The Online Game Of Life

For this game, you will be presented with a series of real-life problem scenarios that require solutions. Some of these scenarios will be events that you may have encountered, may encounter in the future, or may never encounter. But, all the scenarios will consist of real problems that many college students have had to face and navigate. Your task will be to develop solutions to the problems. The first few problems will be pretty straight forward. Then, the problems will begin to get more complex. Here are some resources to help you. DREXEL RESOURCES   Drexel University http://www.drexel.edu Drexel Orange Line http://www.drexel.edu/orangeline/ IRT - Drexel University Office of Information Resources and Technology  http://www.drexel.edu/irt/  Office of Financial Aid http://www.drexel.edu/financialaid/ Academic Advising   www.drexel.edu/src/academics/advisors/   SCDC – Steinbright Career Development Center   www.drexel.edu/scdc/   ADDITIONAL RESOURCES   FAFSA - Free Application for Federal Student Aid   http://www.fafsa.ed.gov/   “You Can Deal With It”  - budget, debt, loan calculator with links to additional personal finance and salary information http://www.youcandealwithit.com/borrowers/calculators-and-resources/index.shtml Financial Aid Loan Calculator   http://www.finaid.org/calculators/loanpayments.phtml Mapping Your Future   http://www.mappingyourfuture.org/paying/debtwizard/ Bankrate.com  - Calculator for owning vs. renting www.bankrate.com  

The first step in applying for federal financial aid is:  HELPFUL TOOLS   Office of Financial Aid http://www.drexel.edu/financialaid/ FAFSA - Free Application for Federal Student Aid http://www.fafsa.ed.gov/    

• A.

  Go to the bank and file for a loan

• B.

  Complete a FAFSA form

• C.

  Save a minimum of 20% as a down payment on tuition costs to be eligible for financial aid

• D.

  Obtain a written authorization from the university to begin the application process

What are some of the benefits of applying for a federal student loan? HELPFUL TOOLS   Office of Financial Aid http://www.drexel.edu/financialaid/ FAFSA - Free Application for Federal Student Aid http://www.fafsa.ed.gov/  

• A.

  Low, fixed interest rates

• B.

  Income-based repayment plans

• C.

  Deferment options

• D.

  Loan Forgiveness

• E.

  All of the above

• F.

  None of the above

What kind of federal loans are available?  HELPFUL TOOLS   Office of Financial Aid http://www.drexel.edu/financialaid/ FAFSA - Free Application for Federal Student Aid http://www.fafsa.ed.gov/  

• A.

  Winchester loans, Westlake loans

• B.

  Alternating Flex loans, fixed Flex loans

• C.

  Subsidized Stafford loans, unsubsidized Stafford loans

• D.

  Capitalized loans, recapitalized loans

What kind of information is available through the DrexelOne portal?  HELPFUL TOOLS   Drexel University http://www.drexel.edu

• A.

  My class schedule

• B.

  My eBill

• C.

  My email

• D.

  Additional degress services

• E.

  All of the above

Drexel's Office of Financial Aid offers students live help, online help, or phone help with a Financial Aid advisor.  HELPFUL TOOLS   Drexel University http://www.drexel.edu Office of Financial Aid http://www.drexel.edu/financialaid/  

• A.

  True

• B.

  False

Russell is a first year student. He received a refund from his Private Educational Loan. He decided to use the money to purchase a latte every day at the chic coffee shop near his house.  Russell plans to repay the entire amount of the Private Educational l Loan over fifteen years.  Approximately how much will each latte have actually cost Russell by the time he repays the loan?  HELPFUL TOOLS   FAFSA - Free Application for Federal Student Aid http://www.fafsa.ed.gov/   Financial Aid Loan Calculator   http://www.finaid.org/calculators/loanpayments.phtml “You Can Deal With It”   http://www.youcandealwithit.com/borrowers/calculators-and-resources/index.shtml

• A.

  $4.29 (rather expensive)

• B.

  $6.18 (very expensive)

• C.

  $8.11 (unbelievably expensive)

• D.

  $12.92 (where did Russell go for coffee? France?)

