Know Money, Win Money! Three: Finance and Education
We know you demand more episodes of our hit game show series, Know Money, Win Money, and your concerns have not gone unheard!
We’ve got another episode of Know Money, Win Money about the financial aspects of education—right on-time for back to school:
We stopped by a local farmer’s market to see what the produce-seekers knew about the money aspect of schooling.
Our first question was about how much elementary school teachers spend out-of-pocket on supplies for their students.
Yes, you read that right. Teachers normally have to spend their own money to help buy school supplies for their students. Time Magazine found that the average school teacher spends around $500 of their own money on supplies for their students.
But that’s only the average. NPR interviewed one third grade teacher who spent over $2,000 of her $35,000 salary on school supplies for her students. So consider calling up your old teacher and telling them thanks! Maybe send them a gift card.
Next, we asked about how much tuition prices have increased since the seventies. Spoiler Alert: it’s a lot. And according to the Bureau of Labor Statistics, it’s grown much faster than the cost of other goods. As we noted in the video, it’s been a 1,200% increase over the last 40 years. It’s no wonder student debt has reached “crisis” levels.
Finally, we asked a question about how students have to spend their money. Specifically, what do college students spend an average of $600 on in one school year? Although students probably spend a bunch of money on coffee and alcohol, the answer in this particular case was: textbooks.
Need a guide on consolidating your student loans? Well, we have one for you right here in our OppLoans Guide to Consolidating Student Loan Debt!
We’ll have the next Know Money, Win Money episode ready for you in two weeks. Hopefully, we run into you out there and have the chance to give you cash!
Be sure to also check out our previous episodes: