DOCUMENT RESUME ED 378 496 CG 025 896 TITLE Preparing … · More than half of all recent high...

DOCUMENT RESUME

ED 378 496 CG 025 896

TITLE Preparing Your Child for College: A Resource Book forParents. Second Edition.

INSTITUTION Department of Education, Washington, DC. Office ofthe Under Secretary.

REPORT NO ED/OUS94-35RPUB DATE 94NOTE 60p.; For first edition, see ED 352 589.AVAILABLE FROM Consumer Information Catalogue, Pueblo, CO 81009

(free).

PUB TYPE Guides Non-Classroom Use (055)

EDRS PRICE MF01/PC03 Plus Postage.DESCRIPTORS Adolescents; College Bound Students; College Choice;

*College Preparation; Colleges; Education;Educational Counseling; Educational Objectives;*Educational Planning; Guidance Objectives; HigherEducation; *Parent Materials; Paying for College;Resource Materials; Secondary Education

ABSTRACTIt is never too early for parents to think about

college for their children. This resource book was designed to helpparents and educators work with students to ensure that theirchildren have the option of going to college. The booklet providestips on academic preparations and also offers ideas on how parentscan plan for the costs of a college education. Although it waswritten primarily as a long-term planning guide for parents, thisguide should likewise assist guidance counselors and teachers. Thebook helps parents set high expectations for their children's future,know what college options are available, and plan college finances.The guide addresses these issues in seven chapters: (1) General

Questions about College; (2) Preparing for College; (3) Choosing a

College; (4) Financing a College Education; (5) Long-range Planning;(6) Important Terms; and (7) Other Sources of Information. Alsoincluded are exercises and checklists parents can use when discussingcareer plans, college inquiries, college preparation, and financialpreparation with their children. Ten charts furnish quick referenceson finances, recommended high school courses, and othercommonly-asked questions. Information about opportunities in eachstate, complete with addresses, phone, and fax numbers, appears inthe back. (RJM)

***********************************************************************

Reproductions supplied by EDRS are the best that can be madefrom the original document. *

***********************************************************************

.oontrooNee)

AI+ A

Asc._

IIIW

A ..Ak

B AVAILABLECo0' s s DEPARTMENT OF EDUCATION

Of of Educational Research and ImprovementCO EDUCATIONAL RESOURCES INFORMATION

CENTER (ERIC)LC1 0 This document has been reproduced as

c\1received from the person or organizationoriginating II

C:::/ C Minor changes have been made to improvereproduction Quality

CD Points of view or opinions staled in this docu-ment do not necessarily represent &tic al

C...) OERI position or policy

2

*

II)REPARING YOUR CHILDFOR COLLEGE

TNYTT

VTIrirVVVT

VYTTTYYTVVVYTYVYTV VTVVVY

v A Resource Bookfor Parents

Second Edition

U.S. Depat iment of EducationRichard W. Riley

Secretary

Office of the Under SecretaryMarshall S. SmithUnder Secretary

4

A NOTE TO PARENTS

It's never too early to think about collegeabout thc, benefits of a college education andabout ways to put college within reach aca-demically and financially. Throughout theirschool years, students maka academic andother decisions that affect whether they will beeligible to enter college. You7working withotherscan help your child make these deci-sions wisely.

This resource book is designed to help youwith that process. It will help you work with yourchild and with your child's teachers and guid-ance counselors, to ensure that he or she hasthe option of going to college. It will help yourchild to prepare academically for the rigors ofcollege, and it will help you to plan financially forthe costs of a college education. A goodacademic record on your child's part and soundfinancial planning on your part will help ensure amenu of opportunities when the time comes todecide about college. Although this book waswritten primarily as a long-term planning guidefor parents, guidance counselors and teacherswill also find it useful and informative.

This book will help you to

Set high expectations for your child'sfuture;

Know what college options areavailable;

Plan your finances with college in mind;and

Know what financial assistance yourchild may be eligible to receive.

To ensure that today's students will be ableto live, work, and compete in the 21st century,the U.S. Department of Education and theNation's governors set a direction for the nationby establishing six national education goals. In1994, Congress passed the Goals 2000 EducateAmerica Act, which incorporated the six goals

U

agreed upon by the governors and added twoadditional goals. In brief, the goals state that bythe year 2000

All children in America will start schoolready to learn;The high school graduation rate willincrease to at least 90 percent;All children will be competent in at leastEnglish, mathematics, science, foreignlanguages, civics and government,economics, arts, history, and geography;The Nation's teaching force will haveaccess to programs for the continuedimprovement of their profetsional skills;American students will be first in the worldin mathematics and science achieve-ment;Adult Americans will be literate and havethe skills necessary to compete in a worldeconomy;Every school in America will be free ofdrugs, violence, and the unauthorizedpresence of firearms and alcohol; andEvery school will promote partnershipsthat will increase parental involvementand participation.

As we turn from a "Nation at Risk" to a"Nation on the Move" we must assure that ourchildren and youth are prepared to meet thechallenge of the world economy, the obligationof civic responsibility, and the responsibility ofattaining the national education goals.

Attaining the national education goalsdepends greatly on the efforts of the entirecommunity, but especially you, the parents ofour children. In helping your child succeed inhigh school and aim for college, ycu're alsohelping our Nation produce informed citizensand a competitive work force for the nextdecade and beyond.

