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Learn


“Learn,” Education for Better Work (2014), 45–50

“Learn,” Education for Better Work, 45–50

Learn

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How do I pay for my education?

Time:Set the timer to 30 minutes for the Learn section.

Read:We now have a better idea about what education or training will help us qualify for our future work. Now we can figure out how much our education will cost and how to pay for it. There may be many options and resources, including personal savings, family help, scholarships, and loans.

Week 1

Week 2

Week 3

Week 4

Week 5

Week 6

What type of work will help me become self-reliant?

What education will qualify me for my work?

How will I pay for my education?

Should I apply for a Perpetual Education Fund loan?

How will I succeed in the classroom?

How will I succeed outside the classroom?

“Paying for My Education” (No video? Read page 54.)

Read:This week, we will find answers to this question and we will take this action:

Read:QUESTION OF THE WEEK—How will I pay for my education?

ACTION OF THE WEEK—Find out how much money I need to pay for the education programs that I am considering, learn about ways to pay for them, and create a finance plan.

Read:We will be thinking a lot about money in order to pay for our education. This may be uncomfortable at first, but it will help us plan our finances wisely and get the education we need.

Discuss: Read the scripture on the right. As a group, discuss the principles in the scripture. How do you feel about money when you understand these principles?

How do I predict the costs?

Practice:Read the following example out loud and discuss the calculations as you go.

Discuss:Manuel and Elisabeth will need an additional 9750 to pay for the first year of education. Do you see how they did the calculations? Talk together about any questions you have.

What is my income? What are my expenses?

Read:Now, let’s create our own education finance plan.

Practice:On your own, take a few minutes to fill in this form. Be honest with yourself. You might use a pencil. Then, during the week, work with your family to make it more accurate. For now, do your best to estimate the numbers.

Use the numbers you have been tracking on the back cover of My Path.

What are my education costs?

Read:Next, we look at our education costs.

Practice:Try to fill in these blanks and do the calculations. Use a pencil. If you have chosen one specific program, fill in one column. If you are thinking about two or three programs, fill in those columns to compare them. Work with each other or with your facilitator if you need help.

The example is for one year. If your program is shorter, adjust your estimates. The SRS Preferred Schools and Programs List and the information on your education plan will help you.

MY EDUCATION FINANCE PLAN (for one year)

Example
Radiologist med tech

Program 1

Program 2

Program 3

Tuition (one year)

12000

Add exams and other fees (entrance, license, certification, final exam, and other fees—one year)

+ 2000

+

+

+

Add books and supplies (one year)

+ 1000

+

+

+

Subtract scholarships or grants (if any—one year)

- 1000

-

-

-

“E” My Education Costs (one year)

= 14000

=

=

=

“D” What we can pay (one year)

- 1000

-

-

-

“F” Left to pay (one year)

= 13000

=

=

=

How much of my education costs can I pay?

Practice:Look at the bottom line in the chart above.

If “F” is 0 or less, you can pay for all your education costs—congratulations!

If “F” is greater than 0, then you must find a way to pay this much more. You may fill the gap with more scholarships, another job, or a loan.

What are my options if I cannot pay by myself?

Read:It is best if we can pay our education costs ourselves, even if it takes some sacrifice. If our calculations show that we cannot pay for all our education costs ourselves, then we turn to other sources.

Discuss:As a group, take turns reading each section of this table. Discuss each option briefly. What might be best for you?

FINANCE OPTION

STRENGTHS

WEAKNESSES

Start another job while going to school

No debt or interest. Learn or refine skills. Make important contacts.

May be difficult to work two jobs and succeed in classes. May be hard on family. May take longer to finish the program.

Borrow from family

People you know and trust. They want you to succeed.

May strain family relations. May be difficult if a family emergency arises.

Find scholarships or grants

No debt or interest. Provides freedom to study without another job.

May be difficult to find. But it is worth the effort!

Find a paid apprenticeship or internship

Learn skills related to education. Gain experience. May lead to a job.

May be difficult to work a job, study, and do an apprenticeship.

Get a loan from a bank or government agency

Establish credit at a bank. Some government loans have low interest rates.

Interest rates may be high. It is a loan and must be repaid.

Apply for a Perpetual Education Fund (PEF) loan

Available to worthy Church members. Low interest rates. Performance incentives are available to help you repay the loan.

It is a loan and must be repaid (so others can receive a loan).

Discuss:Have you found the best school value, considering price and quality?

If you are considering a loan, will you be able to repay it? As a guideline, your monthly loan payment after you finish your education program should not be more than 10 percent of the total monthly income you expect.

If you need more information about paying for education costs, who could provide answers? Will you discuss this with your family? Where else could you go for more information?

How do I present my Education Finance Plan?

Practice:Next week you will present your finance plan in three minutes or less. You can use the script below. You will not need to share any confidential information. After your presentations next week, the group will explore one financial option—a loan from the Perpetual Education Fund.

During the week, go find these answers to fill in the blanks. Practice giving the presentation to your family or others.

MY EDUCATION FINANCE PLAN

  1. I compared (number) schools for price and value.

  2. The three best schools for me are:

    , , .

  3. At this point, I believe the school will be best for me because .

  4. I looked at my income and expenses with my family. I learned these things:

    .

  5. I did the calculations to see if I could pay for my education myself and I found that (I could or could not).

    (If you can pay for yourself, skip to number 9; if you cannot, go on to number 6.)

  6. I will need to find an additional (amount) for my first year of school through another job, scholarships, family help, or a loan.

  7. After this first year, I’ll need about (amount) more for the next years of school.

  8. I have begun to explore different options to pay for my education. Right now, I’m leaning toward .

  9. (If you choose to share) I prayed about my education and my finance plan and .

  10. I’d like your advice and help. Do you have any suggestions for me? Write any ideas here.

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