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It's Your Paycheck! Curriculum Unit

loan worksheet for high school students

It's Your Paycheck! is designed for use in high school personal finance classes. The curriculum includes 9 lessons. The lessons employ various teaching strategies to engage students so that they have opportunities to apply the concepts being taught. Each lesson includes the handouts and visuals needed to teach the lesson.

All of the lessons are correlated with the National Standards for Financial Literacy Education and the National Standards in Economics.

Each lesson is accompanied by a PowerPoint slide deck that contains visuals and handouts (whenever practical), along with definitions of terms and review questions.

  • Full curriculum (pdf)

Lesson 1: Invest in Yourself

Students are divided into groups to produce name tents. Each of four groups in the classroom produce name tents in a different way to highlight different levels of human capital. The students identify ways in which people invest in human capital and the link between investment in human capital and earning income.

  • Lesson 1 (pdf)
  • PowerPoint (pptx)

Lesson 2: "W" Is for Wages, W4, and W2

Students compute the gross pay for a fictional John Dough given his hourly wage and the number of hours worked. They compare gross pay to net pay. They learn what FICA and federal income taxes are. They learn how to complete a W-4 form and what a W-2 form is.

  • Lesson 2 (pdf)

Lesson 3: Cash the Check and Track the Dough

Students participate in an activity to learn about checking accounts, savings accounts and check-cashing services. Students learn the components of a check, and they organize and enter information into an account register for a fictitious person in order to determine the person's balance. Students learn why maintaining account records is important. Students balance a monthly account statement.

  • Lesson 3 (pdf)

Lesson 4: Your Budget Plan

Students work in pairs to participate in a "Track Star" game that illustrates positive and negative spending behaviors. Each pair of students analyzes the "Track Star" results, identifies effective and ineffective budgeting behaviors, and generates a list of budgeting principles.

  • Lesson 4 (pdf)

Lesson 5: Savvy Savers

Students calculate compound interest to identify benefits of saving in interest-bearing accounts. They learn the "rule of 72" and apply it to both investments and debt. They learn that there is a relationship between the level of risk for an investment and the potential reward or return on that investment.

  • Lesson 5 (pdf)

Lesson 6: Credit History, Credit Reports, and Credit Scores

Students complete an activity sheet and discuss the advantages and disadvantages of using credit. Students read a scenario about a young person's use of a credit card and answer some questions regarding repayment. Students learn about credit history, credit reports and credit-reporting agencies.

  • Lesson 6 (pdf)

Lesson 7: Creditors' Criteria and Borrowers' Rights and Responsibilities

Students discuss key terms related to credit and learn how creditors use capacity, character and collateral as criteria for making loans. Students learn about credit rights and responsibilities. Groups use role-play scenarios in order to identify and discuss the rights and responsibilities of using credit.

  • Lesson 7 (pdf)

Lesson 8: How Much Are You Really Paying for that Loan?

Students learn what a payday loan is and the high cost involved in using such a loan. Working in groups, students calculate an annual percentage rate (APR) on a short-term loan.

  • Lesson 8 (pdf)

Lesson 9: To Rent-to-Own or Not to Rent-to-Own?

Students review the elements of a contract. They discuss the characteristics of rent-to-own contracts and compare the cost of those contracts with the outright purchase of goods.

  • Lesson 9 (pdf)

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This lesson received the 2015 Curriculum Gold Award from the National Association of Economic Educators. Read more about our award-winning resources »

If you have difficulty accessing this content due to a disability, please contact us at 314-444-4662 or [email protected] .

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Hands on Banking

High School Resources for Educators

Help them start out strong.

Help high school students start their financial lives smart and strong. These lessons cover school loans, saving and investing, balancing a budget, and developing strong credit.

The Hands on Banking financial education program offers lessons, activities, and other resources you can download and use alone or as a supplement or complement to your teaching. This engaging and innovative program is modular and divided into scaffolding units; however, you can order and organize the content to best meet the needs of your students.

Instructor Guide

This comprehensive instructor guide can be used alone or in conjunction with the online   High School Course . The six units correspond to the online video lessons: Getting Started; Earning Money; Spending Smart; Save, Invest and Build Wealth; All About Credit; and School and Money . This guide contains discussion questions and key points, worksheets and activities, and teaching tips.

.pdf Instructor Guide - Unit 1: Getting Started

.pdf Instructor Guide - Unit 2: Earning Money

.pdf Instructor Guide - Units 3-6: Spending Smart; Save, Invest and Build Wealth; All About Credit; School and Money

Hands on Banking ®  Experience

The Hands on Banking Experience is a “real-world” money management simulation, designed for high school students and young adults, that helps teach important financial education concepts such as budgeting, comparison shopping, and evaluating needs, wants, and trade offs in a relevant and engaging way.

Hands on Banking Experience

Featured Lesson Plans

These newly developed lessons offer an integrated approach to teach advanced financial concepts in an age- and developmentally-appropriate way. Check out these new lessons and help students understand important real-world financial concepts and situations.

Activities Toolkit

The activities toolkit offers engaging activities that can be done in class to reinforce important financial topics in less than 45 minutes. Important financial concepts and problem solving are woven into all of the program’s units and materials to help students apply their understanding of responsible money management across different contexts.

.pdf Toolkit

.pdf Glossary

Presentations

PowerPoint presentations for high school audiences are available on the Hands on Banking Practitioner Resources page .

Standards Map

Use these handy at-a-glance guides to identify and select lessons that support the following standards:

  • Jump$tart Coalition for Personal Financial Literacy
  • Common Core State Standards 1
  • C3 Framework for Social Studies State Standards
  • Family and Consumer Sciences National Standards, NASAFACS 2
  • Council for Economic Education (CEE) National Standards for Financial Literacy

.pdf Standards Map

1 The National Governors Association Center for Best Practices and the Council of Chief State School Officers are the sole owners and developers of the Common Core State Standards. © Copyright 2010. National Governors Association Center for Best Practices and Council of Chief State School Officers. All rights reserved.

2 The National Association of State Administrators of Family and Consumer Sciences (NASAFACS) are the sole owners and developers of the Family and Consumer Sciences National Standards. © Copyright 2018. NASAFACS. All rights reserved.

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Money Smart

Grades 9 - 12

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This standards-aligned curriculum series empowers educators with engaging activities to integrate financial education instruction into subjects such as math, English, and social studies. Here is a brief overview of what you will find:

  • Educator’s Guide with lessons and hands-on activities to promote student participation in the learning process. Grade-level modifications are identified throughout the activities.
  • Teacher Presentation Slides, optional overhead visuals that include fill-in charts to support the activities of each lesson.
  • Student Guide features worksheets for students based on topics covered in each lesson that can be used at school or at home. The worksheets can be found in the Educator Guide for grades Pre-K-2, and in a standalone Student Guide for grades 3-12.
  • Parents’/Caregivers’ Guide with a summary of the key concepts covered in the module, and that offers exercises, activities, and conversation-starters for parents.

Superintendents, Principals, Educators and other Administrators:

The FDIC would like to hear from school superintendents, principals, or other school leaders on how we can support educators in your schools using the Money Smart curriculum. In addition, the FDIC wants to hear from educators who use the curriculum on what worked well, what could be improved, and promising approaches you may have used to deliver the curriculum. Please contact [email protected] and describe where the curriculum could be used and the grade-level range of the students.

Course Description

This page provides details on the lessons that comprise Money Smart for Grades 9 - 12.

The first table helps you find lessons that align with key financial topics as defined through the My Money Five (mymoney.gov). The second table illustrates the topic and learning objectives for each of the lessons.

Lessons at a Glance

Return to Money Smart for Young People to learn more or download the curriculum.

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Personal Finance Education

Personal finance education is key to improving the financial stability of millions of Americans. InCharge develops and distributes personal finance education, free-of-charge, to children and adults, nationwide.

Home » Financial Literacy

Budgeting & Saving

A good budget and savings commitment are the foundation of your financial plan. Learn how to budget, cut expenses, set savings goals and more. Challenge yourself to make every category in your budget more efficient. Learn how to reduce your expenses and built an emergency fund.

More on budgeting and savings

  • How To Budget
  • How To Calculate Debt-To-Income Ratio
  • How To Save An Emergency Fund
  • Saving Money At The Grocery Store

Free Resources For Teachers

InCharge is proud to offer free financial literacy resources to teachers, K-12, college and adult. These are designed for individual study as well as in-person workshop experiences. These resources are free for downloading, printing and reproducing. Teacher’s guides included.

More free resources for teachers

  • Financial Literacy for Kids
  • Financial Literacy for High School Students
  • Financial Literacy for College Students
  • Financial Literacy for Adults in Community-Based Workshops
  • Financial Literacy Comic Books
  • Financial Data

Personal Finance Workshops & Workbooks

InCharge has developed specialized financial literacy workshops for at-risk adult populations, especially low-education and low-literacy. These unique materials are highly visual and interactive – designed for the in-person workshop. Check out our programs, use our materials in your own community and let us know how they work for you.

More financial workshops and workbooks

  • Free Financial Literacy Workshops For Habitat For Humanity
  • Free Financial Literacy for Teachers
  • Goodwill Workshops

The State of Personal Finance Education In The United States

Americans as a group are woefully lax at managing money. Many borrow too much, aren’t good about repaying debt and postpone planning for retirement until it’s right in front of them.

Worse still, they make terrible investment decisions based on advice they should have dismissed.

Statistics bring focus to the problem. If hit with a $1,000 emergency, 39% of Americans in 2021 said they wouldn’t be able to cover it with money they have on hand. More than half of Americans won’t be able to maintain their lifestyle after age 65 because of a lack of adequate retirement savings. And by the way, that’s even if they keep working, according to the Center for Retirement Research at Boston College. Americans were getting a little better, but the number has inched back up in the wake of the COVID-19 pandemic.

Year after year, the storyline continues. Studies suggest the problem is inter-generational. Many college students graduate with no plan to repay student loans and a pile of credit-card debt.

The Importance of Financial Literacy

Educators and consumer-focused nonprofit organizations believe the issue is largely that American consumers just don’t know any better. A cadre of these groups are fighting back with curricula aimed at making financial education part of every secondary-school program.

“We want people to have a financial education before they become adults,” said Laura Levine, president and chief executive of Jump$tart Coalition for Personal Financial Literacy. “We need to do better. We need to educate more students with courses offered more often.”

Jump$tart Coalition is a Washington, D.C.-based consortium launched in 1995 to encourage financial-training programs. The organization has a wide range of tools for both consumers and educators, in-person and online. The goal is to create a population that is informed about financial choices and competent enough to make good decisions, the essence of financial literacy.

But it’s an uphill struggle.

Financial Education in Schools

School districts across the nation complain that they lack the money and staff to take on new programs. The sort of financial training they offer varies greatly. According to the Council for Economic Education, 21 states require that high school students take a personal finance course to graduate and 25 require students take an economics course.

“Financial education is the classic underfunded mandate,” Levine said. “The states say the programs are necessary, but they often leave it to the local school districts to find the money.”

Personal Finance Videos from Sergeant Debt

Check out InCharge’s  personal finance videos  hosted by Sergeant Debt, the debt drill sergeant. The three-video series helps people learn how to budget, how to save and how to pay down their debt using their discretionary income.

Online Financial Literacy Tools

The problem has grown in an age of seemingly limitless financial choice. Credit cards, which not long ago had strict underwriting standards, are now widely available. Online access to financial services and promotional email has made credit offers of all sorts a ubiquitous part of life.

