February/March 2008

Bimonthly newsletter of College Assistance Plus

What to do after the acceptance letter

"Mom! Dad! I got accepted!" She holds the letter in her hands, her face glowing. Your heart leaps with joy and pride. Of course she did! She's your child, after all.

"Congratulations! That's wonderful, honey!" you say as you surprise her with a quick hug.

But she is too excited to stand still. "I'm going to go tell my friends! I can't believe I got accepted! It's my first choice college!" The acceptance letter flutters to the floor as she dashes off to text her friends and update her Facebook status. You pick it up and watch her disappear, trying to remember when the baby girl that you brought home from the hospital turned into the confident teenager who no longer needs you.

Yet she does still need you. She needs you to help her make a decision that could impact her life forever ? which college to go to. She will want to send in her confirmation check right away to reserve her place in the class, but you should not make any final decisions until you receive the financial aid packages from all of the other schools that accepted her.

When she does receive the financial package letters, which could be in March or April, take time to compare them to determine which college will give you the most amount of aid. (Don't count loans as "aid" because she will have to pay those back after graduation. Look at the amount of money in grants and scholarships, and the total amount that she will have to pay out-of-pocket.) Talk about which college is the best financial option, and encourage her to make a wise financial choice.

It's easy to get caught up in emotions, but the best thing you can do for your child is to help her make a decision that prevents her from digging herself into a life with college debt. Today's young people are more in debt than any other generation, and you are in a position where you can directly influence the rest of her life.

It might be difficult to tell your precious daughter that she may not be able to attend her first choice college, but your heart will swell with even more pride four years from now when she graduates from college debt-free!

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Interview with a Student - Beth Sterling

Beth Sterling
Editor's Note: Beth Sterling is a stay-at-home mom to one son, with another on the way.

CAPlus: How much do you have in loans right now?

BS: I went to college off and on (mostly on) for 5 years, and didn't finish a degree. Now I have have about $26,000 in student loans.

CAPlus: Wow, you spent a lot of time in college and don't have anything to show for it. Does that bother you?

BS: What makes me very mad at myself is that I knew from day one that I was going to be a stay-at-home-mom to my kids and that I would probably not use a degree until they were in school at least. By that time, I will proably need more schooling!

CAPlus: Why did you go to college if you knew you wanted to stay at home?

BS: I did it because my mother hounded me about going to college. I wanted to please her, so I went. Now they are talking about getting another mortgage to send my little sister to college!

CAPlus: It sounds like your parents really want you and your sister to go to college.

BS: Yeah, but I don't think they realize what it has done to us. My mom asked me just last week why I didn't go and finish my degree, and I finally told her that it has cost me $30K not to all these years.

CAPlus: Does having loans affect your everyday life?

BS: It sure does. I am looking at putting my son in daycare and going back to work so I can pay off the loans I got while I was in school switching majors because there was nothing that I really wanted to do.

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High school freshmen & sophomores

• Keep studying for the SAT and ACT tests at least 1 hour a week. Use a software program that comes with sample tests that you can learn from.

Document your athletic talent

• Athletes should compile newspaper clippings and video highlights of themselves. Most student athletes don't get a full scholarship, but you could pick up a few thousand dollars, especially if your talent is well-documented.

• Attend college fairs at local schools or malls. If you start looking at colleges now, it will make your junior and senior years easier!

• Talk to your high school guidance counselor about career profiling. This might give you an idea of what kind of career you would enjoy.

• If you have money in mutual funds, bonds, stocks, and educational IRAs, you should consider talking to a financial planner about moving those assets into accounts that are not exposed to the FAFSA's formula.

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High school juniors

• Study for the ACT and SAT exams! The next ACT test date is April 12; registration is due by March 7. The next SAT test is March 1; regular registration was due on January 29, but you can still register (with a late fee) until February 7. Visit www.actstudent.org and www.collegeboard.com for more information and to find testing sites. There are study resources there as well. Remember, better scores can mean better financial aid!

Look up colleges on the Web

• If you play spring sports and want to play in college, have someone take video and photos of you now. You won't have the opportunity to do this next year, because most colleges will have already decided about teams and scholarships by next season. Now is the time to make sure your portfolio is strong.

• Explore the Websites of the colleges that you might be interested in. Start comparing schools by the things that are the most important to you.

• Stay focused on your schoolwork during the next few months. It's easy to get distracted, but your junior year grades are very important. They show the colleges what kind of work you are capable of, and they are used to determine how much scholarship and grant money you are eligible for.

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High school seniors

• You should have finished applying to most of the schools that you are interested in by now. If you haven't finished your applications, check the deadlines to make sure that you haven't missed any. If you have missed deadlines, look for colleges with later application deadlines. We suggest applying to about six of your favorite schools so you have a lot of financial options.

Get your applications in

• Follow up with the colleges that you have applied to. Make sure that they received all your application information, including your FAFSA, recommendation letters, test scores, and transcript.

• If you haven't filed your FAFSA yet, make sure you do it before the month is over. If you already filed based on last year's tax information, go back to the FAFSA website and correct the information. Once you have filed, watch the mail (or your email) for your SAR (Student Aid Report). This should give you an idea of how much your Expected Family Contribution will be. If there is any incorrect data, follow the instructions in the packet to correct it.

• Due dates for recommendation letters are approaching, so be sure you ask for the letters if you know they have not been sent to the schools yet.

• If you aren't happy with your SAT/ACT scores, retake the tests. The highest combination of scores is always used, so taking the tests again won't hurt you.

• Plan visits to any colleges and set up interviews that you didn't get to during the summer (or if you want to visit again). Read bulletin boards and the college paper, talk to students and professors, and try to spend a night in the dorms. Ask your CAPlus advisor for a college visit packet before you go!

• You will probably start receiving acceptance or rejection letters soon. Even though it's exciting to see that colleges want you, don't make any decisions until you receive financial aid package letters and can compare them.

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College freshmen, sophomores, and juniors

• Make sure you have filed your renewal FAFSA to get the maximum amount of financial aid. It's easy to make a mistake, so have your CAPlus advisor review your form before you submit it.

Beware of credit card debt

• Look for a summer job when you come home for spring break. While it's easy to get a service job, you should focus on finding a job that will help you in your field of study. Network around while you are home and get some interviews set up if possible.

• Discuss your plans for next year with your academic advisor. Talk about whether you are on track to graduate in four years. If you haven't declared a major yet, register for general classes that you will need to take at some point. Don't get trapped into an extra semester!

• Beware of credit card companies! You'll receive dozens of credit card offers in your college mailbox, some of which will offer you free t-shirts, iPods, and other gadgets. Don't sign up for a card unless you are going to pay it off each month. Credit cards do not give you "free money" that you can spend whenever you want.

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College seniors

• Remember to pay off your credit card as soon as your bill is due. Credit card companies slam you with high interest rates, and getting out in the "real world" will be much easier if you have a positive credit history.

Get to know your professors

• Take some time this winter to get recommendations from college professors and department heads. If you don't know your professors or department heads very well, spend some time in the next few months to get to know them. They can be influential in recommendations and references for your first job.

• If you will be home for spring break, talk to your family and friends about networking for a job. Getting a job is about networking, not applying online. Remember, you're only months away from the end of your college career!

• Talk to people at career fairs at your school. This is a great opportunity to talk to people in different fields and maybe get some interviews. You never know what kind of leads you might get!

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