“Knowledge is power.”
Admittedly an overused phrase, but overused for good reason. Beyond the fact that it is undeniably accurate, it applies to almost every situation – especially when one must make a difficult decision that will impact the rest of their lives! This could include decisions like choosing a career path, or figuring out if you are going to go to college or not.
Demonstrating their deep appreciation for the challenge high school students and their families face when deciding what comes after graduation, The Pennsylvania Chamber of Commerce developed a tool to help: The Your Career Starts HERE Calculator.
Designed to empower decision makers through access to information (Remember…knowledge is power!) the Your Career Starts HERE Calculator automatically analyzes the starting salary, tuition costs, and student loan interest associated with the career path you would like to pursue, at the specific schools you are considering. Using the calculator will allow you to answer questions like…
Having these answers provides a glimpse into the financial futures that prospective career and educational paths could lead to.
With this insight, making the hard choice of what comes after graduation gets less complicated. The Your Career Starts HERE Calculator gives families the knowledge they need to confidently answer the previously daunting, “What comes next?” question. Read on for details as to how to get the most out of the tool and see an example.
How it works:
Example from the Calculator:
Career: Elementary School Teacher
Median Starting Yearly Salary = $37,780
School: Bloomsburg University of Pennsylvania
Total Education Costs:
Meal Plan---------- 3,550.00
x 4 years (length of program)
Loan Interest--- + $20,980 (4.53% / 120 months)
So, what does this mean for me once I complete my program and become employed within this career field?
Monthly Income (after taxes) = $2,424
Monthly Loan Payment = $889
What’s Left? = $1,535
What's left would be used to cover all other expenses such as rent, a car payment and insurance, groceries, utilities, etc.