But the internet has also brought more tools for managing money, offering a vast array of free financial-planning calculators and budgeting apps. The trick is knowing what to do with them and deciding which are worth using.

The website  mymoney.gov , for example, has advice divided into three categories: youth, teachers and educators, and researchers. There are sections devoted to each group with information ranging from games that help children understand the concepts of saving and spending to a roadmap for financial abuse of retirees.

The site  360financialliteracy.org  puts that idea on steroids with topics aimed at eight different stages of life from teenagers to retired. You identify the stage of life you’re in – student, parent, homeowner, crisis, etc. – and you will find news and information aimed at your situation, along with tools and calculators that can help solve problems you may be encountering. You can even submit questions to the Ask the Money Doctor and see what “the doctor” prescribes for debt relief.

If you are a high school or college student or a teacher who instructs on financial skills, you might want to visit  cashcourse.org , which has financial education courses that include assignments, customized worksheets and calculators and articles geared toward answering real-life questions about money.

The federal government gets into the act with the website  federalreservereducation.org  that offers teachers excellent guides for educating children from kindergarten all the way through college. Subject matter includes material on credit, personal finance, consumer protection and other areas of interest to students.

The Consumer Financial Protection Bureau , was founded in 2011 to increase the financial literacy of Americans, from childhood to old age. The bureau provides direct financial education to the public, shares its research on financial education and literacy with educators and others, and addresses needs of financial literacy and inclusion for military service members and veterans, older Americans, underserved consumers and communities, and students. In 2020 alone, more than 12.1 million people used the bureau’s web or print resources.

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  • Financial Literacy Workshops & Webinars
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  • Using Comic Books To Teach Financial Literacy
  • How to Calculate Debt-To-Income Ratio
  • Free Financial Literacy Workshops For Habitat For Humanity Homebuyers
  • Free Personal Finance Workshops At Goodwill
  • Financial Literacy Education Statistics from FINRA’s NFCS
  • Free Financial Literacy Program For Teachers: Teach Money
  • How Much Are Americans Saving for College, Retirement and Emergencies?
  • What Do Social Security Taxes Pay For?
  • Life Insurance for Seniors
  • Is Life Insurance Worth It?
  • When Should I Get Life Insurance?
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  • Title Loans
  • Should We Deduct Our Daughter’s Loan From Her Inheritance?
  • Bonds 101: Bond Investment Basics

loan worksheet for high school students

Financial Literacy for High School Students

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High school is a critical time for students to develop the personal finance skills they will need to live independently as adults. Mastering the foundations of financial literacy is the best way to set them up for a life full of healthy financial habits, ensuring their future success.

Students at this age may already be familiar with money management concepts like credit or loans and how to use them. But now it’s time to dig deeper and teach about real-world applications of financial choices.

In this financial literacy guide for high school students, we cover the following:

  • 5 key financial literacy concepts

Online resources for teaching financial literacy to high school students

Apps and games for teaching financial literacy to high school students, expert tips for teaching financial literacy to high school students, financial literacy spotlight: olney charter high school, 5 key financial literacy concepts .

High school students need to know about their financial options for higher education and future career options. This includes financing options (hello, student loans) and how to choose a career based on an expectation of quality of life (hopefully while living within their means).

We put together the need-to-know financial concepts that high school students should master before graduating and entering the real world — whether that’s tackling higher education or finding a job. Plus, we’ve included great insights from educators familiar with teaching personal finance to high school students.

Concept No. 1: Budgeting to achieve financial goals 

Teens should already know about income and expenses. Now is the time for them to master how to control the inflow and outflow of money by creating and sticking to a spending plan.

This is especially useful considering that many students in high school may earn money of their own, whether from a summer job or paid internship.

  • Starting a budget. Budgeting is all about prioritizing income and expenses. Income should equal expenses, with every dollar assigned to a purpose, including saving. By assigning each dollar to an expense, you’ll know where and how your money is spent.
  • Saving. Putting aside money now allows us to have money to spend later. By contributing to a savings account like an emergency fund, you can achieve short-term and long-term financial goals.

Concept No. 2: Consumer skills are based on informed decisions

The ability to make smart decisions about where and how to spend money is a powerful tool. Teens can practice their consumer decision-making skills with real-world scenarios, such as making smart purchases, by comparison shopping.

  • Comparison shopping. Get the most bang for your buck by shopping around before making a purchase. By spending money wisely, you can balance the quantity and quality of each purchase in order to get the best value.

Concept No. 3: Understand the risks of credit and loans 

High school students may want or need a credit card or a student loan soon.

Before entering an agreement with the chance of racking up debt, students need to know about the risks of different types of borrowing, including both credit and loans.

Teens also need to know about ways to minimize risk, such as by purchasing insurance. While they are likely not responsible for purchasing insurance right now, they will be in the future when they own a car or rent an apartment.

  • Debt. Credit and loans can cause debt. Debt should be avoided as it counts against a borrower’s total wealth.
  • Risk. Borrowing on credit comes with risk. Interest is charged on borrowed money, making each purchase more expensive than the cost of the original expense. The biggest risk with credit is missing a payment, which can impact a borrower’s creditworthiness and potentially lead to repossession or foreclosure.
  • Insurance. There are ways to mitigate risk, such as by purchasing insurance that pays back the policy holder in case of a valid claim. Insurance can cover health and property, like cars and homes.

Concept No. 4:  Reap the benefits of credit and loans 

There is such a thing as good credit, which allows the borrower to make purchases that contribute to building wealth. For instance, being able to pay for college with student loans or buy a house with a home loan are ways credit allows borrowers to invest in long-term choices.

Teens should learn how to effectively manage credit and loans in order to maintain a healthy credit history, increase a credit score, and build wealth.

  • Credit. Credit is a tool that can be good or bad. Credit card debt is typically bad as it charges interest on purchases a borrower can’t afford. Loan debt can be good (but aren’t always) if student loans allow a borrower to finance an education with the hope of earning a higher income.
  • Building wealth. By taking on credit or loans in order to invest in a financial goal, such as education or homeownership, a borrower can start building wealth while paying off debt. Saving and investing are the best strategies to building wealth.

Concept No. 5: Education and career choices impact quality of life

After high school graduation, teens have the choice to either pursue education or get a job. Teens will have to envision the life they want to lead and make the choice based on understanding the correlation among education, career, and earning potential.

By understanding education and career opportunities, a student can make an informed decision on life-altering choices, from the college they attend to the amount they take out in student loans.

  • Earning potential. A lifetime income potential is how much you can expect to make with a top salary at the height of a field or profession. Take the education and career steps needed to achieve professional and financial goals.

The best resources for teaching high schoolers financial literacy, including nonprofits and governmental departments.

National Endowment for Financial Education’s (NEFE’s) High School Financial Planning Program

  • For students, educators, and parents
  • Provides curriculum, lesson plans, handouts, and performance assessments

The NEFE’s High School Financial Planning Program® (HSFPP) is a financial literacy program based on the foundations of personal finance, but made relevant to teens’ lives. The program provides a curriculum, lesson plans, and materials for in-person teaching, and is best suited for educators who plan to teach in a classroom, workshop, or in a one-on-one scenario.

National Financial Educators Council (NFEC)  

  • For educators and parents
  • Provides curriculum, lesson plans, and presentations

The NFEC provides financial literacy curriculum catered to high school students for educators. The program is designed to be both rigorous and engaging for students, with high-quality materials like lesson plans and presentations for educators. The lesson plans are touted as being accessible to any audience, regardless of age and socioeconomic status.

  • Provides lesson plans and worksheets

The InCharge financial literacy program contains a whopping 14 lesson plans and complementary worksheets. That’s enough material for a full semester course in personal finance! It comes with a teacher’s guide, student’s guide, and plenty of presentation material.

Hands on Banking

  • Provides online courses and articles

Interested in money management? The The Hands on Banking® learning center provides plenty of resources, like in-depth articles, to answer questions about budgeting and credit. The online courses are self directed, and allow the user to learn about financial literacy topics at each stage of life. For high schoolers, there are classroom resources that are great for educators.

Federal Deposit Insurance Corporation’s (FDIC’s) Money Smart for Young People

  • Provides lesson plans

The FDIC’s ’s Money Smart for Young People series contains four age-based curriculum programs at no cost to educators. The high school-appropriate curriculum includes lesson plans, guides, and resources that are easy enough for both educators and parents to use. The best part: Materials can be integrated into preexisting school courses, like English or Math.

High school students can flex their new financial literacy skills by using these fun and educational games and apps.

Plan’it Prom

  • Available for iOS and Android

Visa created this free app to help teens and their parents budget for prom and prom-related expenses. Plan’it Prom is essentially a budgeting app that includes a countdown to the big day, a timeline of when to save, and a budget calculator. Students can learn to cut costs and achieve their short- or long-term budget goals by planning for a real event.

Financial Football

Calling all sports enthusiasts, Visa created an NFL-themed mobile game that also teaches personal finance skills. The game is fast-paced and interactive with newly released 3D graphics. Educators can assign the game to students and then track their progress with the game’s useful ability for students to email their Financial Football results.

The Stock Market Game™

  • Available for web, iOS, and Android

SIFMA Foundation’s Stock Market Game™ is an online simulation that allows students to make investment decisions in a global capital market. The Stock Market Game™ has different versions for grades 4 through 12. According to the website, educators enjoy the game’s results of increased classroom engagement and valuable financial lessons. As a bonus, once a classroom has signed up, each student will be able to access their personal portfolio on the accompanying mobile app.

Gen i Revolution

  • Available for web

Gen i Revolution is a mission-based online game in which middle or high school students can save people in financial trouble. Students need to log on, create an account, pick their operative, and then start exploring the game universe and working to complete each of the 16 missions. The game also allows students to compete against their classmates, making it great for a classroom-wide competition.

Consider this: Immortality might not bite if you have a chance to pay down debt and build wealth...forever.

Vampires and financial literacy unite in this online game that encourages saving and investing. Bite Club teaches students that each of their financial choices can have a huge impact on their future. Players will manage resources for 15 rounds (the game equivalent of 45 years) and plan for retirement while living within their means.

Teach financial literacy through art

Clarence McFerren II, Ed.S., public high school educator

As a former finance specialist paratrooper in the U.S. Army, I understand the importance of [personal finance] and I take it upon myself to infuse financial literacy in my performing arts classes. My dance and theater students are inspired to develop critical thinking, problem solving, and responsible decision-making skills throughout the course. I use percentages to make sure the students understand how to calculate sales tax, interest rates, and proposed discounts so they can make informed decisions about dance attire, performance make-up, costumes, and set design materials, etc. This allows the students to learn about real-life scenarios within the field of the arts that can translate to a wide range of areas, such as buying a car, house, groceries, cell phone, shoes, and clothing. Additionally, I hope they start to incorporate some of the skills they are learning now into their daily practice to perfect them over time with trial and error before it’s too late.

Focus on the life cycle of student debt 

Jim Anderson, founder of Making College Worth It

I believe high school students should have an understanding of the financial situations ahead of them. Given my profession of college and financial aid planning, I believe students should understand the life cycle of student debt. That includes different kinds of student loans, their terms (subsidized or unsubsidized), and repayment options. [They should partake in] sample run-throughs for each option and their [anticipated] career and salary. Effectively, they should play The Game of Life with various debts and payments.

