2007
Hot Topics for High School Students

Juniors: First Generation College Students

• Start planning for college as early in high school as possible:
  • Sign up for college-track classes
  • Participate in extracurricular activities
  • Keep up your grades
• But also remember that it's never too late. Even if you haven't been college-bound until right now, you still have plenty of opportunities.
• Help is available, but you have to ask for it. Be sure to visit the counseling office, call college admissions offices, contact EAC (1-800-874-9033), talk to someone who is in college now, and keep asking until all of your questions are answered.
• College may feel like a different world from high school. Take the time to visit one and really picture yourself there.
• College is a chance to learn about yourself and experience new things. These may be different from your parents' experiences, and that's okay!
• Maybe you are ready to immerse yourself in college and live on campus, or maybe attending college close to home, or even living at home, would work better for you. Only you know.
• Many colleges offer summer programs for high school students. Go, learn, experience!
• Did you know that colleges charge money for you to apply? Plan for this now.
• Let your parents know ahead of time that they will need to provide their income tax information when you apply for financial aid.
• To some extent, college offers more freedom from high school, so be prepared to choose what you would like to study, and even what time of day you'd like your classes to be. Fun, right?
• You are responsible for your own future - make it happen!

Seniors: FAFSA Time is Here!

Where to start?

1. Nag your parents to complete their tax returns as soon as possible. Having that out of the way makes the rest of the financial aid process a lot easier.
2. While you've got their attention, drag your parents over to the computer and go to www.pin.ed.gov to request a PIN. You need one and at least one of your parents should have one of their own.
3. Gather the information you need:
   • Social Security numbers
   • W2s
   • Tax returns
   • Bank statements
4. Go to www.fafsa.ed.gov and fill out the FAFSA on the Web Worksheet.
5. You're ready! Stay at www.fafsa.ed.gov and complete the FAFSA.
6. If you have any questions, EAC's FAS Team is here to help. Give us a call at 1-800-874-9033 or send us an e-mail at fas@eac-easci.org.

Note: Yes, you can complete the FAFSA on paper, available at your local library, through the counseling office, or at a college financial aid office. But, unless you really have to, don't, because it takes a lot longer to process.

Student Aid Report

If you completed your FAFSA electronically AND provided your e-mail address, you will receive e-mail notification that your SAR is ready. Be sure to have your Personal Identification Number (www.pin.ed.gov) available, as you will need it to access your SAR online.

If you completed your FAFSA electronically and did not provide your e-mail address OR completed a paper FAFSA, your SAR will be mailed to your home address.

Read your SAR carefully. If you find no mistakes, just file the SAR away for your own records. If you do find a mistake, follow the instructions provided on your SAR to make that correction.

Protect Your Identity

But don’t get into the habit of giving out this information to just anyone. This kind of information can be used by identity thieves, who might borrow money and buy things that they expect YOU to pay back. Make sure that doesn’t happen to you by being very careful. Don’t share personal information with people you don’t know, and that includes posting it on Myspace or Facebook. You’ll never be sorry that you’ve been too careful!

Seniors: Award Letters

1. Get a PIN (www.pin.ed.gov). Complete the FAFSA (learn more at www.fafsa.ed.gov). Review your Student Aid Report (http://www.eac-easci.org/eacnews/eacnewsarticle.cfm?artid=1388&type=2).
2. Receive your award letters and accept the aid that you need at the college you’ll be attending.

Once you have chosen the college that is right for you, you will need to accept the financial aid that is right for you. You should accept scholarships and grants, as long as you will be able to meet their requirements, but think carefully before accepting student loan funds. Remember that all student loan funds must be repaid, so only borrow what you really need! Then follow the instructions provided by your college for returning the award letter to them. Don’t forget to contact all of the colleges to which you applied to let them know of your decision!

Juniors: Understanding the Types of Colleges

Public – Public schools receive funding from the state in which they are located. These are usually less expensive, particularly if you stay within your state.

Private – Most private schools support themselves using the funds from tuition you pay, donations, and other sources. These schools usually fall under a “nonprofit” category, meaning that they money they earn is put back into running the school.

Proprietary – Proprietary institutions are privately owned and operated and are for-profit businesses. They can be a four year, trade, or vocational school.

College/University – A college or university is what most people think of when the term “college” comes up. These schools may offer associates, bachelors, and/or advanced degrees and usually require that you “round out” your education by taking courses outside of your major.

Community or Junior College – Community and junior colleges offer two-year programs. These schools may cost less than a traditional college and offer more flexible schedules. Many students complete two years at a college like this before continuing their degree at a four-year college.

Juniors: Will You Meet Academic Requirements?

If you are missing classes from those requirements, get registered to take them during your senior year so that you don’t miss out!

Seniors: Understanding Student Loan Types

Perkins Loans – The Federal Perkins Loan Program offers low-interest loans to students with financial need. If eligible, you will borrow this loan directly from the college financial aid office.

• Amount: Up to $4,000 per year
• Interest rate: 5%
• Repayment begins: 9 months after you graduate or drop to less than half-time attendance
• Repayment time: Up to 10 years to repay this loan.

