Sonya explains the Military Lending Act

Updated Oct 06, 2022

Students experience an interactive adventure, explore the Military Lending Act (MLA), and use a loan calculator to understand the impacts of high-interest loans.

Big idea

The Military Lending Act (MLA) provides key financial protections for active duty servicemembers.

Essential questions

What rights are protected under the MLA?
Why are MLA protections important?
How can comparison shopping help with managing debt?

Objectives

Understand protections provided under the MLA
Describe how interest rates impact financial well-being

What students will do

Complete an online, interactive adventure independently or as a group.
Calculate monthly loan payments and total loan costs based on varying interest rates.
Answer questions about the importance of financial protections.

Download activity

Teacher guide

cfpb_building_block_activities_MiMM_sonya-explains-Military-Lending-Act_guide.pdf

Student materials

cfpb_building_block_activities_MiMM_sonya-explains-Military-Lending-Act_worksheet.pdf

cfpb_military-lending-act-know-your-rights_handout.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.

Explore related resources

Key information for this activity

Building block

(What are the building blocks?)

Executive function
Financial habits and norms
Financial knowledge and decision-making skills

Topic

Spend (Budgeting, Buying things), Borrow (Getting loans, Managing credit)

School subject

JROTC/ROTC (Servicemembers), Math

Audience

Grade level: High school (11-12)

Age range: 16-19

Student characteristics: Low income, Rural, Urban

Activity characteristics

Activity type: Individual, Small group, Whole class

Teaching strategy: Blended learning, Cooperative learning, Personalized instruction

Bloom’s Taxonomy level: Remember, Understand, Apply

Activity duration: 75-90 minutes

National standards

(What are the national standards? )

Standards: I. Earning income, II. Spending, V. Managing credit

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