Richard W. RileyU.S. Secretary of Education

lit

PREPARING YOUR CHILD FOR COLLEGE

I. General Questions About College

Why attend college? 1

What types of colleges exist? 2

What kinds of jobs are available to college graduates? 4

II. Preparing for College

What can my child do to prepare academically for college? 7

What can my child do outside the classroom to preparefor college? 13

Ill. Choosing a College

How can my child go about choosing a college? 14

IV. Financing a College Education

How much does a college education cost? 17

How can I afford to send my child to college? 20

What are the most common sources of financial aid? 27

Is my child eligible for financial aid? If so, how much? 29

Are there other ways to keep the cost of co;lege down? 32

V. Long-Range Planning

How do I set up a long-range plan? 34

Vi. Important Terms

What terms do I need to understand? 38

VII. Other Sources of Information

Where ccn I get more information on thetopics discussed in this handbook? 41

6

Exercises and Checklists for You and Your Child

Help Your Child Think About a Career 5

Course Planner for Parent and Student 10

College Inquiries 15

College Preparation Checklist for Students 35

Financial Preparation Checklist for Parents 37

Charts

Chart 1: Examples of Jobs Requiring College Preparation 4

Chart 2: High School Courses Recommended fora Four-Year College 8

Chart 3: Questions To Ask Guidance Counselors 9

Chart 4: Distribution of Students at Four-Year Collegesby the Amount of Tuition and Fees Charged 17

Chart 5: Typical College Costs 18

Chart. 6: Average Tuition and Fees by Type of College,School Year 1993-1994 19

Chart 7: Amount You Would Need To Save To Have $10,000Available When Your Child Begins College 21

Chart 8: Examples of Savings Instruments and Investments 22

Chart 9: How Much Need-based Financial Aid Can My Child Get? 29

Chart 10: Military Postsecondary Education Opportunities 32

7vi

Why attend college?

A college degree can provide your childwith many opportunities in life. A college edu-cation can mean:

Greater Knowledge

A college educatior, will increase your child'sability to understand developments in sci-ence and in society, to think abstractly andcritically, to express thoughts clearly inspeech and in writing, and to make wisedecisions. These skills are useful both on andoff the job.

Greater Potential

A college education can help increase yourchild's understanding of the community, theNation, and the worldas he or she exploresinterests, discovers new areas of knowledge,considers lifelong goals, and becomes aresponsible citizen.

8

More Job Opportunities

The world is changing rapidly. Many Jobs relyon new technology and already requiremore brain power than muscle power. Inyour child's working life, more and more jobswill require education beyond high school.With a college education, your child will havemore jobs from which to choose.

More Money

A person who attends college generallyearns more than a person who does not.For example, in 1992, a person with a collegedegree from a four-year college earnedapproximately S11,000 more in that year thana person who did not go to college. With acollege education, your child can ,arnhigher pay.

Some of these benefits of college may notbe obvious to your child. Even though he or shehas to make the final decision to attend college,you can help in the decision-making process bylearning about all aspects of college yourselfand sharing what you learn with your child.

What types of colleges* exist?

More than half of all recent high schoolgraduates In the United States pursue some typeof postsecondary education. In many othercountries, a smaller percentage of students goon for more schooling after high school. Onereason so many U.S. students seekpostsecondary education is that Americanstudents have a wide choice of colleges toconsider. For this reason, your child is likely tofind a college well-suited to his or her needs.

There are two basic types of colleges thatoffer academic programs:

V Two-Year Colleges

These schools offer two-year programs lead-ing to a certificate, an associate of arts (A.A.)degree, an associate of science (A.S.) de-gree, or an associate of applied science(A.A.S.) degree.

V Four-Year Colleges and Universities

These schools usually offer a bachelor of arts(B.A.) or bachelor of science (B.S.) degree.Some also offer graduate and professionaldegrees.

Two-Year Colleges

For students who want a practical educa-tion aimed at a specific career in such areas asbookkeeping, dental hygiene, etc., a two-yearprogram is probably the answer. In many cases,two-ysar degrees can be transferred to four-year schools and credited toward a B.A. or B.S.degree. Two-year programs vary from school toschool, but, in general, are offered by:

2

Junior Colleges: These are generally privateInstitutions, some of which are residential andattended by students who may come fromother parts of the country; and

Community Colleges: These are publicinstitutions, mostly serving people from nearbycommunities. Public institutions are supportedby state and local revenues.

Many junior and community colleges offertechnical/vocational training, as well as aca-demic courses. Many offer such programs incooperation with local businesses, industry,public service agencies, or other organizations.

Two-year colleges often operate under an"open admissions" policy, which can vary fromschool to school. At some institutions, "openadmissions" means that anyone who has a highschool diploma or GED certificate can enroll. Atother schools, anyone over 18 years of age canenroll or, in some cases, anyone deemed ableto benefit from the programs at the schools canenroll.

Application requirements some two-yearcolleges may include a high school transcriptalist of all the courses your child took and gradesearned in four years of high schooland collegeentrance examination scores as well. Someschools have programs that allow "open admis-sions," while other programs in the sameschoolparticularly in scientific or technicalsubjectsmay have further admission require-ments. Since requirements vary widely, It isImportant to check into schools and programsindividually.

Throughout this document, the term 'college' is used to refer to all collegiate institutions- -both colleges and universities.

Four-Year Colleges andUniversities

Students who wish to pursue a generalacademic program usually choose a four-yearcollege or university. Such a program lays thefoundation for more advanced studies andprofessional work. Four-year colleges anduniversities offer bachelor's degrees (the B.A.and B.S.) In most areas in the arts and sciences,such as English literature, foreign languages,history, economics, political science, biology,zoology, chemistry, and in many other fields.

Here are the main differences betweenfour-year colleges and universities:

Four-Year Colleges: These are post-secondary schools that provide four-yeareducational programs in the arts andsciences. These colleges confer bacholor'sdegrees.

Universities: These are postsecondary schoolsthat include a college of arts and/orsciences, one or more programs of graduatestudies, and one or more professional schools.Universities confer bachelors degrees andgraduate and professional degrees.

When a student earns a bachelor's degreeit means that he or she has passed examinationsin a broad range of courses and has studied oneor two subject areas in greater depth. (Theseone or two subject areas are called a student's"major" area(s) of study or area(s) of "concen-tration.") A bachelor's degree is usually requiredbefore a student can begin studying for agraduate degree. A graduate degree is usuallyearned through two or more years of advancedstudies beyond four years of college. This mightbe a master's or a doctoral degree in a particu-lar field or a specialized degree required incertain professions such as law, social work,architecture, or medicine.

10

What kinds of jobs are available to college graduates?

Certificates and degrees earned by gradu-ates of two- and four-year colleges or universitiesusually lead to different kinds of professionalopportunities. Many professions require gradu-ate degrees beyond the traditional four-yeardegree, such as a medical degree or a lawdegree. For example:

A course of study in bookkeeping at a com-munity college generally prepares a studentfor a job as a bookkeeper.