Subsidized Stafford Loans – The Subsidized Federal Stafford Loan is borrowed from the lender (bank or credit union) that you choose. Your eligibility for this loan is determined by the college financial aid office, based on the information you provided on your FAFSA. The government pays the interest on your behalf while you are in school (at least half time), during your grace period, and during authorized deferment periods.

• Amount: Up to $3500 (as of July 2007) for first-year undergraduate students
• Interest Rate: 6.8%
• Repayment begins: 6 months after you graduate or drop to less than half-time attendance
• Repayment time: Up to 10 years.

Unsubsidized Stafford Loans – The Unsubsidized Federal Stafford Loan is like a subsidized Stafford loan in terms of amount, interest rate, and repayment provisions, but interest will accrue to you over the life of the loan. You may pay it off as you go along, or it will be added to your total at the time you enter repayment.

PLUS Loans – If you are an undergraduate student, PLUS loans maybe be borrowed by your parent through the lending institution of his or her choice. (Graduate students may borrow this loan type themselves.) Credit approval is required for this loan type.

• Amount: Up to cost of attendance minus other financial aid received.
• Interest Rate: 8.5%
• Repayment begins: 60 days after the loan has been fully disbursed to the college.
• Repayment time: Up to 10 years.

Alternative Loans – Also known as “private” or “supplemental” loans, these are not Federal loans and the provisions will vary greatly depending on the lender. Generally, this loan type has a higher interest rate than Federal loan types, repayment begins before you are out of school, and you will be required to pass a credit check. Make sure you have exhausted all other options before borrowing this loan type.

More information about the different kinds of student loans is available on the EAC web site at www.eac-easci.org, or from the college financial aid office.

Juniors: Be Credit Card Smart

But think carefully before you do. It’s easy to tell yourself that you’ll need a credit card for “emergencies.” But sometimes the definition of “emergency” can change over time and suddenly you find yourself charging pizzas and cell phone upgrades and before you know it, you’re in way over your head. Some people even end up having to drop out of college so that they can make enough money to pay back their credit card debts! Don’t lose sight of the big picture. Before signing up for your first credit card, think about some other options available:

• Debit card - a debit card draws money directly from your checking or savings account, allowing you the quick access of a credit card without going into debt.
• Shared card – think about sharing a card with a parent. He or she can help you stay on track by providing some accountability.

If you do decide to get a credit card, follow these simple steps:

• Shop around for the best deal. A good place to start would be with a card that offers a low interest rate and no annual fees.
• Get only one card.
• Keep your limit low.
• Pay off your balance every month and avoid interest charges all together, or at least, always pay more than the minimum required payment.
• And if you start getting in over your head, call the credit card company to close your account and ask for help in setting up a payment plan.

Seniors: Tips for Succeeding at College

• Learn how to manage your time. It’s your job to make sure your class work gets done and that you’re prepared for your exams. Allow yourself enough time for that to happen.
• Go to class and take notes. Your professors may not even notice, especially in big classes, but you can’t learn what you need without attending class and it will definitely show in your grades.
• Find a study partner or form a study group. Help each other succeed.
• Get ahead. Reading ahead in the coursework can really help the class lectures to make sense, and you won’t have to worry about doing it later.
• Ask for help. Tutoring and other help is available, just ask.

What Are Fall Planning Days?

Web Site to Know: PIN

The Financial Aid Process - From Start to Finish

What is the FAO?

Should I take the PSAT?

Second, the top scorers on the PSAT can become finalists in the National Merit Scholarship and the National Achievement Scholarship programs. You can't qualify for these scholarships if you don't take the test, so be sure to sign up.

The PSAT should be taken during October of your junior year, and is administered by your high school. Contact your school counselor for more information.

Web Site to Know: Going 2 College

• Career planning
• Planning for college
• Finding a college
• Paying for college

• Mentor and tutor programs
• College information centers
• Financial aid and college information events
• Information on college entrance exams

Decision Making

Choosing a college, planning for a career, knowing what to do Friday night, all of these are decisions. One of the most important skills you can acquire as you look toward your future is the skill of making great decisions. These steps may not be easy, but they are important, any time you face a decision:

1. List the options. What are all of the possibilities?
2. Write down your goals. What do you want to accomplish?
3. Think about how each option meets your goals, or identify if it doesn't help you meet your goals. What are the consequences of each choice?
4. Make your decision. What is the answer?
5. Develop a plan. How do you get there?

Web Site to Know: FAFSA on the Web

If you are interested in college financial aid, then completing the Free Application for Federal Student Aid (FAFSA) is a "must." And the fastest and easiest way to complete the FAFSA is online at www.fafsa.ed.gov.

You should complete the FAFSA as soon after January 1 of your senior year as possible, but you can't complete it any earlier than that. Until that time, visit the FAFSA web site and familiarize yourself with the process.

Maintain Your E-Mail Address

As you begin the financial aid application process, it's a good idea to have an e-mail address that you maintain and check often. Scholarship committees, college financial aid offices, and the Free Application for Federal Student Aid (FAFSA) process may all use your e-mail address to quickly contact you to verify or update your information. Don't miss out on financial aid opportunities by providing an e-mail address that later becomes outdated.

2007