Mix life literacy and finance

Danita Harris, managing member at Guice Wealth Management and financial literacy educator

High school students know more than we give them credit for. Those I teach have a mix of basic level to far beyond a basic level of education about finances. It is always exciting to see students who have more understanding than the average adult. When preparing high school students in general, I like mixing literacy for life and finances together, as they go hand in hand. Average things like keeping up with their checking account ledger [and] understanding the nuances of how money flows in and out of their accounts [are particularly useful to keep them from accruing overdraft fees].

Relate real-world financial situations

Jim Wasserman, retired teacher of economics and media literacy and writer at Your Third Life

[There are] two errors many education programs make in teaching financial literacy to students: Students are not future participants in finance and consumption. One textbook in my class kept discussing how to prepare students for making financial decisions. In fact, students have been in the game since they were first exposed to media. Their values, attitudes, and habits about money have been shaped since childhood. Unfortunately, the message tends to be ‘spend now and worry about saving someday.’ Real-world financial examples need to be from high schoolers’ real world, not the adults. Often, educators teach financial literacy by having kids pretend to buy a home, pretend to have a family, and [acting out] other examples they will probably face in the future. The problem is the examples are still theoretical for most high schoolers, so they remain abstract and don't stick. Using smaller examples [that are] closer to the teen experience — financing a car or other desired product, [deciding if it is] worth it to get a job after school, even planning a budget for prom — go a long way to make it real for kids, giving them a sound basis to build on.

Make a connection to the “why” of personal finance

Brilene Faherty, curriculum director at Money Experience

[W]e need to focus first on teaching students why they should care about their finances rather than lecturing on how they should handle them. [E]ducation that focuses on ‘why’ will motivate students to stay involved in the ‘how’ of each decision throughout their financial lives. At the high school level, I feel strongly that we should start with these basics: Focus on personal priorities. Have the students’ stock of what is actually important to them and what makes them happy, and then explore financial decisions that reflect that hierarchy. Connect their finances and their real lives by thinking about quality of life. Once students identify what’s important, it’s easier to pinpoint and weed out any spending habits that are not aligned with their personal priorities. Consider and personalize long-term outcomes. Help students empathize with their future selves and priorities so they can buckle down on saving for the lifestyles that appeal to them most.

Dan LaSalle founded Olney Charter School’s personal finance program in the fall of 2015. 

Students who enroll in the program commit to taking three personal finance classes and then have the option to work at the school. Students can make between $50 to $5,000 for teaching, tutoring, or leading clubs. Hours are flexible, so that working doesn’t interrupt a student’s educational responsibilities.

Olney’s personal finance program is unique, because it is the only one in the country that pays high school students to work. Armed with a paycheck, students are then guided through the banking process -- opening checking and savings accounts. This is a huge achievement, considering many of the students’ families don’t have bank accounts.

The man behind the program

LaSalle was a 30-year-old English teacher at the time of the program’s inception. 

Understanding the importance of personal finance, LaSalle entered a teacher grant competition provided by the Philadelphia Academy of School Leaders. According to its website, the Philadelphia Academy of School Leaders provides the Teacher-Leader Collaborative Grants program with $5,000 to $15,000 to address a school-specific challenge to student learning.

LaSalle, who is now the school’s assistant vice principal, ultimately won $15,000 in funding to start Olney’s personal finance program.

According to its website, Olney Charter High School is “committed to establishing, preserving, and empowering [its] students with a caring and high-quality education.” Olney also “look[s] to inspire [its] students to become global thinkers and conscious leaders as they actively persevere towards excellence.”

Educators at Olney embody the school’s motto. And LaSalle, the man behind the program, has proved it.

How does the school fund the program?

LaSalle continues to fundraise in order to pay a salary to enrolled, working students. In 2019, he raised $88,500 from individual donors. He has raised more than $100,000 for 2020.

By assuming each student will earn an average of $500, he determines how many students can enroll. Thanks to donations, LaSalle can enroll about 200 students in 2020 -- a drastic increase from the 30 students who enrolled in the first year of the program.

The numbers don’t lie. In fact, they point toward the unmatched popularity and success of this innovative personal finance program.

Why is the personal finance program important?

Olney became a charter school in 2011 and has just more than 2,000 students. The racial makeup of the school is 60% Hispanic and 32% black. In 2012, it had a 50% graduation rate, and by 2019, it was on track to have a 70% graduation rate.

The 2018 median household income in Olney’s zip code of 19120 is $43,744 — compared to $60,293 in the United States, according to the Census Bureau . That places Olney in a low-income bracket, with students who have a higher risk for financial illiteracy.

Jim Anderson

Jim Anderson is the founder of Making College Worth It. After more than 20 years in the IT industry, Anderson ventured into a new direction: college and financial aid planning. He combined his interest and knowledge in personal finance — from a stint as a financial planner in the 90’s — with research to find colleges for his oldest three children. The result: a business that not only addresses the college search process, but the cost of college and ways to reduce that cost. For more than 8 years, Making College Worth It has been helping families find great/affordable college programs that will prepare students for their first job and career.

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Brilene Faherty is a former financial advisor and current curriculum director at Money Experience, a financial education company that focuses on personal priorities and quality of life. Faherty brings true passion and experience to her role and has personally volunteered to teach Money Experience courses at Girls Inc. of Lynn, MA and for high school students in her native Quincy, MA. She serves on the Quincy Chamber of Commerce Board of Directors, as the treasurer of the South Shore Workforce Investment Board, and on the board of the Quincy Young Professionals.

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Danita Harris is an industry disruptor with more than 20 years of experience in business development, sales and marketing, and financial literacy. As managing member of Guice Wealth Management, she is certified in life insurance and annuities to help others with wealth management. Being taught financial literacy at the age of eight, Harris understands the importance of starting financial conversations early. She has been teaching financial literacy to youth in various communities for more than 15 years. Harris’s diverse background helps her understand how to speak to young girls and women from her community.

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Clarence McFerren II is a graduate of Middle Tennessee State University, American University, and Cambridge College. He has studied mass communications, dance, speech, theater, arts management, and educational leadership. McFerren launched his career in Washington, D.C. public charter schools, where he began his specialization in arts education, focusing on interdisciplinary and inquiry based learning. It was in these capacities that he cultivated his optimistic leadership style to engage the multiple intelligences of young minds to fearlessly think independently.

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Jim Wasserman taught economics and media literacy for more than 20 years. Retired from the classroom, he continues to write on education, economics, media literacy, and financial literacy. He is the author of a three-book series, “Media, Marketing, and Me,” which are teacher’s guides for introducing media literacy and behavioral economics to elementary, middle, and high school students. With his wife and two feline overlords, he also maintains a blog, yourthirdlife.com, about exploring the world during retirement.

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19 Free Financial Literacy Games for High School Students

By: Author Amanda L. Grossman

Posted on Last updated: November 4, 2023

These 19 free financial literacy games for high school students add engagement and FUN to teaching personal finance.

How do you make financial literacy fun?

One way is to assign one of these free financial literacy games for high school students from below.

row of four teen students in front of computers, text overlay

These games will teach your students lots of really important financial lessons, such as:

  • How loans work and how loan sharks take advantage of people
  • How choices made right now and during college can greatly affect their future finances
  • How the stock market works, and look at rewards in light of risks
  • How much they’ll need to earn from a job in order to live their dream life
  • And much more…

You could even base one of these around a financial literacy week theme , or personal finance topic for high school students !

Let’s get on with it.

Free Financial Literacy Games for High School Students

Financial literacy games for the classroom can teach your teens a whole lot more about how money works in the real world (and not only in the real world – but in THEIR world).

Psst: got elementary students? Here are free online financial games for elementary students .

1. ShadySam

Your students get to play “loan shark” in this finance game – predatory loan lender and collector – in order to learn all about risky loans and loans in general (like interest rates, what a loan is, loan collections, etc.).

It’s an eye-opening way to show your students how lenders can and do take advantage of people who take out loans. Hopefully one day, this can save them from the payday loan cycle!

screenshot of ShadySam Credit card game for high school students

2. Lights, Camera, Budget

Your students are movie producers, and they’ve been given a $100 million budget to create a 5-star movie.

You can play this personal finance game as a high schooler or as a middle schooler (you choose which). With each question your group answers correctly, they earn more money to put towards a movie they’re going to produce.

They must also make good financial decisions in order to produce a star-rated movie (12 different financial decisions they’ll make).

Psst: in charge of teaching students to budget? Here’s my article on how to teach budgeting , even with varying skill levels.

3. Misadventures in Money Management

The Consumer Financial Protection Bureau create a pretty fun online money management game for teens using a graphic-novel theme.

Topics covered include:

  • Avoiding impulse purchases
  • How debt can affect a military career
  • Importance of building savings
  • Protections servicemen and their families can get through the Servicemembers Civil Relief Act (SCRA)

dark screen with four graphic novel characters on it, misadventures in money management

Hint: while this is semi-geared towards service members and their families, anyone can play.

4. The Uber Game

Can a person survive on a job in the “gig economy”? That’s what this game attempts to reveal to your students.

They’ll be given an urgent financial need (such as – your mortgage of $1,000 is due in a week), and then will need to accept gig jobs from Uber in order to try and save up enough to pay their bills.

Can they do it?

screenshot of The Uber Game for high school students

Pssst: you might also be interested in my article on 15 free financial literacy activities for high school students PDFs , and these 14 free financial literacy worksheets pdf .

5. Claim Your Future

Students are given a career with an annual salary, and then are asked to make certain budget and lifestyle choices based off of that salary.

Will they be able to afford the house they want, or have to rent with an apartment they share? Is their career choice enough to sustain their organic food tastes, or are they better off eating “basic” food?

screenshot of claim your future personal finance literacy game for teens

Psst: here’s a free printable money activity for a group where you teach kids and teens how to pay bills .

6. Consumer Financial Protection Bureau Games for Students

The Consumer Financial Protection Bureau has a whole section on lesson plans for teen financial literacy games – all are free to use.

Examples include:

  • Investigating investing
  • Handling a lost or stolen credit/debit card
  • Playing a credit and debit game

7. Various Game-Based Learning Financial Games (University of Ohio)

The University of Ohio offers several financial literacy games that teachers can request permissions to, for free.

These include:

  • Get a Life (Grades 7-12)
  • Mind Your Budget (Grades 9-12)

screenshot of three different games - get a life, mind your own budget, functions of the machine - teachers can request access to the platform for free

8. Rento Monopoly Game

Monopoly can be a great game for kids and teens to play to learn some financial literacy lessons (and they’ll learn even more if you play it with my free financial hardships Monopoly printable ).

This site offers a free, online version of this game that can be played online versus friends, offline versus robots, or even on the same phone as another friend.

tan colored monopoly-looking board with various countries and money amounts on each space

9. Fiscal Ship

Just like in personal budgeting, if there’s a gap between revenue (income) and spending, then that’s a problem.

Students may or may not be aware that the current tax income will not pay for all of the government’s obligations in the future (such as retirement and health benefits promised to the aging, and basic services).

With this game, your high schooler will need to choose which tax and spending changes to make over the next 25 years.

black background How to Play screen asking students to choose spending and tax policies to reduce debt and meet governing goals

10. Fidelity’s Pancake Empire Tower Tycoon (on Roblox)

Here’s a new one – students work on building skills around spending, saving, and investing their money (all while playing a Roblox game).

Players gather yum-yums, which they can then convert to currency to build their pancake empire while learning how to balance risk and reward.

There are opportunities to get different rewards, and each comes with its own risk.

