1. Advanced Level

2.  The best way to take charge of your future is to plan for it! Why is it helpful to have a career goal in mind before pursuing higher education?

3. 2.3.4.G1 © Take Charge Today – August 2013 – Planning for Higher Education – Slide 3 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona What type of training and education do I need? How much will my training cost? Is there a career pathway available if I continue my education and training? Will I earn enough in my career to pay for the education and training it requires? Will there be jobs available?

4. 2.3.4.G1 © Take Charge Today – August 2013 – Planning for Higher Education – Slide 4 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Meet Imani: About to graduate from high school Imani’s Dream: “I want to make positive changes for the kids who live in my neighborhood.” Imani’s Goal: Be a lawyer or politician Read about Imani’s Dream

5.  How to Determine What Type of Training and Education You Need

6. 2.3.4.G1 © Take Charge Today – August 2013 – Planning for Higher Education – Slide 6 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Sources of information: - Bureau of Labor Statistics Occupational Outlook Handbook (bls.gov) - Academic advisors - Individuals working in a career Career Pathway – series of connected education and training programs that allow you to secure a job and then to advance within an industry or occupation.

7. 2.3.4.G1 © Take Charge Today – August 2013 – Planning for Higher Education – Slide 7 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Doctorate and Professional Degree Master’s DegreeBachelor’s DegreeAssociate Degree High school and becoming a specialist in an area At each level, there may be certificate programs or informal training opportunities

8. 2.3.4.G1 © Take Charge Today – August 2013 – Planning for Higher Education – Slide 8 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 1 Set overall career goal 2 Determine all training required 3 For each step consider: Time and cost required Possible occupations Set the Career Goal and the short term goals needed to get there

9. 2.3.4.G1 © Take Charge Today – August 2013 – Planning for Higher Education – Slide 9 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Goal: Lawyer Associate: Paralegal studies 2 years Paralegal or legal assistant Bachelors: Political Science 2 years (transfer degree) or 4 years Political scientist Professional: Juris Doctor 3 years Lawyer Step 1: Identify career pathway options for Imani

10. 2.3.4.G1 © Take Charge Today – August 2013 – Planning for Higher Education – Slide 10 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona How many years of education (minimum) does becoming a lawyer require? What are the costs and benefits of considering an Associate degree for Imani? Why is a bachelor’s degree in political science potentially the best fit for Imani? If Imani completed her bachelor’s degree in political science and discovered she did not want to be a lawyer, what other options would she have?

11.  Consider opportunity costs when making higher education decisions. What are the potential costs and benefits to receiving a higher education?

12. 2.3.4.G1 © Take Charge Today – August 2013 – Planning for Higher Education – Slide 12 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Potential Costs Potential Benefits Lost wages from not working while in school Cost of higher education/training programs Opportunity to earn higher wages More employment opportunities

13. 2.3.4.G1 © Take Charge Today – August 2013 – Planning for Higher Education – Slide 13 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Write a career goal Research the job outlook in your state and nationally Identify training required List the types of jobs you could do with your training Job Outlook – demand for a particular job when you are qualified and ready to enter the field

14. 2.3.4.G1 © Take Charge Today – August 2013 – Planning for Higher Education – Slide 14 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Imani’s Job Outlook Level of education and occupation National growth rate (%) Projected number of job openings (nationwide) Job outlook for your state Associate: Paralegal Bachelors: Political Scientist Doctorate/Professional: Lawyer Step 2: Research Imani’s job outlook for each level of education 10-19% 3-9% 10-19% 83,400 2,800 212,000

15. 2.3.4.G1 © Take Charge Today – August 2013 – Planning for Higher Education – Slide 15 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Relevant Job Options Level of education and related occupation Alternate occupation #1Alternate occupation #2 Associate: Paralegal Bachelors: Political Scientist Doctorate/Professional: Lawyer Complete step 3 to research relevant job options Bookkeeping, Accounting and Auditing Clerk Geographer Judicial Law Clerk Legal Secretary Teacher Sales Agent, Financial Services

16.  Calculate your education/training debt to your estimated starting salary.

17. 2.3.4.G1 © Take Charge Today – August 2013 – Planning for Higher Education – Slide 17 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Training cost per year Number of years Total estimated costs The school’s website will help you estimate the cost per year Remember to include all costs such as tuition and books, room and board, etc.

18. 2.3.4.G1 © Take Charge Today – August 2013 – Planning for Higher Education – Slide 18 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Monthly loan payment Monthly starting wages Debt-to- income Ratio Goal : Debt-to-income ratio no more than 10 to 15% of your estimated starting income Debt-to-Income Ratio – standard tool that calculates whether a borrower will have difficulty meeting his or her loan repayment obligations

19. 2.3.4.G1 © Take Charge Today – August 2013 – Planning for Higher Education – Slide 19 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Training Number of years to complete Potential cost per year Total estimated cost per degree Bachelor’s degreeyears$43,289/year Master’s/Professional degree years$42,654/year Potential Total Cost Step 4: Calculate Imani’s Total Estimated Cost 4 3 $173,156 $127,962 $301,118

20. 2.3.4.G1 © Take Charge Today – August 2013 – Planning for Higher Education – Slide 20 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Training Number of years to complete Potential cost per year Total estimated cost per degree Associate’s degreeyears$13,459/year Bachelor’s degreeyears$43,289/year Master’s/Professional degree years$42,654/year Potential Total Cost Step 4: Calculate Imani’s Total Estimated Cost 2 2 3 $26,918 $86,578 $127,962 $241,458

21. 2.3.4.G1 © Take Charge Today – August 2013 – Planning for Higher Education – Slide 21 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona OPTION 1OPTION 2 Loan Balance Interest Rate Loan FeesAssume none Loan Term (years) Minimum PaymentLeave at $50 Enrollment StatusNot specified Degree ProgramNot specified Total Years in College Estimated Monthly Loan Payment Step 5: Calculate Imani’s Estimated Monthly Student Loan Payments $301,118 $241,458 6.8% 30 7 7 $1,963.06 $1,574.13

22. 2.3.4.G1 © Take Charge Today – August 2013 – Planning for Higher Education – Slide 22 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Occupation: Lawyer Median annual wages Median monthly wages (annual wages / 12) Step 6: Calculate Imani’s monthly wages $113,310.00 $9,442.50

23. 2.3.4.G1 © Take Charge Today – August 2013 – Planning for Higher Education – Slide 23 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona Option 1 Option 2 Monthly loan payment = debt-to-income ratio Monthly wages Monthly loan payment = debt-to-income ratio Monthly wages Step 6: Calculate Imani’s Debt-to-Income Ratio $1,963.00 $9,442.50 20.78% $1,574.13 $9,442.50 16.67%

24. 2.3.4.G1 © Take Charge Today – August 2013 – Planning for Higher Education – Slide 24 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona  Which option provides Imani with an ideal debt-to- income ratio between 10-15%?  How can Imani reduce her opportunity cost (high debt) to make her dream a reality?  Write a SMART goal for Imani to implement a plan to become a lawyer.

25. 2.3.4.G1 © Take Charge Today – August 2013 – Planning for Higher Education – Slide 25 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona The best way to take charge of your future is to plan for it  Write your education and training SMART goals  Answer the following questions: o What type of training and education is required? o Will there be jobs available? o Will I earn enough in my career to pay for the education?