A four-year degree in economics may pre-pare a student for any one of several jobs ina bank or a business.

A four-year degree in English may serve asbackground for getting teacher certification

in the subject or for being an editor with amagazine.

In Chart 1 below there is a partial listing ofdifferent occupations and the educationalbackground generally required for each. Somepeople who go on to acquire jobs in the four-year-college column obtain a graduate degreeor some graduate education, but many of thesejobs can be filled by people who do not havemore than a four-year college education. Formore information on the educational require-ments of specific jobs, contact a guidancecounselor or check the Occupational OutlookHandbook in your library. (See the last section ofthis handbook for information on this book andother publications that discuss jobs.)

CHART 1

Examples of Jobs Requiring College Preparation

Two-Year College(Associate's Degree)

DrafterRegistered NurseDental HygienistBookkeeperScience TechnicianBroadcast TechnicianCourt ReporterAutomotive Body RepairerComputer Service Technician

Four-Year College(Bachelor's Degree)

AccountantTeacherEngineerJournalistDiplomatInsurance AgentResearch AssistantComputer Systems AnalystMedical Illustrator

More Than FourYears of College(Various GraduateDegrees Required)

LawyerDoctorArchitectScientistUniversity ProfessorEconomistPsychologistSociologistDentist

411

Help Your Child Think About a Career

Step 1:

Using the form on the next page, sit down with your child and make a list of jobs that soundinteresting. It may help to first think about friends or people you've read about or have seen ontelevision who have interesting jobs. List those jobs in the left-hand column. If your child cannotthink of interesting jobs, have him or her list subject areas of interest. Then try to help your childidentify jobs in those subject areas. Depending on the job, there may be courses in middle schoolor high school that will give your child a preview of the type of knowledge that is needed for theparticular job. In the right-hand "Education" column, write down the level of education required forthe job and any high school or college courses that may help your child prepare for such a career.

Step 2:

Take the form to your local library and, with the help of a reference librarian, locate books onsome of the careers your child has selected. Libraries usually have directories that list careerrequirements. It is not a problem if your child does not know what career path he/she wants tofollow; his or her focus during these years should be on doing well in school.

(SEE FORM ON NEXT PAGE.)

Careers of Interest and the Education They Require

Career or Job Education

1. High School:

College:

2. High School:

College:

3. High School:

College:

4. High School:

College:

5. High School:

College:

6. High School

College:

6 13

What can my child do to prepare academically for college?

To prepare for college, there is no substitutefor your child getting a solid academic educa-tion. This means your child should take challeng-ing courses in academic subjects and maintaingood grades in high school. Your child's tran-script will be an important part of his or hercollege application.

A college education builds on the knowl-edge and skills acquired in earlier years. It is bestfor your child to start planning a high schoolcourse schedule early, in the seventh or eighthgrade. Students who don't think ahead mayhave difficulty completing all the required orrecommended courses that will help themqualify for college.

Most selective colleges (those with thehighest admissions requirements) prefer to admitstudents who have taken courses in certainsubject areas. For example, many collegesprefer that high school students take algebra,geometry, or some other type of specializedmath, rather than general math. Some collegesprefer three or four years of a foreign language.Your child's guidance counselor can help yourchild determine the high school courses requiredor preferred by different types of colleges. Ifyour child is interested in specific colleges, he orshe can contact those schools and ask abouttheir admissions requirements.

Chart 2 lists the high school courses thatmany higher education associations and guid-ance counselors recommend for a college-bound student. These courses are especiallyrecommended to students who want to attenda four-year college. Even if your child is inter-ested in attending a two-year college, he or sheshould take most of these courses since theyprovide the preparation necessary for all kinds ofpostsecondary education.

If your child is Interested in pursuing avocational program in a two-year college, he or

1

she may want to supplement or substitute someof the courses listed in the chart with somevocational or technical courses in his or her fieldof interest. Your child should take at least thesuggested courses in the core areas of English,math, science, history, and geography.

Traditional English courses such as Americanand English literature will help students improvetheir writing skills, reading comprehension, andvocabulary. History and geography will helpyour child better understand our society as wellas societies around the world.

Mathematical and scientific concepts andskills learned in math classes are used in manydisciplines outside of these courses. A recentstudy showed that students who take algebraand geometry in high school are much morelikely to go on to college than students who donot. Algebra and geometry are also essentialpreparation for the college entrance examina-tionsthe SAT (Scholastic Aptitude Test) or theACT Assessment.

These tests measure a student's aptitude inmathematical and verbal comprehension andproblem solving. Students applying to collegesin the East and West usually take the SAT exam.Students applying to schools in the South andMidwest often take the ACT. (However, studentsshould check the admission requirements ateach school to which they are applying.) Usu-ally, the tests are offered in me junior and senioryears of high school and can be taken morethan once if a student wishes to try to Improvehis or her score. Students can get books atlibraries or bookstores to help them to preparefor all of the tests. Some of these books are listedat the back of this resource book. In addition,some private organizations and companies offercourses that help students prepare for theseexams.

7

CHART 2

High School Courses Recommended for a Four-Year College

Although academic requirements differ across colleges, the admissions requirements listedbelow are typical of four-year colleges. The specific classes listed here are examples of thetypes of courses students can take.

English - 4 yearsTypes of classes:

compositionAmerican literatureEnglish literatureworld literature

Mathematics - 3 to 4 yearsTypes of classes:

algebra Ialgebra IIgeometrytrigonometryprecalculuscalculus

History & Geography - 2 to 3 yearsTypes of classes:

geographyU.S. historyU.S. governmentworld historyworld culturescivics

Laboratory Science - 2 to 3 yearsTypes of classes:

biologyearth sciencechemistryphysics

Foreign Language - 2 to 3 yearsTypes of classes:

FrenchGermanSpanishLatinRussianJapanese

Visual & Performing Arts - 1 to 3 yearsTypes of classes:

artdancedramamusic

Appropriate Electives - 1 to 3 yearsTypes of classes:

economicspsychologystatisticscomputer sciencecommunications

8

Many schools offer the Preliminary Scholas-tic Aptitude Test/National Merit ScholarshipQualifying Test (PSAT/NMSQT) to their students.This is a practice test that helps students preparefor the Scholastic Aptitude Test (SAT). The PSAT isusually administered to tenth or eleventh gradestudents. A student who does very well on thistest and who meets many other academicperformance criteria may qualify for the Na-tional Merit Scholarship Program. You and yourchild can find out more about the PSAT/NMSQTand the National Merit Scholarship Program bytalking to your child's guidance counselor or bycalling or writing to the number or addressprovided in the back of this handbook.