This game is definitely more self-directed than some of the other free financial literacy games on here. Your students really take charge of figuring out what to do, then getting rewarded when they do something good (and they do point out what financial step they took that earned them a reward, so that they’ll know to do it again).

There are arrows to help the complete newbie (that was me!) get started.

Psst: players will need a new, free account with Roblox, or can use an existing one, to sign in. Downloading and installing Roblox is required as well (free).

roblox world with bright blue floor and woman player approaching three creatures

11. Fidelity’s Bloom-o-Rama (in the Metaverse through Decentraland)

Bloom-o-Rama is Fidelity’s metaverse experience. It teaches students money mindfulness – helping students to feel calm and collected when saving, investing, and spending money – plus more financial basics.

For example, students go over mindful spending. Students earn wearables for their metaverse avatar by answering questions correctly.

The first thing they’ll do is create their avatar. Then, there’s this little assistant that guides students through how to use their keyboard and mouse to navigate the metaverse.

Finally, your student is off and running and able to experience Bloom-o-Rama.

Psst: students can play as a guest in Decentraland, so they don’t need an account to use it.

screen in bloom-o-rama where the avatar/student can take an investment quiz

12. Dollars & Decisions

Here’s a new game that’s really great – I find it to be up-to-date and very accurate on digital financial literacy terms.

Students take a 10-question quiz ahead of time to measure their basic financial literacy knowledge before playing.

Then, they choose an avatar, a job, and meet their new roommates.

They’re asked to do things like:

  • Decide on a budget for groceries (a cheaper, or more expensive option)
  • Pay their roommates their portion of rent
  • Sign up for direct deposit on their first day of their job

Lots of good learning, like paycheck taxes, fixed vs. variable expenses, etc.

woman boss in wheelchair talking to new hire, account balance shows $1,000 in this game

Online Budget Simulations for High School Students

You can really help to bring a budget alive when you have students go through a budget simulation – meaning, they take a budget that they’ve either made, or was given to them, and they attempt to see if they can “make it” without overspending.

Here’s a few online budget simulations to help high school students test out a budget.

Psst: be sure to check out these financial literacy books for high school students I’ve personally reviewed.

1. Reality Check

JumpStart’s Reality Check is an eye-opening way to show your students how their wants can dramatically affect the amount of money they’ll need to earn in a career.

They take a student through 1 of X questions, asking them things like what type of housing they want, and what type of car they want.

Then, in the end, they spit out how much the teen will need to earn in order to afford that type of lifestyle.

Really can make a child think about their choices!

screenshot of reality check's budgeting game for kids

2. Money Magic

Students will help Enzo, a magician, save up $50,000 so that he can go to Las Vegas and have a venue to perform.

They’ll be asked to figure out how to spend Enzo’s money to get to his savings goal, with the spending categories being:

  • Advertising
  • Enzo’s Needs
  • Magic Shop Fund
  • Maintenance

screenshot of free personal finance literacy game for high school students called Money Magic

Sometimes I hear from parents that they have no idea how to teach their kids about poverty and homelessness.

This is a wonderful simulation if you’d like to make your students more aware of how difficult it can be to live on a low income. It also can build some empathy to the problem, as teens start to understand how it is someone might end up on the corner of a street, asking for money.

Students are told they are unemployed, have lost their house, and are down to their last $1,000. They must make it to the end of the month with that $1,000.

Can they do it?  

screenshot of online budgeting game for students Spent

Pssst: you’ll definitely want to check out my article on budgeting scenarios for high school students – chocked full of free resources.

4. Hit the Road Financial Adventure

You are going to take a cross-country road trip with your friends, and need to keep within a budget (without going hungry, stalling your car because you forgot to buy gas, and actually making it to your destination).

Can your students stay within budget and keep enough money to make it all the way to their destination?

Financial Simulation Games – Personal Finance Games Simulations

Financial simulations games are different from what we’ve discussed above, as they attempt to make financial situations more “real” with students and engage them in decision-making that has actual consequences to their results.

1. Stock Market Games

If your students are learning about investing, then a free online stock market game could be just the thing to help them understand it better.

Kids sign up either in groups, as a class, or as individuals, and everyone is given a certain amount of money to invest at the beginning. Then, students follow along with the real market to see how their decisions are stacking up.

Some competitions even have reward money and prizes that they give out!

Free online stock market games for kids include:

  • Personal Finance Lab’s Stock Market Game
  • The Stock Market Game
  • How the Market Works
  • Fantasy Stock Exchange
  • Build Your Stax

2. Finance 101

This is a decision-based, online financial simulation game with changing scenarios depending on what your students choose.

Your student is given a random profession, one of the 13 stops they’ll make that will greatly impact their decisions, finances, and game play.

For example, I went through the game and was given the profession of Accountant. My salary was broken down for me, and then I was shown how much I’ll pay in taxes. Then, I was asked which type of checking and savings account I would like to open, and how much money I want to save from my paycheck.

screenshot of Finance 101 personal finance literacy game for kids

Paying back student loans has proved to be too much for some students, especially if they fail to find a job on a career path.

This financial simulation game can help your teen students better pick out careers and majors based on simulating what kinds of jobs they might find when they graduate, and how much their student loans might be.

They’ll be asked to make critical decisions that will have a direct effect on their budgets and finances post-college, such as what type of college they want to attend (i.e., 4-year, 2-year, community, in-state, out-of-state).

Also, they’ll decide on more immediate needs, such as whether or not to buy a new laptop for college, or if they should take a low-paying, labor job to help pay the bills.

screenshot of Payback free financial literacy game for students

Financial Literacy Board Games for Teens

Let’s not forget about good, old-fashioned board games that can help teens and high school students understand finances better.

1. Act Your Wage! Board Game

blue game box cover with author Dave Ramsey on it

Suggested Age Range: 10 years+ Players: 2-4 players

Everyone starts off in debt in this game. Then, each player is given a life persona that will determine what kind of salary and how much debt they have.

Players choose a “Life” card, and three “Debt” cards to begin the game.

For my round, I was given the following:

  • $6,000 in student loan debt
  • $5,000 in business loan debt

Yikes! That’s $17,000 in debt to start, which feels slightly overwhelming.

Good thing it’s just a game, but one that will show your students how destabilizing debt can be (and also, how to work through it). Kids are also given a salary, and $1,000 in an emergency fund to start.

Free financial literacy games for high school students and kids can really add fun and self-discovery to financial literacy teachings. Tell me below which one your own kids are trying and learning from!

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How to Claim Your Student Loan Payments on Your 2023 Taxes

Text Callout : Key Takeaways - How to Claim Your Student Loan Payments on Your 2023 Taxes

After a three-year pandemic pause, federal student loan payments resumed for more than 28 million borrowers in October 2023, derailing budgets and increasing monthly expenses for many. But there is a silver lining: the tax deduction.

If you've paid interest on your student loans, you may be able to reduce your federal taxable income by up to $2,500 thanks to the student loan interest deduction, or SLID. Not everyone can take this deduction, as it's limited by your household adjusted income. Learn the rules to find out whether these tax savings apply to you.

When Can You Deduct Student Loan Interest?

If you took out a student loan for yourself, your spouse or your child, you paid some interest on that loan and your modified adjusted gross income is below certain limits, you can deduct the interest on your federal tax return. The interest you've paid for any student loan, public or private, is tax-deductible as long as the loan qualifies – it doesn't only have to be federal student aid.

Keep in mind that the loan payments themselves aren't deductible, just the interest you paid.

Many federal student loans were eligible for 0% interest for much of 2023. Before you take a student loan interest deduction, check whether you paid interest and if so, the amount you paid. You can find this on your servicer's website.

Eligibility for Student Loan Interest Deduction

To be eligible for the maximum student loan interest deduction of $2,500 for tax year 2023, your modified adjusted gross income must be under $75,000 ($155,000 if filing jointly with your spouse). If your MAGI is between $75,000 and $90,000 ($155,000 and $185,000 if filing jointly), you're eligible for a portion of the credit. The deduction phases out altogether if you earn above $90,000 ($185,000 for joint returns).

In 2024, the limits are $80,000 ($165,000 for joint returns). If your MAGI is above that but below $95,000 or more ($195,000 or more for joint returns) you'll receive a partial deduction, with the deduction phasing out completely above those limits.

Jack Wang, college financial aid advisor at Innovative Advisory Group, points out that the person taking the deduction may not be the person making the payments.

"For example, if a student took out loans and is working after graduation, the parents could gift the payments to the graduate by making the loan payments, but the graduate could still take the deduction on their own tax return," Wang says. "The parents wouldn't benefit from the tax break, but the graduate would."

Keep in mind, though, that the deduction is for the person who incurred the debt and is responsible for paying it. Ron Ramer, a certified public accountant with 19 years of experience, cautions students and parents to record the deduction carefully.

"If a student is being claimed as a dependent on another return, then they are not eligible to claim the deduction,” he says. "Likewise, if the debt is in the student's name and the student is being claimed as a dependent, then the parents are not eligible to claim the deduction."

But if the student incurred the debt, they're not a dependent and they meet other qualifications, then they'd be eligible for the deduction – and it's probably in their best interest to claim it.

Exceptions to the Eligibility Rule

Even if your income meets the IRS requirements, it's not a guarantee you'll be able to claim the deduction. You can't take the deduction if:

  • Your employer paid for work-related education.
  • Your MAGI is more than the limit.
  • You are married filing separately.
  • The loan is not a qualified loan.
  • You received the loan from a family member.
  • The student attended less than half time.
  • The student did not attend a qualified institution .

If you're unsure if you meet the criteria, the IRS offers an interactive tax tool that can help you determine whether you can deduct your student loan interest.

How to Determine Your Deduction Amount

To determine your deduction amount, you'll need to know how much interest you paid. You should receive a Form 1098-E from your servicer with this information.

You'll also need to compute your MAGI. This is your adjusted gross income, or AGI, which is noted on line 11 of the 1040 or 1040-SR federal return form, with foreign income and housing exclusions added back in. Your MAGI determines how much, if any, of the deduction you can take.

If your MAGI is below the limit, you can deduct the full amount of student loan interest paid, up to $2,500. If your MAGI qualifies you for a reduced deduction, you'll figure it like so:

  • Reduced deduction = interest deduction x (MAGI - $75,000) / $15,000, subtracted from interest deduction.

For example, if you're filing single, paid $1,000 in interest and your MAGI is $80,000, you'd be able to deduct $667 instead of $1,000:

  • $1,000 x ($80,000 - $75,000) / $15,000 = $333.
  • $1,000 - $333 = $667 reduced deduction.

Should you worry if you plan to take the standard deduction instead of itemizing?

"Nope," says Eric Arbore, a Pittsburgh-based CPA and senior tax accountant. "It is a separate deduction that is not affected by deduction type," he says, so you can claim it no matter what other deductions you are (or aren't) itemizing.

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Documents Needed for Claiming Student Loan Interest Deduction

There are a few documents you'll need before you can claim the student loan interest deduction on your federal taxes:

  • Form 1040 or 1040-SR. This is your federal tax return form.
  • Form 1098-E. This shows the interest paid. You should receive this from the lender or institution that received your interest payments.
  • Student loan interest deduction worksheet. Use this to calculate the deduction. You can find it in Schedule 1 of Form 1040.

