Know Money, Win Money! Three: Finance and Education

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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:

What are some financial topics that you’d like us to cover in future episodes of Know Money, Win Money? We want to hear from you! You can email us or  find us on Twitter at @OppLoans.

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Know Money, Win Money! Episode Two: Payday Loans

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Hello, money fans! It’s time for the newest episode of Know Money, Win Money!

We quizzed people about payday loans and gave them money when they got it right. Hopefully they didn’t have to spend that money paying off a payday loan, but if they did, then fingers crossed that was the last bit they needed to pay it off!

You can watch the episode below:

The first question we asked was about the average payment term for a payday loan. That is, how long you have to pay back the full loan amount with all fees and interest included. The answer? Only two weeks. Which means a lot of people are forced to…

Rollover their loan. We asked people what that means, and some of them knew! In case you don’t know, it means that you pay to extend the loan, which can be the start of a vicious cycle of debt. You can learn more about Payday Loan Rollover (an its many, many dangers) here in our blog.

Next we told people that payday loans have an average of 400% APR and asked what APR stands for. It’s Annual Percentage Rate, and it’s a number that describes the full cost of a loan including all interest and fees. That lets you compare different loans in an “apples to apples” fashion to figure out which one makes the most sense for your needs.

Finally, we asked how installment loans are different from payday loans. As the name suggests, installment loans allow you to pay off the loan over time, in installments, so you can manage your finances without falling behind.

All right, now that you know about payday loans, don’t go get one! But do get money when you run into us the next time we’re on the street playing Know Money, Win Money!

Be sure to also check out our previous Know Money, Win Money blog and episode about credit.

What are some financial topics that you’d like us to cover in future episodes of Know Money, Win Money? We want to hear from you! You can email us by clicking here or you can find us on Twitter at @OppLoans.

Visit OppLoans on YouTube | Facebook | Twitter | LinkedIN | Google+

Know Money, Win Money! Episode One: Credit

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We here at the OppLoans Financial Sense Blog want to make sure you have more money in your pockets by any means necessary. Normally that means giving you advice about saving money, but starting today, it also means running around on the street and asking you (or people like you) questions about money, and then giving you money if you get them right.

It’s called Know Money, Win Money, and it’s our hot new game show. The first episode is all about credit, and you can check it out right here:

The first question we asked was pretty simple: What’s the definition of a credit score?

Even though most people have some sense of why their credit score is important, they may not totally realize what it is. Simply put, it’s a measure of your “credit-worthiness,” or how good you are at taking on debt and paying it back. Your credit score determines what kind of interest rate you’ll get on your loans, or if you can qualify for a loan at all.

Our next question asked was what would be considered a “good credit score.”  If you’re wondering, it’s 680 to 719. Anything more than that and you’re golden but anything less than that… well, your interest rates aren’t going to be so hot. Or they’ll be too hot. The point is you’ll have high interest rates.

Finally, Most people are aware of the FICO company that creates the most common type of credit score. But we wondered if people knew what the company’s name actually stands for? For the most part, they did not. And we can’t blame them. Few people do! If you’re wondering, it stands for Fair, Isaac, and Company.

So we got to give away money, and teach people about credit. Hopefully next time we’ll run into you!

What financial topics would you like us to cover in future episodes of Know Money, Win Money? Let us know! You can email us by clicking here or you can find us on Twitter at @OppLoans.