Elvis is a junior who is thinking about getting married to Madonna. Elvis saw a commercial on TV about credit reports and worried that Madonna’s poor credit record might cause him problems after they are married. He needs to take out a $10,000 Private Education Loan and plans to repay it over 240 months. Elvis is not sure what his own credit report looks like. If he checks his own credit report, approximately how much will the loan cost him?   HELPFUL TOOLS   FAFSA - Free Application for Federal Student Aid http://www.fafsa.ed.gov/   Financial Aid Loan Calculator   http://www.finaid.org/calculators/loanpayments.phtml “You Can Deal With It”   http://www.youcandealwithit.com/borrowers/calculators-and-resources/index.shtml

• A.

  $36,411 if he has Excellent credit (3.5% interest) $51,957 if he has Average credit - (6% interest)$70,474 if he has Poor credit - (12% interest) plus two years of appearing on tv commercials for credit report companies as an example of what could happen if your credit report is poor.

• B.

  $46,125 if he has Excellent credit (3.5% interest)$53,795 if he has Average credit - (6% interest)$62,841 if he has Poor credit - (12% interest) plus the requirement of writing on the chalkboard "I will not mess up my credit report anymore, I will not mess up my credit report any more, I will not mess up my credit report anymore,,," 1,000 times

• C.

  $10,111 if he has Excellent credit (3.5% interest)$12,817 if he has Average credit - (6% interest)$14,093 if he has Poor credit - (12% interest) plus a required visit to bankruptcy court as a 'scared-straight' tactic

• D.

  $16,111 if he has Excellent credit (3.5% interest)$21,835 if he has Average credit - (6% interest)$40,694 if he has Poor credit - (12% interest)

• E.

  He won't be able to get any credit on his own if he marries Madonna and everyone finds out how bad her credit record is.

Elvis is a 28-year old sophomore whohas found a magic lantern which will allow him to pick the best financial aid package.  Which loan package should he chooose? Option 1 $23,000 subsidized Stafford Direct Loans $8,000 unsubsidized Stafford Direct Loan making no interest payment while in school $30,000 Private Education Loan for a borrower with average credit with a 180 month repayment Option 2 $31,000 unsubsidized Stafford Direct Loan making no interest payment while in school $30,000 Private Education Loan for a borrower with poor credit with a 300 month repayment HELPFUL TOOLS   Drexel University http://www.drexel.edu Student Financial Services http://www.drexel.edu/bursar FAFSA - Free Application for Federal Student Aid http://www.fafsa.ed.gov/   Financial Aid Loan Calculator   http://www.finaid.org/calculators/loanpayments.phtml “You Can Deal With It”   http://www.youcandealwithit.com/borrowers/calculators-and-resources/index.shtml Mapping Your Future   http://www.mappingyourfuture.org/paying/debtwizard/  

• A.

  Option 1 - $23,000 subsidized Stafford Direct Loans$8,000 unsubsidized Stafford Direct Loan making no interest payment while in school $30,000 Private Education Loan for a borrower with average credit with a 180 month repayment TOTAL COST: $100,901

• B.

  Option 2 -$31,000 unsubsidized Stafford Direct Loan making no interest payment while in school $30,000 Private Education Loan for a borrower with poor credit with a 300 month repayment TOTAL COST: $201,883

• C.

  Elvis is so confused about money and financial aid that he tosses a coin and calls heads.

• D.

  Elvis realizes that no one actually knows how much loans really cost and needs to contact someone in Financial Aid to figure it out for him.

Jack is a sophomore online student who has just transferred to Drexel from a community college.  He is married, has two children under the age of five, and works full time as a customer service representative for a telecommunications company. For his first term at Drexel, Jack enrolls in two courses. During week five of the term, he discovers that he is on financial hold. The tuition remission that he expected from his company does not apply until he completes his courses and receives grades of C or better in each course. Since the tuition is much more than he had paid for courses at the community college, he does not have enough money to cover the tuition and he has not filled out a FAFSA form or applied for any form of financial aid.  If he withdraws from the courses now so that he can apply for financial aid for next term, a portion of the tuition will still be due and he will not receive tuition remission to cover this. Jack can’t afford to pay this but realizes that if it does not get paid, he will never get off of financial hold to be able to move ahead with his education. What should Jack do to get off of financial hold and enable him to enroll in classes in the next term?   HELPFUL TOOLS   Academic Advising www.drexel.edu/src/academics/advisors/ Office of Financial Aid http://www.drexel.edu/financialaid/

• A.