Step-by-Step Guide to Claiming Student Loan Payments on Taxes

Once you've gathered your documents, follow these steps to claim the deduction:

  • Determine whether you, the student, the loan and the institution meet the IRS requirements for the deduction.
  • Calculate your adjusted gross income on Form 1040.
  • Using the AGI from line 11 on Form 1040, find your modified adjusted gross income with the student loan interest deduction worksheet.
  • Complete lines 10 through 13 of the student loan interest deduction worksheet to find the allowable deduction amount.
  • Enter this amount on line 21 of Schedule 1 for Form 1040.

Tips for Maximizing Your Student Loan Interest Deduction

It makes sense to maximize the deduction so you can reduce your taxable income as much as possible, which should help reduce your tax liability. There are a few things you can do to get the most out of your student loan interest deduction:

  • Keep good records. Don't miss out on a deduction because you lost your Form 1098-E; carefully record what you've paid and make sure you claim everything you're entitled to.
  • Explore other deductions. Because the amount you can deduct is affected by your MAGI, it's worth making sure you've taken every applicable deduction to bring down your AGI before taking this deduction.
  • Follow the news. Tax laws change often, so keep up with changes that may affect your personal financial situation. This includes any news related to possible student loan forgiveness or changes to repayment, including developments like the SAVE plan, which could lower your payments and decrease the interest you pay.

Making student loan payments – especially if your loans were previously eligible for a pause or forbearance – can alter your financial plans. Taking advantage of the student loan interest deduction as well as other educational credits and deductions can at least help to decrease your taxable income at tax time.

Copyright 2024 U.S. News & World Report

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Teaching by Topic: Car Loans

Here are a bunch of tips, learning objectives, worksheets, and pre-built lesson plans to help you build your curriculum to teach students about auto loans!

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Getting a car is one of the most exciting milestones for young adults. Often, achieving this goal requires getting a loan. Teachers can help their students by showing them the ins and outs of car loans, ensuring that kids know how to find a reasonable loan and see if they can afford the payments. They learn about interest, predatory lending, and how to include car loan payments in their monthly budgets. In this guide, you can find lesson plans about teaching car loans, learning objectives covered in the National Standards for Personal Finance Education, worksheets to introduce the concept, engaging games and activities, and tips to successfully cover the topic in different age groups.

National Standards for Personal Finance Education

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Our free cheat sheet covers every learning objective in the National Standards for Personal Finance Education and the corresponding Kids' Money Lesson Plans - we cover each and every standard!

K – 4th Grade

Tips for teaching about car loans.

Kindergarten through 4 th -grade students learn about credit but focus more on informed decision-making rather than specifics like car loans. These lesson plans and activities build their awareness of credit, show kids how to analyze choices, and prepare them for more advanced learning later.

Learning Objectives

  • Spending 4.3b: Provide examples of financial choices that have opportunity costs.
  • Spending 4.4a: Compare the costs and benefits of purchasing an item for
  • people with different characteristics (e.g. age, income).
  • Spending 4.6b: Compare the effects of using debit versus credit cards to make purchases.
  • Managing Credit 4.2b: Discuss reasons people may prefer to buy something with credit rather than paying cash.

Lesson Plans

  • KMLP 1st Grade – Spending : Students see how to incorporate the decision-making process when spending. They read a book and watch a video that shows how money is limited, and people need to monitor spending habits closely.
  • KMLP 2nd Grade – Opportunity Cost : Kids learn about tradeoffs and how spending in one area affects their spending power in another. They see how to prioritize needs over wants, and teachers can introduce what types of needs adults often have, like housing and cars.
  • KMLP 4th Grade – Spending : This lesson includes a simulation to show kids how to prioritize spending, including on necessary things like cars. Teachers can demonstrate how car loans and other recurring payments can factor into budgets.
  • KMLP 4th Grade – Managing Credit : This lesson covers many aspects of credit, including interest, how to improve credit scores, and how securing good loan terms can help their finances. They watch a video and read a book to see how loans work.
  • Sharing a Story About Borrowing: This lesson has students read an engaging story about responsible borrowing. They see that paying people back on time can lead to positive outcomes, which teachers can extend into car loans.
  • Decision Tree: This worksheet shows kids how to analyze any decision.
  • Think Sheet: This worksheet has kids reflect on a poor decision they made and how to improve the process in the future.
  • Financial Literacy for Children: This worksheet shows kids how money works and the decisions people make with finances.
  • Decision Making Comic Strip: Students draw a comic to analyze their decisions.
  • Consequence/Decision Map: This simple worksheet shows students the good and bad results of decisions, which teachers can apply to any situation, including finances.

Teacher Guides by Grade Level

  • Money Lesson Plans for Kindergarten
  • Money Lesson Plans for 1st Grade
  • Money Lesson Plans for 2nd Grade
  • Money Lesson Plans for 3rd Grade
  • Money Lesson Plans for 4th Grade

5th – 8th Grade

Your 5 th – 8 th graders dive into car loan specifics. They see how to compare interest rates, boost their borrowing potential, and calculate car loan costs. Playing games and using hands-on activities are surefire paths to success for your kids.

  • Spending 8-4b: Explain how various payment methods are used to purchase goods and services.
  • Managing Credit 1b: Compare lenders based on type of credit offered, interest rates, and fees.
  • Managing Credit 8-3a: Describe the effect of higher interest rates and longer loan terms on the total cost of a loan.
  • Managing Credit 8-3b: For a given monthly payment, loan amount, and loan repayment period, calculate the total amount of interest paid by the borrower.
  • Managing Credit 8-6c: Justify the use of credit for a specific purchase.
  • KMLP 5th Grade – Credit and Debit : Students learn the basics of credit, including interest, terminology, and how consumers can use it to their advantage. They read a book, reflect on how they could use loans to get a car and see the pros and cons of auto loans.
  • KMLP 8th Grade – Managing Credit : Middle school students see how credit works, including credit scores and their impact on car loan terms. They compare and contrast various loans, determine how to avoid predatory lending, and find the best car loans.
  • Purchasing a Vehicle: This lesson from the Atlanta Fed walks kids through the car-buying process. It shows them the best ways to buy a vehicle, and breaks down how to get a loan and determine the total costs.
  • Being A Responsible Borrower: Students develop positive borrowing strategies in this lesson . They see how staying on top of their credit can get them better rates and pay less over time for car loans.
  • Cars and Loans: This lesson focuses on car loans, showing how to shop around for the best terms. It also goes into warranties, financing, and co-signers to get a car loan.
  • I’m Buying a Car : This worksheet has students use online tools to determine the costs of purchasing a car. They learn about interest rates, financing a vehicle, and how to compare loans to find the best duration and monthly payments for their incomes.
  • Buying a Car: Cash Vs. Interest: This worksheet shows students the perks and drawbacks of getting a car loan instead of using cash. They learn research skills and see how to find interest rates quickly.
  • Dream Car Loan: This worksheet asks students to complete information about their dream car. They see how much it would cost with interest and if they could afford that vehicle.
  • Deciding Which Car and Car Loan You Can Afford: This worksheet shows students how to determine monthly payments and more.
  • Dream Car Math: Students complete calculations in this worksheet to see how interest affects loan costs.

Games and Activities

  • Shady Sam: This game lets kids see how lenders can take advantage of consumers. 
  • Buy A Car Project: This interactive activity lets students play around with various car loan-related numbers to see how the process works.
  • Cartoons: Car Payments: In this engaging activity , students analyze cartoons about car loans to deepen their understanding of the concept.
  • Compound Interest Game: Students play a game to compare compound vs. simple interest, seeing the benefits of it and also how it can pile up in loans.
  • Car Payment Calculator: Students input numbers to see how car loans change based on down payments, interest rates, and durations.
  • Money Lesson Plans for 5th Grade
  • Money Lesson Plans for 6th Grade
  • Money Lesson Plans for 7th Grade
  • Money Lesson Plans for 8th Grade

9th – 12th Grade

Your high school students may already own a car, or they’re likely thinking about purchasing one soon. Use hands-on, practical resources to demonstrate the best auto loan analyses so that they can optimize their finances.

  • Spending 12.5b: Brainstorm consumer research strategies and resources to use when making purchase decisions.
  • Managing Credit 12.6a: Identify examples of loans that may require down payments.
  • Managing Credit 12.7c: Explain how a person can get a free copy of their credit report and why this is advisable.
  • Managing Credit 12.8a: Identify the main factors that are included in credit score calculations.
  • Managing Credit 12.8c: Recommend ways that a person can increase their credit score.
  • KMLP 12 th Grade – Managing Credit : This lesson shows students how to build credit and boost their credit scores. They learn how lenders determine interest rates for consumers with different creditworthiness scores.
  • Describing Credit Scores: In this lesson , students understand credit scores and how they can affect their finances. They also learn about the variables that affect credit scores, setting them up to get a good car loan.
  • Determining How Down Payments Affect Loans: Students see how different down payment amounts influence monthly and total loan costs in this lesson . They also see how installment loans can be useful for affording big-ticket items.
  • Cruz Buys a Car: This lesson has students follow a first-time car buyer (Cruz) through the process. They learn about persuasive sales tactics, how to research car loans, and how to compare options as they prepare to get financing and buy a car.
  • Car Loan Project: This lesson takes students through the steps of buying a car, from seeing commercials to securing a loan. They research car prices, see which makes and models fit their current needs, and use a calculator to determine various loan payments.
  • Deals on Wheels! Car Loan Project: In this lesson , students learn how to calculate monthly payments using different interest figures. They also determine the maximum monthly amounts they could afford to pay towards their car loan, and realize that every choice has consequences.
  • Creating a Buying Plan: This worksheet shows students the importance of making a plan, focusing on reflection and decision-making.
  • Decision Making: Your high schoolers should know how to self-analyze decisions, and this worksheet walks them through the steps to succeed.  
  • Comparing Auto Loans: This worksheet asks students to compare more than one loan to see the interest rates, loan duration, monthly payments, and the total cost over the life of the loan.
  • Group Project Worksheet: Students work in teams in this worksheet to see how to find and finance the car they want.
  • Cosigning Loans And Sharing Credit: In this worksheet , students learn about the pros and cons of taking on a loan with others.
  • Take Control Of Your Auto Loan: This guide provides valuable information for students in every chapter of the loan progression. It shows kids how to budget for an auto loan, shop for a loan, and negotiate the best terms.
  • Auto Loan Calculation: Use this straightforward calculator to see how different interest rates and durations will do to their car loan payments.
  • Simple Interest – Buying a Car: This math-intensive (but doable) activity is excellent for students to quickly calculate the costs of buying a car and getting a loan.
  • FICO Score Estimator: Students can play with different numbers to see how their credit score, a critical piece in the auto loan equation, moves up and down.
  • Describing Credit Scores: This group activity shows students how to interpret a credit score and recognize what factors affect the scores. They finish by writing a summary statement.
  • Money Lesson Plans for 9th Grade
  • Money Lesson Plans for 10th Grade
  • Money Lesson Plans for 11th Grade
  • Money Lesson Plans for 12th Grade

More Teacher Resources

  • Borrowing Money Lesson Plans
  • Loans Lesson Plans
  • Home Loans Lesson Plans
  • Personal Loans Lesson Plans
  • All Money Management Lesson Plans

loan worksheet for high school students

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You may be eligible for a tax reduction based on your student loan interest.

Key Takeaways

  • If you took out an educational loan for yourself, your spouse or your dependent, you may be able to deduct the interest you paid on your taxes.
  • The amount you can deduct depends on your modified adjusted gross income and is capped at a maximum of $2,500.
  • Your lender should send a Form 1098-E, which you'll use to calculate the interest paid and your total deduction.

