Personal Finance: Module 1 Lesson 2 Prepare for the Journey Section 2.1 – What Are My Options?

Personal Finance: Module 1 Lesson 2

Prepare for the JourneySection 2.1 – What Are My Options?

Prepare for the Journey • Slide 2

Objectives

Students will

understand the benefits of completing a postsecondary program of study,

explore and compare postsecondary options and programs,

explore and compare types of postsecondary institutions, and

understand the importance and impact of accreditation and placement rates.

Prepare for the Journey • Slide 3

Glossaries

KentuckianaWorks College Access Center

Iowa College Access Network

Prepare for the Journey • Slide 4

Why should I continue my education?

President’s Postsecondary Education Promise

Prepare for the Journey • Slide 5

Why go to college?

Prepare for College

Prepare for the Journey • Slide 6

5 ways education pays

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I will buy a car. A home. The latest

fashions. I will travel the world.

I will stand on my own two feet.

I will be able to take care of my

family through both good times and

bad.

I will have the energy to juggle work

and family. To keep up with my friends.

To enjoy the world around me.

I will pass my experiences on to my

children. I will inspire them to

achieve even more than I do.

I will bring people together. I will

speak on their behalf. I will make

change happen.

Prepare for the Journey • Slide 7

A college degree

or postsecondary

certificate has never

been more necessary

for success in

the global economy.

U.S. Department of Education,

Press Release, October 6, 2011

“

”

Prepare for the Journey • Slide 8

What are my choices? Apprenticeship (paid, on-the-job training)

Technology “tech” center (certificate/diploma)

Community college (2-yr. degree and certificate programs)

College/university (4-yr. degree programs)

Graduate degree (master’s, doctoral, and professional)

Credential levels explained

Definition of Academic Degrees

Formal program that features PAID on-the-job training and classroom instruction

Skilled, in-demand occupations

Receive a professional certificate

Apprenticeships

Prepare for the Journey • Slide 9

Prepare for the Journey • Slide 10

Apprenticeships

My Next Move

REGISTERED APPRENTICESHIP

Prepare for the Journey • Slide 11

27 technology centers in Tennessee

50+ distinct certificate programs

A well-trained, skilled workforce is in demand!

Generally takes two years (or less) to complete

Smaller campus with a set course schedule

More affordable

Open admissions policy NPR interview about tech centers

A Possible Model for Higher Education

White House Summit on Community Colleges

Community College Summit

13 community colleges in Tennessee

Offer associate’s degrees and certificate programs

Require general education courses

Programs generally take two years to complete

More affordable post-secondary degree option

Open admission

Prepare for the Journey • Slide 12

Prepare for the Journey • Slide 13

Colleges and universities Some careers require a

bachelor’s degree

Generally takes four years to

complete

Require general education

courses

Choose from public or private

institutions

Examples of university majors and careers:

Choosing a Major at Austin Peay

State University

Prepare for the Journey • Slide 14

Graduate programsSome career paths require that you continue on

to earn a more advanced degree!

Master’s degree – degree earned after a bachelor’s degree

(e.g. principal, school psychologist)

Doctoral degree – even more advanced degree that follows

a bachelor’s or master’s degree (e.g. biochemist,

university professor)

Professional degree – degree required for work in specific

fields (e.g. lawyer, doctor, dentist, pharmacist). To receive a

professional degree, you must first earn a bachelor’s degree.

Prepare for the Journey • Slide 15

Private “for-profit” institutions These institutions have a profit motive (in business to

make money). Also called proprietary schools.

Generally, course credits will not transfer to other schools.

Tuition is usually higher than a similar program at a public

institution.

Some for-profit institutions may not be eligible for

scholarships and other financial aid which can result in

higher student loan debt for the student.

NEVER agree to student loans if you’re not

100% sure you can comfortably pay them back!For-profit colleges: undercover testing

For-Profit Deceptive Practices Revealed

Prepare for the Journey • Slide 16

Before signing on the dotted line

Carefully review all paperwork, especially withdrawal

and refund policies

Conduct your own research—

is the education worth the price?

Check job placement rates—do employers recognize

and readily accept credentials from the institution?

If your career choice requires a state license or

certification—does the institution meet your state’s

licensing requirements?

Is it worth

the price?

Prepare for the Journey • Slide 17

Accreditation

Because it ensures that an

education provided by an institution

of higher education meets

acceptable levels of quality.

— U.S. Department of Education 

Accreditation search toolDatabase of Accredited Postsecondary Institutions and Programs

Why do I care about accreditation?

Prepare for the Journey • Slide 18

Diploma mills

What is a diploma mill?

An institution of higher education that is not

accredited and grants diplomas which are

worthless because of the lack of proper standards — Webster’s Third New International Dictionary

Prepare for the Journey • Slide 19

CollegeNavigator

Prepare for the Journey • Slide 20

Prepare for the Journey • Slide 21

$38,165

(16 months)

CollegeNavigator search results

Prepare for the Journey • Slide 22

Before choosing a school, think carefully about… School costs and net price

Financial aid

Academics

Accreditation

Admission requirements

School location, size,

and campus life

Work flexibility

Statistics that count

Enrollment contracts

Refund policies

Distance learning or online degrees

Past complaints and reputation

Federal Student Aid Things to Consider

Prepare for the Journey • Slide 23

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and the Department of Education is the funding agency.

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products or services offered.

Financial Education for College Access and Success