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Date
November 17, 2011

Generation Money: College Costs Quiz

How will you score?
Transcript

Jessica: Hi! I am Jessica Kumari and welcome to the first ever Channel One College Costs Quiz. We are here at World Journalism Prep and we are going to find out how much these students know about paying the cost of college.

Now, you are always great hosts. Thanks for having us. This set looks amazing and the contestants actually made their own podiums!

Ok. Well, we have got no time to waste, so let’s meet our contestants.

Michelle: Hi! My name’s Michelle. I like to dance and I’m going to hip-hop to the top.

Avi: Hi! My name is Avi. I do mixed martial arts. And the other contestants? They’re going down!

Adena Keuse: Hi! I’m Adena Keuse. When I have my mind set on something, I go after it. So the other contestants better watch out!

Jessica: Is our audience ready? Ok. Let’s get right to it!

Ok. Here is our first question. Including room and board, what is the average annual cost of going to a private college? Is it:

A. $52,000

B. $39,000

C. $27,000

D. $16,000

I think it was Avi that was first.

Avi: I want to say ‘B,’ $39,000.

Jessica: $39,000. You are right! How did you know that?

Avi: Looking at stuff on collegeboard.com and looking at all the tuitions. So, I averaged them in my head.

Jessica: Including housing and food, the average cost of attending a private college like American University, Boston University or University of Phoenix is $39,000. Does that seem high?

“Yes!”

“Just a little!”

Jessica: So, you have to save money, right? But going to a public university is cheaper. The average cost of going to a public university like University of North Carolina or University of New Mexico, if you live in the state is $8,244. The average cost of a two-year college or community college is $3,000.

So, good job, Avi. You are the person who got the first question right. Are you guys happy about that?

Ok. Now we have our second question. What percent of students think their college costs will be covered by scholarships? Is it:

A. 10%

B. 18%

C. 25%

D. 38%

Michelle, what do you think?

Michelle: I’m going to take a guess. ‘B’?

Jessica: ‘B,’ 18%? No, it is not ‘B.’

Adena, I like your buzzer.

Adena: I’m going to take another guess to say ‘C,’ 25%?

Jessica: It is not 25%. Avi, do you want to take the last guess?

Avi: Is it 38%?

Jessica: Yes!

Avi: Oh wow!

Jessica: You got the second question right.

Avi: I have no clue how I know that. Process of elimination.

Jessica: Thirty-eight percent of students surveyed by the College Board think scholarships are the main way they will cover their costs. In reality, in most college aid packages, only 25% of costs are covered by scholarships while loans make up 58% of college aid packages.

So, what do you think is the biggest thing for college aid packages?

“Probably through financial aid?”

Jessica: Exactly! It is loans. Loans make up 58%. And that brings us to our third question. What is the average amount of loan debt students have when they graduate from college? Is it:

A. $7,000

B. $18,000

C. $24,000

D. $35,000

Avi: Is it $24,000?

Jessica: It is! Avi is killing it!

Avi: I’m on a roll here!

Jessica: Yes, $24,000. That takes a long time to pay off is that what you thought?

After graduating from college, how much money does the average college grad pay on their loan debt each month? Is it:

A. $86

B. $125

C. $250

D. $300

It is the final question of our quiz.

“‘B?’“

Jessica: ‘B.’ No, it is not $125. That is not the right answer, unfortunately.

Avi?

Avi: It is ‘D,’ $300?

Jessica: It is not ‘D,’ $300.

Avi: Aww!

Jessica: So, Michelle, want to take a guess?

Michelle: ‘C!’

Jessica: it is ‘C!’ $250 a month. So, that takes ten years to pay off.

Can we get a big round of applause for our winner Avi? Now, you guys are all winners. We have these Channel One t-shirts for you. Very highly coveted. And for you, Avi, we have this book, How to Pay for College. Are you excited to read this?

Avi: So excited to read this book.

Jessica: How are you going to pay for college? You don’t know yet because you haven’t read this book.

Let’s have another round of applause for everyone who took part.

Correlations

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