College loan Math applications project
- Google Slidesβ’
Description
This project is a engaging way for students (especially seniors) to visualize college loans, banking options, and future life decisions. Students start by playing a game (link to Time for Payback included in the slides) that simulates their college experiences and asks for screenshots along the way. you could choose to have them only record information about their chosen college type, major, and final debt by removing some slides.
Students will use their final college debt to take out a loan from one of the bank options listed. When I used this project in class, I had students randomly select 3 by drawing them from a hat. they will use the simple and compound interest formulas to determine their final amount for each bank to make an informed choice about which to select. then for the bank chosen, they will calculate their monthly payments.
Students will choose a job based on the major and college chosen (I recommend collegeboard career search). They will use a table to simulate their bank account, including monthly income and paying back their loan. I stress to teh students that this is hypothetical, and that the numbers are inflated because this table assumes the only thing they pay for all year is their loan.
In year 2, they get a raise, and decide to move out. I have options for renting or buying a house. In the table, students will now simulate getting paid monthly, paying for their college loan, paying rent or a house payment (including a security deposit or down payment in January), paying for utilities, and 5 subscriptions of their choice.