Some colleges also require that an appli-cant take one or more Achievement Tests inmajor areas of study. It is a good idea for astudent to consult a guidance counselor aboutthis early in high school; often the best time totake an Achievement Test is right after thestudent has taken a course in that subject. Forexample, many students take the BiologyAchievement Test right after they have corn-

pleted a course in biology. This could mean thatyour child would take his or her first AchievementTest as a freshman or sophomore in high school.

t the back of this handbook, In the sectionthat lists places where you can get additionalinformation, you will find the address and phonenumber where you can write or call for moreinformation about the SAT and the AchievementTests. You will also find the address and phonenumber for the organization that administers theACT.

Knowing what will be required for college isImportant; by taking the right courses andexaminations from the beginning of high school,your child may avoid admission problems lateron. In addition, students who do not preparewell enough academically in high school, ifadmitted to college, may be required to takeremedial courses. Most colleges do not offercredit for these courses, and students may haveto pay for these extra courses and spend extratime in college to earn their degrees. Chart 3lists some questions that you or your child maywant to ask your child's guidance counselor.

CHART 3

Questions To Ask Guidance Counselors

What basic academic courses do they recom-mend for students who want to go to college?

How many years of each academic subjectdoes the high school require for graduation?

What elective courses do they recommend forcollege-bound students?

How does a student go about completingrecommended courses before graduating fromhigh school?

Can students who are considering collegeget special help or tutoring?

What activities can students do at home andover the summers to strengthen their prepara-tion for college?

How much homework is expected of studentspreparing for college?

What kinds of high school grades do differentcolleges require?

16

EXERCISE

Course Planner for Parent and StudentThis exercise will give you and your chid a

chance to look ahead and choose futurecourses, but be aware that some courses mustbe taken In sequence. On the form below, listyour child's current courses or courses he orshe will take this year. Then list courses that he

or she will take during each year of highschool. if you are not sure what courses yourchild should take, you should make an ap-pointment with your child's guidance coun-selor and get some advice.

This Year: Grade Next Year: Grade

Fall SpringSemester Semester

FallSemester

SpringSemester

English

Full course title:

Mathematics

Full course title:

History/Social Studies

Full n-,..+-se title:

Science

Full course title:

Foreign Language

Full course title:

Other

Full course title:

10

.

EXERCISE,

Course Planner for

.

Parent and Student

Grade Grade

FallSemester

SpringSemester

FallSemester

SpringSemester

English

Full course title:

Mathematics

Full course title:


Full course title:

Science

Full course title:

Foreign Language

Full course title:

Other

Full course title:

lb 11

EXERCISE

Course Planner for Parent Studentand

Grade Grade

FallSemester

SpringSemester

FallSemester

SpringSemester

English

Full course title:

Mathematics

Full course title:


Full course title:

Science

Full course title:

Foreign Language

Full course title:

Other

Full course title:

1 ('12

IA/ hat can my child do outside the classroom to preparev v for college?

Interpersonal and leadership skills, Interestsand goals are all Important for college prepa-ration. Independent reading and study, extra-curricular activities, and work experience will allhelp your child develop his or her skills, Interests,and goals.

Independent Reading and Study

Independent reading and study will helpyour child to prepare academically for college.This Is a good way to develop interests, expandknowledge, and Improve vocabulary andreading comprehension skills needed for col-lege and the SAT or ACT. Encourage your childto read all kinds of books for funfiction andnon-fiction. The school library and the lof;a1public library are good sources of books,magazines, and newspapers.

Extracurricular Activities

Many school, community, and religiousorganizations enable high school students toexplore their Interests and talents by providingactivities outside the classroom. Colleges areoften interested In a student's extracurricularactivities such as school clubs, the studentnewspaper, athletics, musical activities, arts,drama, and volunteer work, especially if astudent has excelled in one or more of theseareas.

Work Experienceand Community Service

Work experiencepaid or volunteercanteach students discipline, responsibility, reliability,teamwork, and other skills. Some studentsparticipate in community service activities suchas tutoring elementary school children or volun-teering in a local hospital. Such activities makevaluable contributions to society and also helpstudents to identify their career Interests andgoals. Many colleges view community service asa valuable experience that enhances astudents college'application.

A summer Job Is a good way to gain experi-ence and earn money for college as well. Ifyour child works during the school year, he or sheshould not work so many hours that the jobinterferes with school work.

Creating a Good Place To Study

Your child needs a quiet and comfortableplace to study. Here are a few things that youcan do:

(1) Help him or her find a quiet place withsome privacy.

(2) Set up a desk or large table with goodlight and place reference books such asa dictionary on the desk or nearby.

(3) Make sure your child studies there ona regular basis.

20 13

How can my child go about choosing a college?

Colleges are located in big cities, suburbs,and small towns throughout the country. Someenroll tens of thousands of students; others enrolonly a few hundred. Some are public; others areprivate. Some private Institutions are affiliatedwith religious Institutions; others are not. Someschools enroll only women, others only men.

The type of institution best suited to yourchild depends on his or her individual needs andtalents. Your child can begin focusing on thechoice of a college by considering the followingquestions:

Why do I want to go to college?

What do I hope to achieve in college?

Do I have some idea of what I want tostudy or for which job i want to prepare?

Do I want to live at home or go awayto school?

Do I prefer an urban or suburbanenvironment?

Would I be happier in a small collegeor at a large university?

In order to choose a college, you and yourchild should ask the following questions aboutthe nature and quality of the schools in whichyour child has an interest.

The Nature of the EducationOffered

What is the philosophy of the particularcollege and what kinds of educationalprograms does this college offer?

14

Ask about the college's specialties, whichtypes of classes the school offers, and inwhich fields students can earn a degree orcertificate. How many students study in eacharea, and what do they do when theygraduate?

