West Virginia Code of State Rules › Agency 126 - Education › Title 126 - LEGISLATIVE RULE BOARD OF EDUCATION › Series 126-044D - West Virginia College- and Career-Readiness Standards for Social Studies (2520.4) › Appendix A

Current through Register Vol. XLI, No. 28, July 12, 2024
The new personal finance course graduation requirement
				  becomes effective with the 2024-2025 freshman cohort. However, counties may
				  have chosen to implement this requirement early.
Freshmen will not be eligible to take this new course prior
				  to their 11th grade year. In the meantime, the
				  following personal finance standards must be embedded into Civics and/or Dual
				  Credit/AP Government and Politics to ensure every student receives personal
				  finance instruction prior to graduation as required by W. Va. Code. The new
				  standards for the course will be housed in W. Va. §126CSR44M, West
				  Virginia College- and Career-Readiness Programs of Student/Standards for Career
				  Technical Education (CTE course code 1451).
Personal Finance
1
Investigate the cost of postsecondary
							 education.
* Determine the tuition and fees of several specific
							 public and private two- and four-year institutions.
* Examine room and board cost for students that live
							 on campus.
* Examine commuting costs for attending a local
							 institution (gas, car maintenance, distance, time).
* Compare textbook costs (e.g., used books, new
							 books, digital rentals, online book stores, local bookstore, text loaning
							 programs).
* Determine personal expenses (e.g., hobbies,
							 restaurants, entertainment, transportation, gas, bills, rent, insurance,
							 cellphone).
* Examine the net price of different postsecondary
							 institutions utilizing the net price calculator required to be posted on all
							 postsecondary institution's web pages.
* Identify sources of financial aid.
* Examine and understand financial aid terminology
							 (e.g., Free Application for Federal Student Aid (FAFSA), Expected Family
							 Contribution (EFC), grant, cost of attendance).
* Explore the application process for student loan
							 qualifications and the repayment process.
2
Evaluate income, lifestyle, and career opportunities
							 based on education and financial aid decisions.
* Differentiate the annual income of a college
							 graduate compared to a high school graduate.
* Differentiate between gross and net income (e.g.,
							 taxes, insurance, and pension plans).
* Explore how earning a degree impacts lifestyle,
							 lifelong earning potential, and personal wants vs. needs.
* Investigate the consequences of personal choices in
							 relation to finances.
* Construct, utilize, and monitor a budget for a
							 recent high school graduate.
* Construct, utilize, and monitor a budget for a
							 recent college graduate.
* Compare and contrast the budgets of a high school
							 graduate and a recent college graduate.
* Explore how benefits packages, unions, and
							 professional organizations impact lifestyle and career choices.
3
Examine the expectations and benefits of potential
							 careers and their impact on lifelong earning potential.
4
Examine general workforce preparedness skills.
* Develop a resume showing skills, experiences, and
							 education that can be used when applying for a job, a scholarship, or
							 college.
* Participate in mock job interviews.
* Identify workplace expectation, including prompt
							 attendance, timelines, and efficiencies.
5
Examine the causes of bankruptcy and how to avoid
							 them.
6
Complete federal and state income tax forms and
							 examine other state and local taxes.
7
Examine the advantages and disadvantages of different
							 types of consumer debt to make sound financial decisions (e.g., home loans,
							 credit card debt, automobile loans, pay-day loans, and rent-to-own).
8
Develop the knowledge and practices of a savvy
							 consumer who knows consumer rights and responsibilities, can identify and avoid
							 fraudulent practices and guard against identify theft.
9
Utilize traditional and online banking services as
							 well as examining fees, services and hidden costs of checking, savings, debit
							 cards, Certificates of Deposit, etc.
10
Examine financial habits that promote economic
							 security, stability and growth.
* Investments (e.g., stocks, mutual funds,
							 certificates of deposits, and commodity trading).
* Insurance (e.g., life insurance, health insurance,
							 automobile insurance, home and renters insurance, and retirement plans).