  Have a good cry and then plead for tuition mercy.

• B.

  Tell his employer that the tuition remission benefit program at the company is all messed up and that they should fix it - starting with him.

• C.

  Since Elvis will be eligible for tuition remission from his employer, he should contact student Financial Services to enroll in the Employer Assisted Tuition Deferred Payment Plan.

• D.

  Put an ad on Craig's List that he will tattoo his biceps with the name of any person who would be willing to pay for his tuition.

Kelly is getting ready to complete her degree at Drexel.  She’s engaged to Regis and they plan to get married after graduation.  At the time she graduates, Kelly will have borrowed $20,000 in Subsidized Stafford Loans. Kelly’s grandmother is giving them a $20,000 gift to help them start their new life together. Kelly has three choices for how to spend the money:             - Pay for a large wedding          - Pay off Kelly’s college loans          - Make a down payment on a small home Kelly wants to make sure that she and Regis are in sound financial shape for at least five years. What should Kelly and Regis do with the money? HELPFUL TOOLS   Mapping Your Future   http://www.mappingyourfuture.org/paying/debtwizard/ Bankrate.com www.bankrate.com     

• A.

  SOLUTION 1: Large wedding – no financial return, but one heck of a party until Uncle Zeppo leads the Conga line outside and the entire bridal party gets arrested for blocking traffic.

• B.

  SOLUTION 2 : Pay off college loans Based on current unsubsidized loan interest rate of 4.5%, Kelly will make $24,872.40 in principal and interest payments over the life of the loan. With the loan paid off, Kelly and Regis will need to rent an apartment. Kelly could take the amount she would have paid in monthly payments of $207 per month and use that toward rent. A 2 bedroom apartment in their South Philadelphia neighborhood will cost $800 per month.At the end of 10 years Kelly and Regis will have paid $96,000 in rent. With all the rent that Kelly and Regis have paid, their landlord will have paid off his mortgage on the property they are renting and he will increase their rent so that he can buy a yacht next.

• C.

  SOUTION 3: Make a down payment on a starter house Kelly and Regis can purchase a small row house in their South Philadelphia neighborhood for $125,000. They believe they can save an additional $5000 before making a purchase – a 20% down payment and their excellent credit score will give them a 30 year fixed mortgage at 4.75% - a monthly payment of $521.65. Kelly will pay $207 per month on her student loan to pay off the loan in 10 years.  Kelly and Regis will be able to deduct student loan and mortgage interest on their income taxes. At the end of 10 years, Kelly and Regis will have paid $87,438 in mortgage and student loan payments. Kelly’s loan will be paid in full and they will have equity in their own home. They decide to have a megahuge party to celebrate and they make a bonfire in the backyard with Kelly's loan documents.

• D.

  Regis tells Kelly that student loans are never completely paid off. So, she decides to pay for a small wedding, make a down payment on a condo, and default on the loan.

Madonna is a 43-year old mother of four and grandmother of two.  She  is enrolled as an online Communications  major at Drexel and has student loans that are deferred until she graduates. In the middle of her second year, her appendix ruptures and she requires immediate, intensive treatment. The doctors have told her that she should plan for recovery to take at least six months. Madonna wants to continue her education but is not sure what will happen to her student status and loan repayment status if she has to take a leave of absence for six months or more. What should Madonna do?  HELPFUL TOOLS   Academic Advising www.drexel.edu/src/academics/advisors/ Office of Financial Aid http://www.drexel.edu/financialaid/

• A.

  Madonna should use her recovery time to write a tell-all autobiography that could be made into a made-for-TV movie. She could use the money she gets for the book to pay for her tuition,medical bills, and a spectacular vacation home in Fiji.

• B.

  Madonna should quit college and reapply to begin again when she is well. While she is out of college, she could move to another state, change her name, and dye her hair pink so that no one will know who she is and she won't have to pay back her loans.

• C.

  Madonna should apply for a leave of absence for 6 months and notify her lenders. Since she is not enrolled at least half time, she isn't eligible for in-school deferment. However, she could be eligible for forbearance due to her medical condition.