'V How long does it take to earn a certificate ordegree at this colleg9?

Students should know how much time it takesto complete a program before they enroll init. Programs can last anywhere from a fewmonths to several years. Also ask whether thetime involved reflects full-time or part-timeattendance.

What do students do when they graduatefrom this school? Do they get jobs in theareas that they were trained for? Do theypursue further education?

Job placement rates are particularlyImportant for vocational programs. If a verylow percentage of students are employed intheir area of training a year after completingthe program, there may be a problem. Itcan also be useful to ask about beginningsalaries of program graduates.and theinstitution's career advising and placementservices for its students.

Students who enroll in two-year colleges withplans to transfer to four -year colleges shouldinquire about the possiblifty of doing so andabout the number of graduates who transfereach year. Students applying to four-yearcolleges may want to know how manygraduates go on to graduate or professionaleducation.

21

The Quality of the College

How many students who start at this schoolearn a certificate or degree? How many dropout?

A high drop-out rate may suggest thatstudents are dissatisfied with the educationan Institution provides. Be particularly carefulabout having your child enroll In a school thatgraduates a very low percentage of itsstudents. Also ask about tuition refundpolicies for students who drop out in the firstweeks of an educational program.

What Is the default rate at this college? Dostudents repay their loans?

The default rate Is the percentage of studentswho took out student loans to help pay theirexpenses but did not repay them properly. Ahigh default rate may suggest that studentswho borrowed never completed theireducational program, or that they wereunable to find jobs and repay the loans whenthey graduated. Colleges with consistentlyhigh default rates may be barred fromstudent loan programs, and studentsattending these institutions may thus beineligible for Federal loans.

Have other students who have gone to thiscollege liked it? What has their experiencebeen?

Colleges should be able to refer you tocurrent students or recent graduates of theirprograms. These) Individuals can give youtheir opinion about classes, facilities, thefaculty (teachers), and the skills they havelearned.

What kinds of facilities does this collegehave? Are they adequate for my child'sneeds?

You and your child should consider thecondition of classrooms, libraries, anddormitories when choosing a college. Thetypes of facilities appropriate for a collegedepend on the type of education provided.For example, a college offering classes in the

22

sciences should have modern laboratories,and an institution that offers computereducation classes should have adequatecomputer facilities.

Admissions Requirements andFinancial Aid

V What admissions requirements does thiscollege have?

Each institution can require students to takecertain high school classes and submitcertain Items with their applications. Makesure you know what is required by the schoolsthat interest your child.

Is this college accredited by an agencyrecognized by the Secretary of Educationand eligible to participate In Federal studentaid programs?

Federal financial aid is available only tostudents attending eligible institutions.Students attending other institutions cannotreceive Federal financial aid. If you areinterested in having your child apply forFederal financial aid, be wary of unac-credited institutions and those with highdefault rates. You can call the FederalStudent Financial Aid Information Centertoll-free to find out if a particular college is aneligible institution. The number is 1-800-4FED-AID.

EXERCISE

College Inquiries

Using the form on the next page, helpyour child list the colleges he/she knowsabout and might be Interested in attending.Write down whether they are two-year orfour-year colleges or universities. Ask yourchild why these schools are appealing tohim or her. You and your child may want tocontact the colleges to get more informa-tion.

15

College Inquiries

College Location

Two-Yearor

Four-Year Why Appealing

DateContactedand PhoneNumber orAddress

DateReceived

Information

16 23

How much does a college education cost?

Many people overestimate the cost ofcollege or believe that all schools are expensive.For example, a recent Gallup survey indicatedthat 13- to 21-year-olds overestimated theaverage cost of public two- and four-yearcolleges by more than three times the actualfigure. The same group estimated that the costsof private four-year colleges were one-thirdhigher than they actually were.

Altho'.igh some colleges are expensive,costs vary from institution to institution. In addi-tion, the availability of financial aidmoneyavailable from various sources to help studentspay for collego can make even an expensivecollege affordable for a qualified student.

College Costs

The basic costs of college are tuition, fees,and other expenses:

Tuition

Tuition is the amount of money that collegescharge for instruction and for the use of somefacilities, such as libraries. Tuition can rangefrom a few hundred dollars per year to morethan $19,000. The least costly option forpostsecondary education is typically a localcommunity college where the averagetuition and fees are generally under $1,500per year. There are also many four-yearcolleges and universities that are relativelyinexpensive. For example, Chart 4 shows that

CHART 4

Distribution of Students at Four-Year Collegesby the Amount of Tuition and Fees Charged

5.6%

Source: The College Board.Data are for school year 1993-94.

29.4%

Under $3,000

D $3,000 - $9,999

$10,000 - $14,999

1111 $15,000 or more

17

over half of the students who attend four-year colleges go to institutions that chargeless than $3,000 In tuition and fees. This occursbecause over 65 percent of the students whoattend four-year colleges attend publicinstitutions whose tuitions are much lowerthan those of private institutions.

Fees

Fees are charges (usually small) that covercosts generally not associated with thestudent's course load, such as costs of someathletic activities, student activities, clubs,and special events.

Other Expenses

Besides tuition and fees, students at mostcolleges and universities pay for room, board,books, supplies, transportation, and othermiscellaneous costs. "Room and board"refers to the cost of housing and food.Typical college costs are listed in Chart 5below.

CHART 5

Typical College Costs

TuitionFeesRoomBoard

BooksSuppliesTransportationMiscellaneous

Expenses

Tuition at Public and PrivateColleges

It is important to know the differencebetween public and private institutions. Aschool's private or public status has a lot to dowith its tuition.

18

Public Institutions

Over three-quarters of all students In two- andfour-year colleges attend State or otherpublic colleges. Since these schools receivea large proportion uf their budgets from Stateor local government, they can chargestudents who live In that State (in-statestudents) relatively low tuition. Students fromother States (out-of-state students) usuallypay higher tuition.

In 1993-94, In-state students attending publicfour-year colleges faced an average tuitionand fees of $2,527 per year. In-state studentsat public two-year colleges faced anaverage tuition and fees of $1,229 per year in1993-94.