After a three-year pandemic pause, federal student loan payments resumed for more than 28 million borrowers in October 2023, derailing budgets and increasing monthly expenses for many. But there is a silver lining: the tax deduction.

If you've paid interest on your student loans, you may be able to reduce your federal taxable income by up to $2,500 thanks to the student loan interest deduction, or SLID. Not everyone can take this deduction, as it's limited by your household adjusted income. Learn the rules to find out whether these tax savings apply to you.

Personal Loan Calculator:

When Can You Deduct Student Loan Interest?

If you took out a student loan for yourself, your spouse or your child, you paid some interest on that loan and your modified adjusted gross income is below certain limits, you can deduct the interest on your federal tax return. The interest you've paid for any student loan, public or private, is tax-deductible as long as the loan qualifies – it doesn't only have to be federal student aid.

Keep in mind that the loan payments themselves aren't deductible, just the interest you paid.

Many federal student loans were eligible for 0% interest for much of 2023. Before you take a student loan interest deduction, check whether you paid interest and if so, the amount you paid. You can find this on your servicer's website.

Average Student Loan Payments

Erika Giovanetti Dec. 15, 2023

Young woman sitting on sofa with laptop and papers

Eligibility for Student Loan Interest Deduction

To be eligible for the maximum student loan interest deduction of $2,500 for tax year 2023, your modified adjusted gross income must be under $75,000 ($155,000 if filing jointly with your spouse). If your MAGI is between $75,000 and $90,000 ($155,000 and $185,000 if filing jointly), you're eligible for a portion of the credit. The deduction phases out altogether if you earn above $90,000 ($185,000 for joint returns).

In 2024, the limits are $80,000 ($165,000 for joint returns). If your MAGI is above that but below $95,000 or more ($195,000 or more for joint returns) you'll receive a partial deduction, with the deduction phasing out completely above those limits.

Jack Wang, college financial aid advisor at Innovative Advisory Group, points out that the person taking the deduction may not be the person making the payments.

"For example, if a student took out loans and is working after graduation, the parents could gift the payments to the graduate by making the loan payments, but the graduate could still take the deduction on their own tax return," Wang says. "The parents wouldn't benefit from the tax break, but the graduate would."

Keep in mind, though, that the deduction is for the person who incurred the debt and is responsible for paying it. Ron Ramer, a certified public accountant with 19 years of experience, cautions students and parents to record the deduction carefully.

"If a student is being claimed as a dependent on another return, then they are not eligible to claim the deduction,” he says. "Likewise, if the debt is in the student's name and the student is being claimed as a dependent, then the parents are not eligible to claim the deduction."

But if the student incurred the debt, they're not a dependent and they meet other qualifications, then they'd be eligible for the deduction – and it's probably in their best interest to claim it.

Exceptions to the Eligibility Rule

Even if your income meets the IRS requirements, it's not a guarantee you'll be able to claim the deduction. You can't take the deduction if:

  • Your employer paid for work-related education.
  • Your MAGI is more than the limit.
  • You are married filing separately.
  • The loan is not a qualified loan.
  • You received the loan from a family member.
  • The student attended less than half time.
  • The student did not attend a qualified institution .

If you're unsure if you meet the criteria, the IRS offers an interactive tax tool that can help you determine whether you can deduct your student loan interest.

How to Determine Your Deduction Amount

To determine your deduction amount, you'll need to know how much interest you paid. You should receive a Form 1098-E from your servicer with this information.

You'll also need to compute your MAGI. This is your adjusted gross income, or AGI, which is noted on line 11 of the 1040 or 1040-SR federal return form, with foreign income and housing exclusions added back in. Your MAGI determines how much, if any, of the deduction you can take.

If your MAGI is below the limit, you can deduct the full amount of student loan interest paid, up to $2,500. If your MAGI qualifies you for a reduced deduction, you'll figure it like so:

  • Reduced deduction = interest deduction x (MAGI - $75,000) / $15,000, subtracted from interest deduction.

For example, if you're filing single, paid $1,000 in interest and your MAGI is $80,000, you'd be able to deduct $667 instead of $1,000:

  • $1,000 x ($80,000 - $75,000) / $15,000 = $333.
  • $1,000 - $333 = $667 reduced deduction.

Should you worry if you plan to take the standard deduction instead of itemizing?

"Nope," says Eric Arbore, a Pittsburgh-based CPA and senior tax accountant. "It is a separate deduction that is not affected by deduction type," he says, so you can claim it no matter what other deductions you are (or aren't) itemizing.

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Documents Needed for Claiming Student Loan Interest Deduction

There are a few documents you'll need before you can claim the student loan interest deduction on your federal taxes:

  • Form 1040 or 1040-SR. This is your federal tax return form.
  • Form 1098-E. This shows the interest paid. You should receive this from the lender or institution that received your interest payments.
  • Student loan interest deduction worksheet. Use this to calculate the deduction. You can find it in Schedule 1 of Form 1040.

Step-by-Step Guide to Claiming Student Loan Payments on Taxes

Once you've gathered your documents, follow these steps to claim the deduction:

  • Determine whether you, the student, the loan and the institution meet the IRS requirements for the deduction.
  • Calculate your adjusted gross income on Form 1040.
  • Using the AGI from line 11 on Form 1040, find your modified adjusted gross income with the student loan interest deduction worksheet.
  • Complete lines 10 through 13 of the student loan interest deduction worksheet to find the allowable deduction amount.
  • Enter this amount on line 21 of Schedule 1 for Form 1040.

Do Student Loans Affect Your Credit?

Casey Bond Oct. 20, 2023

Woman going through bills, looking worried

Tips for Maximizing Your Student Loan Interest Deduction

It makes sense to maximize the deduction so you can reduce your taxable income as much as possible, which should help reduce your tax liability. There are a few things you can do to get the most out of your student loan interest deduction:

  • Keep good records. Don't miss out on a deduction because you lost your Form 1098-E; carefully record what you've paid and make sure you claim everything you're entitled to.
  • Explore other deductions. Because the amount you can deduct is affected by your MAGI, it's worth making sure you've taken every applicable deduction to bring down your AGI before taking this deduction.
  • Follow the news. Tax laws change often, so keep up with changes that may affect your personal financial situation. This includes any news related to possible student loan forgiveness or changes to repayment, including developments like the SAVE plan, which could lower your payments and decrease the interest you pay.

Making student loan payments – especially if your loans were previously eligible for a pause or forbearance – can alter your financial plans. Taking advantage of the student loan interest deduction as well as other educational credits and deductions can at least help to decrease your taxable income at tax time.

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Online schools that accept the FAFSA (and how to fill it out)

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Online colleges offer a flexible way to further your education and earn your degree remotely. However, while some online schools are less expensive than their in-person counterparts, the tuition and fees can still be a major expense that you might not be able to cover out of pocket. 

Fortunately, many online schools participate in federal financial aid programs, which provide aid based on your Free Application for Federal Student Aid (FAFSA) . Here’s what to know about online schools that accept the FAFSA.

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Does financial aid cover online schools?

You can use financial aid to cover costs at some, but not all, online schools. Specifically, your online school must participate in the Department of Education’s Title IV program, which has various requirements. For one, your school must be accredited by a primary accrediting agency. 

Title IV schools must also undergo regular audits and program reviews from Federal Student Aid (FSA), the agency within the federal Department of Education that distributes financial aid. 

If your online school is a Title IV school, that means it accepts the FAFSA and can both accept and administer financial aid. 

Major impact on borrowing costs: See current student loan interest rates

How to check if an online school accepts financial aid 

To check if your online school accepts financial aid, look to see if it’s a Title IV school. There are three ways to do this:

  • Department of Education: You can check the Department of Education’s list of Title IV participating schools and verify that your school’s name or Federal School Code is included. Colleges are required to include their Federal School Code on their website if they have one. 
  • DAPIP database: You can also check to see if your school is actively accredited by searching the Database of Accredited Postsecondary Institutions and Programs (DAPIP). Enter your school’s name in the search field, and review both its accreditation status and which agency accredited the school. 
  • Financial aid office: Finally, you can reach out to the online school’s financial aid office directly to confirm whether it participates in the federal financial aid program. 
Tip: If you contact your prospective online school about financial aid, also make sure to ask about other opportunities for aid, such as grants and scholarships. 

Online schools that accept financial aid

There are several online schools that accept financial aid. Here are some popular ones that participate in the federal aid program along with their average tuition costs as of 2024:

American Public University 

American Public University has more than 200 online offerings at both the undergraduate and graduate levels, with courses that start monthly and last eight to 16 weeks. This accredited online university enrolls more than 48,000 students, who pay an average tuition of around $6,800. 

University of Florida

The University of Florida’s main campus is in Gainesville, Florida. However, it also has a well-rated online division that offers bachelor’s degrees in 24 fields as well as online master’s, doctorate and certificate programs. The average tuition is $4,477 for in-state students and $25,694 for out-of-state students. 

University of Phoenix 

With an average tuition cost of $9,552, the University of Phoenix enrolls more than 94,000 students in its online bachelor’s and master’s programs. The school connects its online students with academic advisers, career services, virtual job fairs and internship opportunities. 

Purdue University Global 

Purdue University has nearly 38,000 online students who are enrolled across 32 online bachelor’s programs and 29 online master’s programs. As a public university, Purdue offers lower tuition rates to Indiana residents, with an average tuition of $7,920 for in-state students and $13,356 for out-of-state students. 

Southern New Hampshire University 

Along with its in-person courses, Southern New Hampshire University also offers more than 200 online programs in fields like art, education, engineering, healthcare and business. More than 134,000 students are enrolled at this university, where they pay an average tuition rate of $9,600.

Walden University 

Walden University offers both remote undergraduate and graduate programs. It supports online students with academic and career services, as well as virtual job fairs and internship programs. The average tuition is $10,428.

Western Governors University

Western Governors University offers 30 online bachelor’s programs and 29 online master’s programs. Along with online programs, this university also connects students with career services professionals, academic advisors and virtual job fairs. It has over 136,000 students and an average tuition cost of $6,380.

Reduce your repayment costs: Compare the best low-interest student loans

How to fill out the FAFSA for online schools

To get federal financial aid for online college, you’ll need to fill out the FAFSA. Here are the steps you’ll need to take: 

  • Create your FSA ID. Your FSA ID is your unique username and password that you’ll use to access your account and sign your FAFSA. Note that if you’re a dependent student, your parent will also be required to provide their information on the FAFSA, and they’ll need their own FSA ID. You can register for an FSA ID at StudentAid.gov.
  • Gather the required documents. The FAFSA will ask for your personal and financial details — such as your Social Security or alien registration number, driver’s license, tax returns and other financial documents. In some cases, you might be able to transfer some of this data automatically using the IRS data retrieval tool accessible when filling out the FAFSA. 
  • Fill out the FAFSA. Your next step is completing and filling out the FAFSA at StudentAid.gov . The FAFSA typically opens Oct. 1 every year for the following academic year. Note that you must complete the FAFSA by the deadline — generally June 30 of the academic year. For example, you have until June 30, 2025, to submit the FAFSA for the 2024-2025 academic year. Note that you can include up to 10 schools on the FAFSA that will receive your information for financial aid.
  • Review your SAR. After submitting the FAFSA, you’ll get a Student Aid Report (SAR), which will summarize the information you provided. Review your SAR to make sure there aren’t any errors or typos that could delay your financial aid award. 
  • Choose the financial aid that you want to accept. After you’ve been accepted by the college and completed the FAFSA, your school will send you a financial aid award letter detailing the aid you qualify for, such as Pell Grants or federal student loans. You can then choose which aid you want to accept. Note that you don’t have to accept the full amount of aid that’s offered to you. 
Tip: It’s a good idea to submit the FAFSA as soon as possible before the deadline since some financial aid is doled out on a first-come, first-served basis. Schools also sometimes set their own financial aid deadlines — you can ask the financial aid office if there are any other deadlines you’ll need to meet.