• D.

  Madonna should try to keep up with her classes while she is recovering because any disruption in her studies will completely mess up her financial aid, her student status, and position for class registration.

Cher is in her second term at Drexel. Cher had never had a grade less  than a B in high school. But,all of her papers in her philosophy class have received very poor grades. There seems to be a great deal of reading and homework in the course. Cher is doing all the work, but her grades are not improving. She doesn’t want to get a  bad grade and doesn’t know what else she could do.   What should Cher do?   HELPFUL TOOLS   Academic Advising www.drexel.edu/src/academics/advisors/

• A.

  Cher should throw out any papers that receive poor grades because, philosophically, there is no proof that there is actually a reality.

• B.

  Cher should be 'philosophical' about the meaning of bad grades in her life. When the teacher sees how philsophical she is, he will change her grades to B's or better.

• C.

  Cher should contact the instructor and sets up a meeting to get feedback on her work and suggestions for improvement.

• D.

  Cher should contact the department head to complain that the instructor is unfair in his grading practices and that her grades should be raised.

Oprah thinks she is in over her head. She has recently transferred to Drexel and is taking a full-time load in order to graduate in two years even though she has always been a part-time student. She thought that taking online classes would be much easier than taking on-campus classes. But, she is working much harder than she imagined she would have to work.  She feels that she is struggling and won’t be able to keep this up for two years.  She wonders if she should quit college. What should Oprah do?   HELPFUL TOOLS   Academic Advising www.drexel.edu/src/academics/advisors/ Drexel Orange Line http://www.drexel.edu/orangeline/  

• A.

  Oprah calls up the cast of Glee and tells them about her dilemma. They break into song and serenade her with ballads until she feels ready to buckle down and study.

• B.

  Oprah should use DegreeWorks to see what courses she must still take and work with her advisor to figure out a schedule of classes for each term that gives her balance in her life.

• C.

  Oprah decides that her study environment is really the source of the problem. She decides to study in the clothing department of her local department store so that she doesn't feel that she is missing out on shopping with all of the studying that she is doing.

• D.

  Oprah needs to negotiate with her professors for assignments. She thinks that the professors have no idea how much work students have to do in all of their classes and should reduce the work-load on request.

Bono is a Marine stationed in Bosnia. Bono wants to go to college, but he still has two years on his enlistment and expects to be deployed overseas for the balance of the enlistment. Although Bono has not saved any money for college, he still wants to get his degree. Because of his position in the military, he anticipates that there will be periods in which he is going to be out of contact or will not have internet/phone communication. Bono wants to work on his degree and not wait until he has completed his enlistment to begin college. What should Bono do?   HELPFUL TOOLS   Drexel University http://www.drexel.edu Drexel Orange Line http://www.drexel.edu/orangeline/ IRT - Drexel University Office of Information Resources and Technology  http://www.drexel.edu/irt/ Academic Advising www.drexel.edu/src/academics/advisors/ Office of Financial Aid http://www.drexel.edu/financialaid/

• A.

  Bono decides to take classes online and hires Lady Gaga to be a special courier who will bring him his assignments when he does not have an internet connection.

• B.

  Bono contacts the Financial Aid office to find out about military benefits/financial aid options and contacts an academic advisor to discuss logistics of online learning.

• C.

  Bono enrolls in the University of Bosnia and hopes the credits will transfer state-side when he does.

• D.

  Bono should just wait until his deployment is over and then begin college when he can give it his full effort.

Snooki is a senior with only six credits left to take to complete her degree. She has been going to school full-time and working part-time so that she could complete her degree as quickly as possible.  Snooki has budgeted very carefully for her degree and must complete her degree on time in June or else she will run out of money and time.  It is the winter term and she realizes that the two classes she still has to take will not be offered in the upcoming spring term. According to the schedule, one course will be offered in the fall and one will be offered next winter.  This will completely through off her budget and plans. What should Snooki do?   HELPFUL TOOLS   Academic Advising www.drexel.edu/src/academics/advisors/

• A.

  Snooki should contact Steven Tyler who will console her and offer her a judging job on American Idol.

• B.

  Snooki should contact her advisor to discuss options including independent study options.

• C.