If the costs of room, board, books, supplies,and transportation are added to tuition andfees, the average total cost of attending apublic four-year college was $7,316 in 1993-94. Since many students who attend two-year public schools live at home, theaverage total cost of attending a two-yearpublic college in 1993-94 was $2,685. Thisincludes the cost of tuition, fees, books,supplies, and transportation for a commuterstudent.

Private Institutions

Private (sometimes called "independent")institutions charge the same tuition for bothin-state and out-of-state students. Privatecollege tuitions tend to be higher than thoseof public colleges because private schoolsreceive less financial support from States andlocal governments.

Most private colleges are "non-profit." Otherprivate postsecondary schoolsmostlyvocational and trade schoolsare"proprietary." Such Institutions are legallypermit-led to make a profit. Students atprivate colleges in 1993-94 faced anaverage tuition and fees of S11,025 per yearat four-year colleges and $6,175 per year attwo -year non-profit colleges.

If the costs of room, board, books, supplies,and transportation are added to tuition andfees, the average total cost of attending aprivate four-year college was $16,872 in1993-94. If these same kinds of costs are added tothe tuition and fees of a two-year privatecollege, the average total cost of attendingsuch a school was $11,208 in 1993-94.

Chart 6 below shows the average tuition andfees faced by students at four different kindsof colleges In school year 1993-94.

Future College Costs

By the time yca child is ready to attendcollege, the tuition, fees, and costs of room,board, and other expenses will be larger thr-tnthe amounts discussed in this handbook. .Bcause there are many factors that affect thecosts of a college education, it is impossible toknow exactly how much colleges will chargewhen your child is ready to enroll. Be cautiouswhen people tell you a particular amount; noone can be sure how much costs will changeover time. In addition, as college costs Increase,the amount of money you earn, and thus theamount you will have available to pay forcollege, will also rise.

12

10

CHART 6

Average Tuition and Feesby Type of College, School Year 1993-1994

4 r-

2 !

0

$1,229

Public 2-year

Source: The College Board.

$6,175

$11,025

Public 4-year Private 2-year

Type of College

Private 4-year

26

How can I afford to send my child to college?

Saving money in advance and obtain-ing financial aid are common ways forparents to make their child's educationaffordable. Other ways of making collegeaffordable, such as attending college parttime, will be discussed later in this handbook.(See the section beginning, n page 32.)

Saving Money

Saving money is the primary way toprepare for the costs of college. Settingaside a certain amount every month or eachpayday will help build up a fund for college.If you and your child begin saving early, theamount you have to set aside each monthwill be smaller.

In order to set up a savings schedule,you'll need to think about where your childmight attend college, how much that type ofcollege might cost, and how much you canafford to save. Keep In mind that colleges ofthe same type have a range of costs andyour child may be able to attend one that isless expensive. You can also pay part of thecosts from your earnings while your child isattending school. In addition, your child mayalso be able to meet some of the costs ofcollege by working during the schoo: year orduring the summer. Finally, some Federal,State, or cther student financial aid may beavailable, including loans to you and to yourchild.

You will also want to Think about whatkind of savings Instrument to use or what kindof investment to make. By putting yourmoney In some kind of savings instrument orinvestment, you can set aside small amountsof money regularly and the money will earninterest or dividends. Interest refers to theamount that your money earns when It Is

20

kept in a savings instrument. Dividends arepayments of part of a company's earnings topeople who hold stock in the company.

A savings Instrument has an "Interest rate"associated with It; this refers to the rate at whichthe money in the instrument increases over acertain period of time. Principal refers to theface value or the amount of money you place Inthe savings Instrument on which the interest isearned.

Chart 7 shows how much you would needto save each month in order to have S10,000available when your child begins college. Asthe chart demonstrates, the amount variesdepending on the interest rate you obtain andthe number of years that you save. The higherthe interest rate and the earlier you begin tosave, the less you need to set aside each month.

For example, if you start saving when yourchild is born, you will have 18 years to save. Asshown on the chart, each month you will onlyhave to deposit $32 in an account earning 4percent Interest in order to save 510,099 by thetime your child is 18. However, If you use thesame savings instrument but do not start to saveuntil your child is 16, you will have to save $401each month. In addition, if you use the Instru-ment with the higher interest rate-8 percentyou will only have to put away $21 each monthstarting when your child is born.

Remember, by starting to save early and byusing instruments with higher interest rates, youcan put aside smaller amounts. If you wait untillater to start saving, you may not be able toafford to put away the larger amounts of moneyneeded to meet your savings goals.

27

CHART 7

Amount You Would Need To Save To Have $10,000 AvailableWhen You.r Child Begins College

If you startsaving whenyour child is

Numberof yearsof saving

MonthlySavings

Amount Available When Child Begins College

Interest TotalPrincipal Earned Savings

(Assuming a 4 percent interest rate.)

Newborn 18 $32 $6,912 $3,187 $10,099

Age 4 14 45 7,560 2,552 10,112

Age 8 10 68 8,160 1,853 10,013

Age 12 6 124 8,928 1,144 10,072

Age 16 2 401 9,624 378 10,002

(Assuming an 8 percent interest rate.)

Newborn 18 $21 $4,536 $5,546 $10,082

Age 4 14 33 5,544 4,621 10,165

Age 8 10 55 6,660 3,462 10,062

Age 12 6 109 7,848 2,183 10,031

Ago 16 2 386 9,264 746 10,010

When deciding which type of savingsinstrument or investment is right for you and yourfamily, you should consider four features:

Risk: The danger that the money you setaside could be worth less in the future.

Return: The amount of money you earnon the savings Instrument or investmentthrough Interest or dividends.

Liquidity: How quickly you can gainaccess to the money in the instrument orInvestment.

Time Frame: The number of years you willneed to save or invest.

When you select one or more savingsInstruments or investments, you should balancethese factors by minimizing the risk while maxi-

mizing the return on your money. You will alsowant to be sure that you will be able to accessthe money at the time you need to pay for yourchild's education.

If you start early enough, you may feelconfident about making some long-term Invest-ments. Some investments are riskier than othersbut can help you earn more money over time.Chart 8 lists some of the major kinds of savingsinstruments and investments that you may wantto use. You can get more information on theseand other savings instruments at local banks andat your neighborhood library.