Other ways to pay for online school

While federal financial aid can offer significant assistance toward paying for school, it only goes so far. If you’ve maxed out your eligibility for aid (or your school doesn’t participate in the federal aid program), here are some other options that could help you cover your expenses: 

Scholarships and grants

Scholarships and grants are probably the best type of student aid because they don’t have to be repaid — unlike student loans . They’re also awarded for almost any reason you can think of — for example, you could be eligible for an award based on financial need, academic merit, athletic achievement, LGBTQ+ status and more. 

These awards are often provided by nonprofit organizations, professional associations and both local and national businesses. Your school and state might also offer scholarships based on your FAFSA information.

Tip: Use scholarship search engines like Fastweb and Scholarships.com to easily look for awards that you might qualify for. You can also ask your school’s financial aid administrator about opportunities. 

Savings 

If you or your family have savings set aside for college, you could put it toward your educational costs. Saving in a 529 plan , for instance, offers tax benefits if you use the funds on qualified educational expenses at both in-person and online schools. 

Tip: While using your savings to avoid education debt might be appealing, you likely don’t want to completely drain your savings while paying for college. It’s important to maintain an emergency fund to help you cover surprise expenses without going into debt. Ideally, it’s best to have enough set aside to cover three to six months’ worth of your expenses.

Income from a part-time job 

Whether you opt for a job on- or off-campus or an online job for college students, you could earn some money to cover college costs. 

Note that undergraduate and graduate students with financial aid might qualify for the federal work-study program based on their FAFSA. This program provides qualifying students with part-time jobs to help with expenses.

Private student loans

If scholarships, grants, federal student loans and other savings don’t cover your full cost of attendance, you could consider taking out a private student loan. This type of loan can come with a fixed or variable interest rate and will usually have a repayment term of five to 20 years, depending on the lender. 

Keep in mind that unlike most federal loans, private student loans typically have credit and income requirements. If you have bad or no credit , you might need to apply with a creditworthy co-signer to qualify. 

Private student loans also don’t provide the federal benefits and protections that federal student loans do. For example, you won’t be eligible for income-driven repayment (IDR) plans or forgiveness programs . Because of this, it’s usually best to rely on federal student loans first if you need to borrow for school. If you do take out a private student loan, make sure to borrow only what you need and can afford to pay back in the future.

Find a good match for you: Compare the best private student loans

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy . The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Rebecca Safier

Rebecca has been writing about personal finance and education since 2014. With a background in teaching and school counseling, she brings firsthand experience working with students and their families to her writing about student loans, financial aid and the college process. Formerly a senior student loans and personal loans writer for Student Loan Hero and LendingTree, Rebecca now covers a variety of personal finance topics, including budgeting, saving for retirement, home buying and home ownership, side hustles and more. Her work has been featured in MarketWatch, U.S. News & World Report, Forbes Advisor, and other publications, and she's contributed expert commentary to Fortune, Money.com, NBC and more. When Rebecca's not writing about money, she's teaching people how to create profitable blogs on her website, Remote Bliss.

Kim Porter is a writer and editor who's been creating personal finance content since 2010. Before transitioning to full-time freelance writing in 2018, Kim was the chief copy editor at Bankrate, a managing editor at Macmillan, and co-author of the personal finance book "Future Millionaires' Guidebook." Her work has appeared in AARP's print magazine and on sites such as U.S. News & World Report, Fortune, NextAdvisor, Credit Karma, and more. Kim loves to bake and exercise in her free time, and she plans to run a half marathon on each continent.

Ashley is a USA TODAY Blueprint loans and mortgages deputy editor who has worked in the online finance space since 2017. She’s passionate about creating helpful content that makes complicated financial topics easy to understand. She has previously worked at Forbes Advisor, Credible, LendingTree and Student Loan Hero. Her work has appeared on Fox Business and Yahoo. Ashley is also an artist and massive horror fan who had her short story “The Box” produced by the award-winning NoSleep Podcast. In her free time, she likes to draw, play video games, and hang out with her black cats, Salem and Binx.

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Black History Month Activities for High School Students

By Med Kharbach, PhD | Last Update: February 12, 2024

Black History Month Activities for High School Students

Black History Month a unique opportunity to delve deep into the rich and multifaceted history of African Americans, exploring their struggles, achievements, and enduring impact on society. Engaging high schoolers in Black History Month activities is not just about recounting historical facts; it’s about fostering a profound understanding and appreciation for the contributions of Black individuals throughout history.

In this post, we’ll explore a variety of dynamic and educational Black History Month activities for high school students, designed to spark curiosity, promote empathy, and encourage critical thinking. From analyzing iconic speeches to creating social justice art projects, these activities aim to provide students with a deeper insight into the Black experience in America and beyond.

Related: Black History Month Resources for Teachers

Here are some of our suggestions for Black History Month activities for high school students

1. Black History Videos

Black History Month Activities for High School Students

Curate a list of impactful TED talks on Black history and culture. After watching a selected video in class, engage students in pre- and post-viewing discussions. Prepare questions that encourage critical thinking about the themes presented and facilitate group discussions to explore different viewpoints and insights. This activity not only educates but also fosters empathy and a deeper understanding of Black history’s complexities.

2. Create Videos

Black History Month Activities for High School Students

Encourage students to use digital tools like WeVideo or Canva Video to create short documentaries or explanatory videos on a chosen theme related to Black history. This project allows students to delve into research, scriptwriting, and video editing, culminating in a presentation where they can share their work with peers. It’s a powerful way to engage with history creatively and personally.

3. Group Projects

Black History Month Activities for High School Students

Assign students to groups and have them select a Black history theme to explore using primary resources from National Archives or other reputable sources. They could prepare a presentation or document to share with the class or publish on the class or school website. This collaborative effort encourages deep research, critical analysis, and effective communication skills.

4. Black History Figures

Black History Month Activities for High School Students

Divide students into groups, assigning each a different field (e.g., sports, medicine, law). Task each group with researching Black figures who have revolutionized their assigned area. This activity highlights the widespread impact of Black individuals across various sectors and fosters a greater appreciation for their contributions to society.

Black History Poems

Black History Month Activities for High School Students

Inspired by poets like Amanda Gorman , ask students to write their own poems reflecting themes of Black history. Initiating a discussion about Gorman’s work or other Black poets can provide a rich foundation for students to draw inspiration from. This activity encourages self-expression and a personal connection to the themes explored.

Decorate Class

Black History Month Activities for High School Students

Use printables, posters, and student-created artwork to decorate the classroom with themes of Black history. Engaging students in this hands-on activity not only beautifies the learning environment but also makes the history they’re studying a visible part of their daily lives.

Martin Luther King, Jr., Roadways

Black History Month Activities for High School Students

Utilize the National Geographic Map of roads named in honor of Martin Luther King, Jr., as a starting point for discussions about his impact across the United States. This activity can expand into a deeper exploration of his life, the civil rights movement, and how his legacy continues to influence America.

“I Have a Dream” Speech Activities

Black History Month Activities for High School Students

Leverage resources to delve into Martin Luther King Jr.’s “ I Have a Dream ” speech. Activities can include watching videos, analyzing the speech’s rhetorical strategies, and discussing its historical context and lasting impact. Encourage students to reflect on how King’s vision resonates in today’s society.

Virtual Tours of Black History Museums

Black History Month Activities for High School Students

Take virtual tours of institutions like the Smithsonian National Museum of African American History and Culture or explore virtual Harlem . These tours offer students immersive experiences to learn about Black history, culture, and contributions in a dynamic and accessible way.

Introduce Black History Vocabulary

Black History Month Activities for High School Students

Introduce key vocabulary related to diversity, inclusion, and Black history. Facilitate discussions on these terms, encouraging students to reflect on their meanings and how they apply to both historical contexts and current events. This activity fosters a more inclusive and empathetic classroom environment.

Black History Month Books

Black History Month Activities for High School Students

Create a curated list of books that delve into the Black experience in America. Encourage students to read works by Black authors, ranging from historical accounts to fiction, poetry, and memoirs. This initiative can include a book club format where students choose a book to read and then come together to discuss its themes, characters, and impact. Through literature, students can gain a deeper understanding of the struggles, triumphs, and rich narratives that have shaped Black history and continue to influence society today.

Black History Month Music

Black History Month Activities for High School Students

Compile a playlist of music genres that are rooted in Black culture, such as jazz, blues, gospel, hip-hop, and R&B. Discuss the origins of each genre and its cultural significance, highlighting how music has been a form of expression, resistance, and celebration throughout Black history. You could also organize listening sessions or a mini “music festival” in class, where students can experience the evolution of these genres over time. By exploring the soundtrack of the movement, students not only enjoy the rich musical heritage but also understand its pivotal role in shaping and reflecting the Black experience in America.

Analyze Civil Rights Movement Speeches

Black History Month Activities for High School Students

Select key speeches from the Civil Rights Movement for students to analyze. This could include famous addresses by Martin Luther King Jr., Malcolm X, Angela Davis, and others. Students can explore the rhetorical strategies employed, the historical context of each speech, and its impact on the movement and beyond. Encourage them to present their analyses, highlighting how these speeches used language to inspire, mobilize, and effect change.

Black History Debate Club

Black History Month Activities for High School Students

Organize debates on significant events or figures in Black history, such as the impact of the Harlem Renaissance on American culture or the effectiveness of nonviolent versus militant approaches in the Civil Rights Movement. This activity encourages students to research different viewpoints, develop persuasive arguments, and engage in respectful discourse, fostering critical thinking and a deeper understanding of complex historical narratives.

Black Entrepreneurs and Innovators Project

Black History Month Activities for High School Students

Task students with researching Black entrepreneurs and innovators past and present, from Madam C.J. Walker to contemporary figures like Robert F. Smith. Students can create presentations or write profiles exploring these individuals’ contributions to their industries and their roles in shaping economic landscapes. This project sheds light on the significant, yet often overlooked, impact of Black individuals in the business world.

Social Justice Art Project

Black History Month Activities for High School Students

Encourage students to create art pieces inspired by themes of social justice, equality, and Black history. This could be in any medium—painting, digital art, sculpture, or mixed media. Host an exhibition of the completed works to facilitate discussions about the messages and emotions conveyed through art. This activity allows students to explore and express their understanding of Black history and contemporary issues creatively.

Interactive Timeline Project

Black History Month Activities for High School Students

Have students collaborate on creating an interactive timeline of Black history , highlighting key events, figures, and cultural milestones. This could be a digital project using software that allows for the incorporation of images, text, and multimedia elements, or a physical timeline in the classroom. Encouraging students to dive into different eras and themes, this project can help them visualize the breadth and interconnectedness of Black history across centuries and continents.

