B. Your ACT score

C. Your XBOX amped score

D. Your FICO/credit score

Building Your Financial Future• Remember, a bright financial future is in your hands!• Content provided by the Wells Fargo Hands on Banking

program.

• To learn more and empower yourself, visit: https://www.wellsfargo.com/financial-education

• Sign Up for a chance to win $1000 from Wells Fargo’s CollegeSTEPS program at www.wellsfargo.com/collegeguidance

• Sign up for GradReady at UWOSH.GradReady.com

BONUS ROUND!!!!

20 seconds for teams to determine their final wager based on the team’s current point total.

Captains write down the team wager on a piece of paper.

Let’s see our Final Question

BONUS ROUND

Wagers are written down and final – Good Luck!

THE QUESTION IS…….

After spending $3,000 on your 18% credit card, you decide to stop charging and cut up the card.

You can afford to pay $50 per month to pay off the balance.

How many years will it take to pay off the card?

Bonus Round Question

Your answer is?

A. 60 MONTHS, OR 5 YEARS

B. 120 MONTHS, OR 10 YEARS

C. 18 YEARS

D. FOREVER

Write down your answer…….

Let’s see what each team decided

and determine our Winning Team!

Why?When making a minimum credit card payment, it

may look like this:

– Balance $3,000.00

– Finance charge $43.00

– New balance $3,043.00

– Minimum payment $50.00

• In this example, most of your $50 minimum payment will go toward interest (or finance charges) and you are ONLY paying $7 of the original balance.

• Your next month’s bill will start with a Balance of $2,993. Kinda scary….Bottom line is only charge what you can pay off IN FULL at the end of each month!

Final Word

“If a man empties his purse into his head, no man can take it away from him. An investment in knowledge always pays the best interest.”

Benjamin Franklin

Thank you For playing the …….UW Oshkosh Money Madness