Don't forget that you won't necessarilyhave to save for the entire cost of college. Thefollowing section tells about student financial aidfor which you and your child might qualify andother ways to keep college costs down.

26

21

2i

Typ

e of

Inst

rum

ent

Def

initi

on

SA

VIN

GS

INS

TR

UM

EN

TS

Sav

ings

Acc

ount

s

Cer

tific

ates

of

Dep

osit

(CD

s)

Mon

ey M

arke

tA

ccou

nts/

Mon

eyM

arke

t Mut

ual

Fun

ds

U.S

. Sav

ings

Bon

ds*

CH

AR

T 8

Exa

mpl

es o

f Sav

ings

Inst

rum

ents

and

Inve

stm

ents

Acc

ount

s at

a b

ank,

savi

ngs

and

loan

,or

cre

dit u

nion

.

CD

s ar

e no

tes

issu

edby

ban

ks th

at g

uara

ntee

paym

ent o

f a fi

xed

inte

rest

rat

e un

til a

futu

reda

te (

the

mat

urity

dat

e).

Mon

ey m

arke

t acc

ount

sar

e sa

ving

s ac

coun

tsof

fere

d by

ban

ks, r

equi

ring

a hi

gh m

inim

um b

alan

ce.

Mon

ey m

arke

t mut

ual f

unds

are

avai

labl

e fr

om b

roke

rs,

man

y ba

nks,

and

dire

ctly

by m

ail.

The

mon

ey th

atyo

u de

posi

t in

thes

e fu

nds

is in

vest

ed in

a w

ide

varie

tyof

sav

ings

inst

rum

ents

.

Ris

k

Low

ris

k be

caus

eth

e F

eder

al G

over

nmen

tgu

aran

tees

you

r m

oney

up to

$10

0,00

0.

Low

ris

k be

caus

eC

Ds

of $

100,

000

orle

ss a

re in

sure

d by

the

Fed

eral

Gov

ernm

ent.

Ban

k m

oney

mar

ket a

ccou

nts

have

no

risk

on th

e fir

st $

100,

000

beca

use

the

gove

rnm

ent i

nsur

esup

to th

is a

mou

nt. M

oney

mar

ket

mut

ual f

unds

are

not

gua

rant

eed

by th

e go

vern

men

t, bu

t the

ban

kor

bro

kers

usu

ally

inve

st th

e fu

nds

in v

ery

safe

sho

rt-t

erm

inst

rum

ents

that

hav

e th

e hi

ghes

t cre

dit r

atin

gs.

U.S

. (E

E)

savi

ngs

bond

sar

e pr

omis

es b

y th

e U

.S.

Tre

asur

y to

rep

ay th

e ow

ner

with

inte

rest

whe

n th

e bo

ndis

red

eem

ed. B

onds

ear

nin

tere

st fo

r as

long

as

30 y

ears

. Bon

ds h

old

5 ye

ars

earn

a v

aria

ble

rate

of I

nter

est.

The

y ca

n be

pur

chas

ed fr

omba

nks,

pos

t offi

ces,

and

thro

ugh

empl

oyer

pay

roll

dedu

ctio

n pl

ans

In a

mou

nts

as li

ttle

as $

50.

Sav

ings

bon

ds a

re c

ompl

etel

yris

k-fr

ee s

ince

they

are

Fed

eral

Gov

ernm

ent

oblig

atio

ns.

Ret

urn

The

inte

rest

rat

eon

mos

t sav

ings

acco

unts

tend

sto

be

rela

tivel

ylo

w.

Inte

rest

rat

esar

e ge

nera

lly h

ighe

rth

an th

e ra

tes

for

savi

ngs

acco

unts

but

low

er th

an th

e ra

tes

for

long

er te

rm o

rris

kier

inve

stm

ents

.

The

inte

rest

rat

e fo

rba

nk m

oney

mar

ket

acco

unts

is g

ener

ally

som

ewha

t hig

her

than

<fo

r re

gula

r sa

ving

sac

coun

ts. R

ates

on

mon

ey m

arke

t mut

ual

fund

s ar

e of

ten

som

ewha

t hig

her

than

for

bank

mon

eym

arke

t acc

ount

s.

The

inte

rest

rat

e on

a sa

ving

s bo

nd is

usua

lly h

ighe

r th

anra

tes

on s

avin

gsac

coun

ts o

r m

oney

mar

ket m

utua

l fun

ds.

How

ever

, if t

he b

onds

are

cash

ed in

(re

deem

ed)

befo

re 5

yea

rs, t

hey

may

pay

a lo

wer

rat

e of

inte

rest

.

Liqu

idity

Hig

h liq

uidi

tyyo

u ca

nw

ithdr

aw y

our

mon

ey a

t any

time.

Rel

ativ

ely

low

if yo

u w

ithdr

aw th

em

oney

bef

ore

the

mat

urity

dat

e,yo

u pa

y a

finan

cial

pena

lty.

Hig

h liq

uidi

tyyo

u m

ay w

ithdr

aw y

our

fund

s at

any

tim

e.H

owev

er, m

oney

mar

ket

mut

ual f

unds

do

not

have

to s

end

you

ach

eck

for

up to

7 da

ys.

Sav

ings

bon

ds a

rehi

ghly

liqu

id a

ndca

n be

cas

hed

inat

any

ban

k in

the

U.S

., no

t Jus

t the

bank

whe

re y

oubo

ught

them

.

Tim

eF

ram

e

Goo

d fo

r sh

orte

rtim

e pe

riods

-3ye

ars

or le

ss.

Goo

d fo

r m

ediu

mtim

e fr

ames

anyw

here

from

6 m

onth

sto

5 y

ears

.

Mon

ey m

arke

t ins

trum

ents

are

best

for

shor

t-te

rmsa

ving

s go

als.

How

ever

,be

caus

e of

thei

r gr

eat s

afet

yan

d liq

uidi

ty, m

any

peop

leke

ep a

por

tion

of th

eir

tota

l col

lege

sav

ings

In th

ese

type

s of

acc

ount

s.

Goo

d fo

r m

ediu

man

d lo

nger

term

savi

ngs.

