Castaic High School student Yra Clamico won a National Grand Prize Scholarship of $2,500 in the Seventh Annual Payback Challenge presented by Next Gen Personal Finance. He was one of two students nationwide that was awarded the $2,500 scholarship.

The contest also awarded 30 $1,000 scholarships to runnersup and another 15 $1,000 grants.

Next Gen Personal Finance’s annual Payback challenge gives high school students across the country a chance to win a $2,500 scholarship for their educational pursuits while developing an understanding of what college life will be like.

The contest required entrants to play the Payback game then compose a letter to a future self, referencing specific experiences from the PaybacK game journey. Students were required to explain how the Payback lessons will guide them when facing future real-life decisions about finance and college.

Winning submission by Yra Climaco:

Dear Yra,

$18,933. This number haunts me as I know this may be my debt soon. Our parents already struggle to support our family of eight and our six cousins who recently arrived from the Philippines. Playing “PayBack” I experienced a well-needed reality check along with seemingly impossible decisions.

As I sit here typing this letter to you, I’ve made 3 essential rules for you to carry to college:

1) Prioritize Education :

I know I’m not that much of a party animal, and I hope you still aren’t. Realize what you came to college for… it’s for us to be successful in life. Opting out of a fraternity in “PayBack” significantly boosted my focus, and I expect nothing less from you.

2) Work :

Right now, I’m an LA County Lifeguard. Keeping this job will save you from debt. Working 20 hours a week, I was able to save around $2,000 each year according to PayBack. Although this may seem miniscule, it will keep you from an additional $10k in debt.

3) Enjoy Life! :

You don’t have to sit in your room all day and slurp down boxes of ramen. Eat out with friends. Join a student group! In Payback, it never hurt too much to do these actions. It boosted my happiness throughout college. But I don’t blame you if you want to eat more ramen.

With these rules in your arsenal, I believe you can defeat the monster of debt that awaits you.

Sincerely,

17-year-old you :)

During the process, students learned how much textbooks could cost, options between living on and off campus, meal plans and other expenses that individuals may not know about. The goal was to inform and educate the students who participated how to make conscious financial decisions to ensure they would have a successful educational experience without breaking their bank accounts.

For more information visit https://www.ngpf.org/paybackchallenge.