Financial literacy activities

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Telling the difference between loan myths and realities

Students analyze statements about loans and decide whether they’re a myth or reality.

Topic

Borrow (Getting loans, Managing credit)

Subject

CTE (Career and technical education), English or language arts, Social studies or history

Grade Level

Middle school (6-8)

Duration

45-60 minutes

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Updated

Big idea

Knowing the difference between loan myths and realities can help you become a responsible borrower. 

Essential questions

  • What are the most important things to know about taking out a loan?
  • Why are some people able to get a loan while other people aren’t?

Objectives

  • Recognize whether a statement about loans is a myth or reality
  • Understand the difference between secured and unsecured loans

What students will do

  • Review key terms related to taking out a loan.
  • Determine whether statements about loans are a myth or reality.
  • Learn about the difference between secured and unsecured loans.

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Teacher guide

cfpb_building_block_activities_tell-difference-between-loan-myths-realities_guide.pdf

Note: Please remember to consider your students’ accommodations and special needs to ensure that all students are able to participate in a meaningful way.

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