Questions & Answers

Guidance

November 01, 2008

Financial Aid and Educational Planning Night- Nov 20, 2008 in AHS Media Center

6:30-8:00 pm

Open to all Juniors and Seniors and their parents!

Seniors … borrow wisely for college!
The financial aid award letter you received from your college indicates the loans you qualify to borrow. It may include loans you borrow directly from the school (Perkins), from a lender (Stafford Loan), or from the federal government (Direct Loan). In addition, your parents may qualify for the PLUS loan. Your college will provide borrowing procedures.

Before you borrow, estimate your future monthly loan payments using our Student Loan Repayment Calculator at www.educationquest.org/calc.asp .

The key is to borrow WISELY. Think about how debt may affect your future lifestyle. We talked to a former college student named Brad who graduated with a teaching degree, but can’t afford to be a teacher because he’s paying off $30,000 in student loans! He offers these tips to help you avoid his mistakes:

· Carefully research the college you plan to attend to make sure it’s a good fit. Brad transferred to three different schools, which added additional years of school and loan debt.

· Estimate your future salary and compare it to the amount of student loans you think you will need.

· Work while you go to college and use that money to pay living expenses.

· Use your student loan money only for tuition, books and fees.

· Keep track of your student loan debt. Brad said he didn’t pay attention to his debt accumulation until his junior year, and then said, “It was a shock!”

Juniors: It’s time to start looking at colleges
Start looking at colleges your junior year so you can narrow your choices by the time you’re a senior. Follow these tips for successful campus visits.

Visit your top college choices while the schools are in session. You won’t get the true flavor of the school during breaks or finals week.

Schedule your visits at least two weeks in advance. Ask for appointments with an admissions representative, financial aid counselor and a faculty member in your area of interest.

Talk to a faculty member about upper-level classes in your anticipated major. Many students change majors because they don’t understand the subject matter or the degree of difficulty.

Ask the financial aid counselor how the college may offset tuition costs and about college-based scholarship applications and deadlines.

If possible, stay overnight in a residence hall and eat in the cafeteria. Ask about the personality of each hall so you can request one that suits you.

Check out the school’s website. You’ll find admission requirements, academic and social information, and campus photos or a virtual tour.

Web resources to help with your college search
Find information about Midwest colleges in the College Profiles section at www.educationquest.org.

Summertime is planning time for juniors
Juniors…summer is the time for serious college planning. Here are your assignments:

· Start narrowing your college choices. Tour a few schools this summer. Visit EducationQuest and search the Internet for information about colleges that interest you.

· Update your Activities Resume on the EducationQuest web site. Include extracurricular activities, honors, awards and part-time jobs.

· Look for scholarships. Free resources include your guidance counselor and ScholarshipQuest at www.educationquest.org, which has over 1,700 local and statewide scholarships. Pay attention to the scholarships seniors are earning so you can apply for the same awards.

Find a summer job to help pay for college expenses. Ask prospective employers if they offer education assistance programs
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Seniors: What happens after you submit the FAFSA?
By now, you have probably submitted your Free Application for Federal Student Aid (FAFSA).

Parent alert * You should never pay for FAFSA Assistance or Forms*

www.fafsa.ed.gov is always FREE!

Here’s what happens next.

Expect your SAR and Award Letter
You’ll receive a Student Aid Report (SAR) after you submit the FAFSA. This acknowledges that your form was processed and can be used to make corrections to your FAFSA. You’ll need the PIN you used to file the FAFSA to make electronic corrections.

The colleges you listed on the FAFSA will send you a financial aid award letter detailing the assistance they’re offering. They may offer a combination of scholarships, grants, work-study and student loans.

Compare Award Letters
Compare award letters from the colleges. Some may offer more in scholarships and grants, while others rely on student loans. Calculate your out-of-pocket expenses for each school to get the whole financial picture. Use our Award Letter Comparison Calculator to determine which school offers the best deal. Sign and return the award letters.

Keep looking for scholarships!
Many local, state and national scholarships have deadlines in March, April and May. Talk to your guidance counselor about scholarships that meet your criteria. For local and state scholarships, visit ScholarshipQuest at www.educationquest.org.

May “To Do” List
Seniors
___ Apply for student loans, if necessary
___ Register for freshmen orientation
___ Start a list of dorm room essentials

Juniors
___ Register by May 1 for June 7 SAT
___ Register by May 1 for June 14 ACT
___ Continue campus visits
___ Get a summer job and save for college