Life After College Project Rubric
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3You’ve Graduated College…Now what?!?!?!
For this project you are going to be planning out your monthly budget for when you have graduated from college. Remember that
all of the following has to be 10 YEARS AFTER COLLEGE.
COLLEGE LOAN (monthly repayment):
Research the college you are planning on attending; calculate the total tuition (including room and board) based on the following
guidelines:
Community /Tech College: 2 years
Bachelor Degree: 4 years
Master’s Degree: 6 years
Doctorate Degree: 8 years
Parent Contributions:
$15,000 for all 4-years
$3,000 total for community college
Scholarships:
Total of $10,000 for GPA of 3.0 and higher
Total of $5,000 for GPA of 2.5 to 2.99
Total of $2,000 for GPA 2.0 to 2.49
Available Loans: (you must research to find the current rate)
Must first use direct Subsidized: max of $27,000; 10-year payback
PLUS loan: remaining balance; 10, 15, or 25-year payback
Salary: (Post-tax monthly income):
Research a job that you plan on going into and find the MEDIAN SALARY for that job. Note that you cannot pick a job that
you do not have the necessary education for. For example, you cannot be a doctor with only an undergraduate degree.
Determine the monthly net income given the following:
Taxes are 28.8%
Retirement contribution is 3.25%
Medical insurance: $115 monthly
Dental insurance: $34.65 monthly
Investment account(s):
Research types of investment options and purchase one. It may be IRA, mutual funds, CD accounts, or savings accounts.
You must list your present value, where the account has simple or compound interest, bank or investment company name
and website, interest rate and maturity value of investment.
Car Loan (monthly repayment):
Find an actual car you want to buy or lease– must be a reputable dealership or website (Craigslist or EBay doesn’t count).
Research current car loan rates by researching for auto loan rates; must list the bank.
Housing (mortgage Amounts):
You need to purchase a home now and it must be in the city of which you work (can’t buy a house in Jacksonville, FL but
your workplace is located in Atlanta). You must find a home within your means – don’t be house poor. You need to locate
the home, a bank willing to loan you the full amount, have at least 5-7% of the market value of the home as a down
payment. If you cannot afford the full mortgage, you can get a roommate to split the rent – which means 2 people = 3
bedrooms. You will also need to complete an amortization schedule for the first 15 years of the mortgage.
Credit Card Expenses:
Research credit card companies and determine which you will choose to have. You must list the APR, current balance
(balance conditions will be provided a later date), monthly interest charge, monthly payment, and months remaining to pay
off the balance.
Living Expenses: (monthly costs)
Do some research to determine the monthly cost for the following budget needs – some information has been provided for you.
Water: $45
Electricity: $75
Car Insurance: $100
Landscaping: $25 a month
Homeowner’s Insurance: $125
Food: typically 10-15% of your monthly net income
***You must find the following: Cell Phone, Internet, Cable, Gas (for car), Entertainment, Savings, and Life Insurance
Unit 2/Unit 2 Part A Individual Project
Klobedans/AMDM/Fall 2010
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