  Snooki should spend the summer on the boardwalk in Atlantic City selling salt water taffy since she won't be able to graduate until next year.

• D.

  Snooki should ask the department to allow her to take alternate courses to complete her degree since they will not offer the courses when she needs them.

Snooki is a junior. In the middle of the term, Snooki is informed by her husband that he is leaving her and filing for divorce. This is completely unexpected and Snooki is shocked. In the subsequent week, Snooki discovers that he has emptied their bank accounts and cancelled her credit cards.  Snooki has no idea how she will pay for her electric bill, let alone tuition.  Snooki wants to be able to continue her studies and realizes that getting her degree  on time is more important than ever. What should Snooki do?  HELPFUL TOOLS   Academic Advising www.drexel.edu/src/academics/advisors/ SCDC – Steinbright Career Development Center www.drexel.edu/scdc/      

• A.

  Snooki should contact the Financial Aid office to find out about financial aid options and processes.

• B.

  Snooki should contact the Judge Judy show to recover the money her husband took from their bank accounts and embarrass him on television.

• C.

  Snooki should let The Situation handle things for her.

• D.

  Snooki should take advantage of the fact that Drexel University has a law school and hire a law student to help her with her scoundrel of an ex-husband.

Tarzan is a junior. He is married and has three kids. Tarzan has always prided himself on being able to work, go to school, and take care of his family. It has been a challenge, but things have been going pretty well. It is now time for mid-terms in all of his classes and everyone – including Tarzan – has come down with severe cases of flu. This flu has been particularly awful and the whole household is terribly ill.  Between caring for his kids, wife, and himself, Tarzan is not recovering very quickly.  After a week, he is still extremely ill. Tarzan doesn’t want to fail his exams, but he doesn’t see how he can do anything but fail because he is too ill to read a book let alone take exams. What should Tarzan do?   HELPFUL TOOLS   Academic Advising www.drexel.edu/src/academics/advisors/

• A.

  Tarzan should come to campus, take the tests in person, and make sure his teachers can see him cough and sneeze all over his papers.

• B.

  Tarzan should contact his acadmic advisor for help in contacting his professors about his situation.

• C.

  Tarzan should have his kids call his teachers and explain that Daddy is too sick to do his homework and that they would write a note for Daddy to take to school.

• D.

  Tarzan should take the exams online as planned but ask the teacher for extra credit options if he gets a low score.

Tarzan is a junior.  Tarzan has recently been promoted and transferred. Given these changes, Tarzan thought that he should take a term off from school so that he could get acclimated.  But, to his pleasant surprise, the change has gone very well and he realizes that he could probably handle taking  two classes. It is already the second week of the term and the add/drop period ends in two days. He wants to make sure that he can be successful if he takes on these classes.   What should Tarzan do?   HELPFUL TOOLS   Academic Advising www.drexel.edu/src/academics/advisors/

• A.

  Tarzan should immediately enroll and let the chips fall where they may.

• B.

  Tarzan should audit the classes and just hang back while others take the exams and submit papers.

• C.

  Tarzan should contact his academic advisor to discuss whether it would be possible for him to be successful in getting caught up in time or whether he should wait until the next term.

Gaga is a senior.  Gaga has only one more term to complete before she graduates! She knows what courses she has left to take and she knows that they are going to be offered in the next term.  She is excited and  eager to graduate. She imagines walking up onto the stage in her cap and gown and receiving her diploma. She imagines her family clapping and congratulating her. But, Gaga has no idea what she has to do to  be able to be able to complete her studies and get the degree. Does Drexel just tell her she is graduating and tell her to show up for graduation? What should Gaga do?   HELPFUL TOOLS   Drexel Orange Line http://www.drexel.edu/orangeline/ Drexel Express www.drexel.edu/provost/drexelexpress/ Academic Advising www.drexel.edu/src/academics/advisors/

• A.

  Gaga should just show up to graduation and tell them to give her a diploma.

• B.

  Gaga should buy a cap and gown online and conduct her own private graduation ceremony.

• C.

  Gaga needs to check the Drexel website that provides information and instructions about graduation - http://drexel.edu/src/academics/graduation/ Congratulations, Gaga!

• D.

  Gaga should skip graduation.