Related: Black History Month Activities for Kids and Elementary Students

Final thoughts

Incorporating these Black History Month activities for high school students into your curriculum can transform how young people perceive and engage with history. By moving beyond traditional lectures to more interactive and creative approaches, you can ignite students’ passions and inspire them to learn more about the rich fabric of Black history. These activities not only educate but also empower students, encouraging them to reflect on their roles in a diverse society and how they can contribute to a more equitable and inclusive future.

loan worksheet for high school students

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loan worksheet for high school students

Meet Med Kharbach, PhD

Dr. Med Kharbach is an influential voice in the global educational technology landscape, with an extensive background in educational studies and a decade-long experience as a K-12 teacher. Holding a Ph.D. from Mount Saint Vincent University in Halifax, Canada, he brings a unique perspective to the educational world by integrating his profound academic knowledge with his hands-on teaching experience. Dr. Kharbach's academic pursuits encompass curriculum studies, discourse analysis, language learning/teaching, language and identity, emerging literacies, educational technology, and research methodologies. His work has been presented at numerous national and international conferences and published in various esteemed academic journals.

loan worksheet for high school students

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New student loan repayment plan could make it easier for borrowers to become homeowners

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  • The Saving on a Valuable Education, or SAVE plan, can cut borrowers' monthly payments in half, and leave many people with a $0 bill.
  • Instead of paying 10% of your discretionary income a month toward your undergraduate student debt under the previous Revised Pay As You Earn Repayment Plan, or REPAYE, borrowers will be required to pay just 5% of their discretionary income.
  • Here's what to know.

A new, more affordable repayment plan for federal student loan borrowers may come with another advantage: It could make it easier to become a homeowner .

The Saving on a Valuable Education, or SAVE plan , can cut borrowers' monthly payments in half, and leave many people with a $0 bill. The Biden administration officially rolled out "the most affordable repayment plan yet" over the summer .

"Switching to a repayment plan that has a lower monthly payment can help a borrower qualify for a mortgage," said higher education expert Mark Kantrowitz.

Half of student loan borrowers — including 60% of millennial borrowers — who haven't yet purchased a home say their education debt is delaying them from doing so, according to a 2021 report by the National Association of Realtors.

Here's how the SAVE plan could soon change that, experts say.

Smaller payments can help prospective homebuyers

Your  debt-to-income ratio , which is usually calculated by dividing all your monthly debts by your monthly income, is a key factor in mortgage underwriting, said Christelle Bamona , a senior researcher at the Center for Responsible Lending.

"Those eligible for SAVE will experience reduced payments, which will in turn lower their debt-to-income ratio," Bamona said. Most borrowers should qualify for the SAVE plan as long as their loan is in good standing.

More from Personal Finance: 'Loud budgeting' is having a moment Gen Z, millennials want to invest — but many aren't Americans can't pay an unexpected $1,000 expense

Borrowers making payments on their student debt who enroll in SAVE could see their ratio fall somewhere between 1.5% to 3.6%, according to a new report by the Center for Responsible Lending.

Here's how that happens.

For one, the SAVE plan increases the income exempted from your payment calculation to 225% of the poverty line, from 150%. As a result, the first roughly $33,000 of your income won't be factored into your monthly obligation, up from around $23,000 on the other income-driven repayment plans. These numbers represent single individuals. More income is protected as family size increases.

Starting in July, an even bigger perk of the plan will be available.

Instead of paying 10% of your discretionary income a month toward your undergraduate student debt under the previous Revised Pay As You Earn Repayment Plan, or  REPAYE , borrowers will be required to pay just 5% of their discretionary income. The SAVE plan has replaced REPAYE.

Kantrowitz provided some examples of how much borrowers could see their bills drop.

Previously, someone who made $40,000 a year would have a monthly student loan payment of around $151. Under the SAVE plan, their payment would fall to $30.

Similarly, someone who earned $90,000 a year could see their monthly payments shrink to $238 from $568, Kantrowitz said.

How Wall Street trades student loans

In the past, most mortgage lenders assumed that a borrower's monthly student loan payment was a certain percentage of their loan balance, even if the actual payment was lower, Kantrowitz said.

Fortunately, he said, "They now base it on the actual loan payment ."

There's one catch: Many mortgage lenders won't use a $0 monthly student loan payment in their underwriting process, which the SAVE plan could leave many borrowers with. In such cases, lenders may still calculate your monthly obligation as a share of your total debt.

The Center for Responsible Lending wants to see this change.

"By not counting their monthly payments as $0 in the underwriting process, lenders are artificially inflating consumers' monthly debt obligation," Bamona said. This could potentially prevent millions of low-income Americans from getting a mortgage, she added.

Saving for a down payment may be easier under SAVE

The SAVE plan may also help more people get in financial shape to buy a house, experts say. That's because a smaller monthly payment could enable them to direct more cash to their savings, and reach their down payment goal faster.

Student loan borrowers who are first-time homebuyers may also be eligible for financial assistance , Bamona said, and should research their options.

"Grants or down-payment assistance programs may be accessible to first-time homebuyers, provided by agencies and organizations within their state or municipality," she added. Don't miss these stories from CNBC PRO:

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IMAGES

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  2. Maximum Deduction Allowed For Qualified Student Loan Interest

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  4. 9+ Loan Worksheet Templates in PDF

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  5. Student Loan Interest Deduction Worksheet Yooob

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  6. Student Loan Worksheet.pdf

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  3. Episode 12: Smart Student Loan Tips, Part 1

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  5. Student Loan Lawyer Explains: Why SAVE Plan Doesn't Work For Everyone

  6. 10 मिनट में मिला Loan

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  1. Teacher Printables

    Buying a Home 10-12 Grades Buying a Home (pdf) This is a great packet of information and tips to help a first time homebuyer be successful. Career - Earning and Income/Management K-3 Grades 4-6 Grades Wanted Worksheet (pdf) 7-9 Grades Wanted Worksheet (pdf) 10-12 Grades Analyze a Pay Stub (pdf) Career Cluster Interest Survey (pdf)

  2. Loans Lesson Plans for Teachers

    Our free cheat sheet covers every learning objective in the National Standards for Personal Finance Education and the corresponding Kids' Money Lesson Plans - we cover each and every standard! Get The Free Cheat Sheet Teaching Loans to K-5 th Graders

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    Lesson 1 (pdf) PowerPoint (pptx) Lesson 2: "W" Is for Wages, W4, and W2 Students compute the gross pay for a fictional John Dough given his hourly wage and the number of hours worked. They compare gross pay to net pay. They learn what FICA and federal income taxes are. They learn how to complete a W-4 form and what a W-2 form is. Lesson 2 (pdf)

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    Check out these free financial literacy activities for high school students (PDFs). Teaching teen students different parts of managing money? Awesome - let's get you some free financial literacy activities for high schools (PDFs included). You'll find activities and PDFs below that cover a variety of money subjects: Budgeting Money management

  6. PDF Calculating loan payments

    Grade level: High school (9-12) Age range: 13-19 Topic: Borrow (Getting loans, Managing credit) School subject: CTE (Career and technical education), Math Teaching strategy: Cooperative learning, Simulation Bloom's Taxonomy level: Apply Activity duration: 75-90 minutes National Standards for Personal Financial Education, 2021

  7. FDIC: Money Smart for Young People

    Student Guide features worksheets for students based on topics covered in each lesson that can be used at school or at home. The worksheets can be found in the Educator Guide for grades Pre-K-2, and in a standalone Student Guide for grades 3-12.

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    Updated Aug 29, 2023 Ideal for: Middle school (6-8), High school (9-10), High school (11-12)

  10. Financial Literacy: Free Personal Finance Education Materials

    School districts across the nation complain that they lack the money and staff to take on new programs. The sort of financial training they offer varies greatly. According to the Council for Economic Education, 21 states require that high school students take a personal finance course to graduate and 25 require students take an economics course.

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    14 Free Financial Literacy Worksheets PDF (Middle & High School) By: Amanda L. Grossman Last updated: January 9, 2024 This post may contain affiliate links. You can find the full disclosure here. shares Check out these free financial literacy worksheets PDFs for middle school and high school students to learn all about money.

  13. PDF Understanding how much student debt you can afford

    Students' answers on their worksheets and during discussion can give you a sense of their understanding. This answer guide provides possible answers for the "Understanding how much student debt you can afford" worksheet. Keep in mind that students' answers may vary. The important thing is for students to have reasonable justification ...

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    Class: BUILDING BLOCKS STUDENT WORKSHEET Calculating loan payments If you ever need to borrow money, you'll likely find credit and loan offers that may seem hard to resist. However, understanding the real costs of borrowing money can help you make informed credit and loan decisions. Instructions

  15. Simple Interest Worksheets With Answers

    These 10 questions will reinforce the lessons from worksheet No. 1. Homeschoolers and other students will learn how to calculate rates and determine interest payments. For this PDF, students will answer word problem questions such as:

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    The racial makeup of the school is 60% Hispanic and 32% black. In 2012, it had a 50% graduation rate, and by 2019, it was on track to have a 70% graduation rate. The 2018 median household income in Olney's zip code of 19120 is $43,744 — compared to $60,293 in the United States, according to the Census Bureau.

  17. PDF Project-Based Learning for the Personal Finance Classroom: Projects: 07

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  18. 19 Free Financial Literacy Games for High School Students

    1. ShadySam Your students get to play "loan shark" in this finance game - predatory loan lender and collector - in order to learn all about risky loans and loans in general (like interest rates, what a loan is, loan collections, etc.). It's an eye-opening way to show your students how lenders can and do take advantage of people who take out loans.

  19. Student Loan Teaching Resources

    This product includes all of the information they will need to know about student loan debt forgiveness that can be used to teach personal finance for high school Economics or current events enrichment.Included are over 100 questions from a variety of websites focused on student loans.Included are the following:Tradi.

  20. Mortgage Calculation Worksheet Lesson Plan

    A worksheet introducing students to the concept of a mortgage loan. Also introduces the concepts of down payment and closing costs. Suggested Money Lesson Plan for this Worksheet Questions for discussion: How do people buy houses? What is a mortgage? Background Information:

  21. How to Claim Your Student Loan Payments on Your 2023 Taxes

    Lender Rate Table : Student Loans - In-school Rate Table . ... Using the AGI from line 11 on Form 1040, find your modified adjusted gross income with the student loan interest deduction worksheet.

  22. Resources for High School Counselors

    Going Merry offers high school counselors and Independent Education Consultants email templates, ... Lesson plan & student worksheet. ... Show students how to avoid loans. Articles, videos, and appeal letter templates to help families get the most financial aid--and therefore avoid loans. Shareable 1-4 minute videos for Gen Z students.

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  24. How to Claim Your Student Loan Payments on Your 2023 Taxes

    To be eligible for the maximum student loan interest deduction of $2,500 for tax year 2023, your modified adjusted gross income must be under $75,000 ($155,000 if filing jointly with your spouse).

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    Student Loans. Undergraduate ... For the monthly drawings and annual grand prize winner, high school students 16 years and older, undergrads, grad students, and parents and guardians of any of those students are eligible to win. Is there a scholarship for diversity, equity and inclusion?

  28. Black History Month Activities for High School Students

    Here are some of our suggestions for Black History Month activities for high school students. 1. Black History Videos. Curate a list of impactful TED talks on Black history and culture. After watching a selected video in class, engage students in pre- and post-viewing discussions. Prepare questions that encourage critical thinking about the ...

  29. New student loan payment plan may help borrowers become homeowners

    The Saving on a Valuable Education, or SAVE plan, can cut borrowers' monthly payments in half, and leave many people with a $0 bill. Instead of paying 10% of your discretionary income a month ...