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5/25 FA 9.1 The Costs and Benefits of College

By Jennifer Pariseau
Last updated over 1 year ago
29 Questions
Note from the author:

OBJECTIVES & STANDARDS

Math Objectives
  • Use box plots to analyze salaries for different educational situations
Common Core Math Standards
  • Link to all CCSS Math
  • CCSS.PRACTICE.MP3
  • CCSS.PRACTICE.MP4
  • CCSS.HSS.ID.A.1
Personal Finance Objectives
  • Explain the pros and cons of college
  • List the different costs associated with attending college
  • Analyze income differences for varying education levels
National Standards for Personal Financial Education
Earning Income
  • 3a: Evaluate the costs and benefits of investing in additional education or training
  • 3c: Compare earnings and unemployment rates by level of education and training

Student Activity Packet

OBJECTIVES & STANDARDS

Math Objectives
  • Use box plots to analyze salaries for different educational situations
Common Core Math Standards
  • Link to all CCSS Math
  • CCSS.PRACTICE.MP3
  • CCSS.PRACTICE.MP4
  • CCSS.HSS.ID.A.1
Personal Finance Objectives
  • Explain the pros and cons of college
  • List the different costs associated with attending college
  • Analyze income differences for varying education levels
National Standards for Personal Financial Education
Earning Income
  • 3a: Evaluate the costs and benefits of investing in additional education or training
  • 3c: Compare earnings and unemployment rates by level of education and training

Student Activity Packet

Intro

QUESTION OF THE DAY: How much more per hour does a college grad earn compared to someone with some college?

Answer the question on the first slide in the space below. Then, compare your answer to the answer on the second slide. Finally, follow your teacher’s directions on how to answer the follow-up questions on the last slide.
1.

How much more per hour does a college grad earn compared to someone with some college?

Learn It

VIDEO: Work or College?

Before we can start talking about the costs of college, we have to first consider its value to you.  Is college necessary for you?  Are there better options for your desired occupation? Watch this brief video about the decision to work or go to college. Then, answer the questions.
2.

Besides money, what other factors do you need to consider when choosing to go college?

3.

What are some of the benefits of choosing to work instead of going to college?  What are the potential downsides of choosing this path?

ARTICLE: Is College Worth The Cost? Pros Vs. Cons

As the price of college rises, a common question that arises is “Is college worth the cost?”  Read the article.  Then, answer the questions.
4.

According to the article, what is the average yearly tuition for attending a four-year college?

5.

Which reasons are the most important to you when deciding whether to go to college? Choose one reason college IS worth it and one reason college ISN'T worth it.

6.

Give an example of a situation where going to college might not be the best option for you.

7.

What is the average annual salary for a college graduate (all fields)?

8.

Which majors have a higher average salary than the average for college graduates (all fields)?

9.

According to the Bureau of Labor Statistics, the median annual salary for a high school graduate is $40,612. Over a 35 year career, how would the earnings of the average college graduate compare to those of the average high school graduate (without factoring in wage increases)?

10.

What factors do you think contribute to Computer Sciences, Engineering, and Math and Sciences having the highest average annual salaries?

11.

What do you think would happen to the graph if the world was suddenly facing a severe food shortage? Choose at least two majors, explain how their average annual salary would change, and explain why.

ARTICLE: Quick Guide: College Costs

The cost of college is more than just tuition!  Read the article about other costs that you might incur.  Then, answer the questions.
12.

What are some ways that you can lower some of the costs of college beyond tuition?

INFOGRAPHIC: Sticker Price vs Net Cost

A lot of big numbers get thrown around when it comes to college.  Three that you might hear a lot are Sticker Price, Net Price, and Value.  Read the infographic to summarize these terms. Then, answer the question.
13.

When comparing the cost of colleges, is it more important to look at sticker price or net price?  Explain your reasoning.

14.
Assuming you have scholarships, the sticker price will be __________than the net price?
15.
As college costs rise, the added value of a college degree__________
MATH CONNECTION - COMPARING SALARIES USING BOX PLOTS

Comparing Salaries
As you’ve seen, more education typically leads to higher paying jobs.  In this activity, you are going to analyze salary data by education level, then research your own career interests to see how they compare to national averages.
  1. Visit CareerOneStop's Occupation Lookup and search for 6 careers that interest you.             (Leave the Location field blank when searching)
List the median annual salary for each career you chose below.  For any careers that list hourly wage, multiply by 2080 to convert to annual salary.
Find the Education and Experience section and note any college required for your career
16.

Career:
Median Salary:
Education:

17.

Career:
Median Salary:
Education:

18.

Career:
Median Salary:
Education:

19.

Career:
Median Salary:
Education:

20.

Career:
Median Salary:
Education:

21.

Career:
Median Salary:
Education:

22.
Find the five number summary for your selected careers.
Minimum:_______
Q1:_______
Median:_______
Q3:_______
Maximum: _______
23.

Create a box plot of your chosen careers data below the Master’s Degree plot on the chart below

Use the five stacked box plots to answer the following questions.

24.

What evidence from the box plots support the claim that education level affects salary?

25.

How does your chosen profession box plot compare to each education level?

26.

Do you agree or disagree with the following statement: “There is always value in going to college.”  Use information from the stacked box plots to support your answer.

Exit Ticket
27.

Sandra is considering getting a job after high school instead of going to college.  Which of the following is a drawback of making this choice?
a. Sandra will likely make a higher salary then someone that is going to college
b. Sandra will not have student loan debt
c. Sandra will have more work experience then someone that is going to college
d. Sandra will have fewer employment options because many jobs require a college education

28.

When considering the cost of college, how does the net price differ from the sticker price?
a. The sticker price includes all expense while the net price does not include things like room and board or textbooks
b. The sticker price is the cost before any grants or scholarships are applied while the sticker price is what you owe after you subtract grants and scholarships
c. The sticker price is the cost before loans are applied while net price taxes is what you owe after you take your loans
d. Sticker price is the price you will pay for an out of state college while net price is the price you will pay if you are a resident of the state

29.

Which of the following statements is true about the value of a college education?
a. Steve says, "The only value of getting a college education is that your immediate earnings after graduation will likely be more than a person who does not go to college."
b. Christina says, "The value of a college education is that you will likely earn more over your lifetime."
c. Judah says, "College is valuable even though unemployment rates are just as high as someone without a college education.”
d. Carla says, "College is not that valuable, but one benefit is that you have the chance to study abroad."

Then End! Make Good Choices!!!