Alth

ough

they

can

be

cash

edin

any

tim

e, th

em

axim

um in

tere

stis

obt

aine

d by

hold

ing

them

long

er.

2

Typ

e of

Inst

rum

ent

INV

ES

TM

EN

TS

Mut

ual F

unds

Indi

vidu

alC

orpo

rate

Bon

dsor

Sto

cks

Def

initi

on

The

se fu

nds

can

be in

vest

edin

U.S

. Gov

ernm

ent s

ecur

ities

or in

sto

cks

and

bond

s. Y

ouca

n pu

rcha

se a

mut

ual f

und

thro

ugh

an in

vest

men

t firm

,br

oker

age

hous

e, m

any

bank

s,or

dire

ctly

by

mai

l.

A b

ond

is a

pro

mis

e by

aco

rpor

atio

n to

rep

ay th

efa

ce v

alue

of t

he b

ond,

plu

sa

fixed

rat

e of

inte

rest

, at

a sp

ecifi

c fu

ture

dat

e.S

tock

rep

rese

nts

part

ow

ner-

ship

of a

com

pany

. You

mak

e m

oney

on

stoc

ksei

ther

thro

ugh

the

divi

dend

syo

u ea

rn o

r by

sel

ling

the

stoc

k at

a p

rice

that

ishi

gher

than

the

pric

e fo

rw

hich

you

bou

ght i

t.T

he p

rices

of m

ost s

tock

san

d m

any

bond

sare

liste

d in

maj

or d

aily

new

spap

ers.

Ove

r lo

nger

perio

ds, t

he p

rice

ofth

e st

ock

may

incr

ease

or d

ecre

ase.

Sto

cks

and

bond

s ca

n be

pur

chas

ed fr

ombr

oker

age

hous

es a

nd th

roug

hso

me

bank

s.

CH

AR

T 8

(co

nt.)

Ris

k

Ris

k va

ries

wid

ely

depe

ndin

gon

the

obje

ctiv

es a

nd p

olic

ies

of th

e fu

nd. F

unds

are

not

fede

rally

insu

red

but y

our

mon

ey is

gen

eral

ly s

afer

in a

mut

ual f

und

than

ina

few

indi

vidu

al c

omm

onst

ocks

bec

ause

a m

utua

l fun

din

vest

s in

man

y di

ffere

ntst

ocks

and

bon

ds a

nd th

ussp

read

s th

e ris

k ov

er m

any

diffe

rent

inve

stm

ents

.

The

sto

cks

and

bond

s of

goo

dco

mpa

nies

can

be

quite

saf

e ov

erlo

nger

tim

e pe

riods

. How

ever

,th

ese

inve

stm

ents

are

not

guar

ante

ed b

y th

e F

eder

al G

over

n-m

ent o

r an

yone

els

e. F

urth

erm

ore,

ther

e ar

e m

any

com

pani

es th

at a

reve

ry r

isky

for

a pe

rson

to in

vest

in. A

n ad

ditio

nal r

iske

ven

for

good

com

pani

esis

that

pric

esof

thei

r st

ocks

will

fluc

tuat

ew

idel

y an

d th

at a

n in

vest

or w

illha

ve to

sel

l at a

loss

. Thi

sis

ris

ky fo

r a

pare

nt w

ho m

ayne

ed to

sel

l the

sto

ck to

pay

for

colle

ge tu

ition

at a

tim

ew

hen

the

pric

e of

the

stoc

kis

rel

ativ

ely

low

.

Ret

urn

The

ret

urn

on a

mut

ual

fund

dep

ends

on

whe

ther

the

fund

mak

es g

ood

inve

stm

ents

.

Inte

rest

rat

es o

n bo

nds

vary

dep

endi

ng o

n th

ety

pe o

f bon

d an

d its

ratin

g. G

ener

ally

,re

turn

s ar

e hi

gher

than

on s

avin

gs a

ccou

nts,

CD

s,an

d U

.S. S

avin

gs B

onds

.T

he r

etur

n on

indi

vidu

alst

ocks

can

be

very

hig

hde

pend

ing

on th

edi

vide

nds

the

com

pany

pays

and

the

incr

ease

in th

e pr

ice

of th

esl

ock.

How

ever

, ret

urns

can

also

be

low

or

nega

tive

if th

e pr

ice

ofth

e st

ock

falls

bet

wee

nth

e tim

e yo

u bo

ught

the

stoc

k an

d th

e tim

e yo

use

ll it.

Liqu

idity

Ver

y liq

uidy

ou c

anse

ll th

e fu

nd a

t any

tim

e.H

owev

er, t

he a

mou

nt o

fm

oney

you

can

get

for

the

fund

dep

ends

on

itsva

lue,

and

the

valu

ech

ange

s re

gula

rly d

epen

d-in

g on

con

ditio

ns in

the

stoc

k an

d bo

nd m

arke

ts.

Mos

t typ

es o

f cor

pora

tean

d al

l typ

es o

f gov

ernm

ent

bond

s ar

e hi

ghly

liqu

id.

The

y ca

n be

sol

d th

roug

ha

brok

er o

n an

y w

eekd

ayth

at m

arke

ts a

re o

pen.

How

ever

, som

e bo

nds

can

only

be

sold

whe

n bu

yers

mak

e of

fers

. Mos

t ind

ivid

ual

stoc

ks c

an b

e so

ld a

lmos

tan

y da

y; h

owev

er, t

here

are

som

e ex

cept

ions

. With

both

sto

cks

and

bond

s,yo

u m

ay h

ave

to w

ait f

or u

pto

a w

eek

for

the

brok

er to

send

you

the

proc

eeds

,ev

en th

ough

the

bond

or

stoc

k its

elf c

an b

e so

ldqu

ickl

y.

Tim

eF

ram

e

Goo

d fo

r lo

nger

term

inve

stin

g-5

year

s or

mor

e.

Sho

rt-t

erm

bon

ds a

rego

od fo

r tim

e pe

riods

of

1-3

year

s. A

ll ot

her

bond

san

d co

mm

on s

tock

ssh

ould

be

cons

ider

ed a

slo

nger

term

inve

stm

ents

,go

od fo

r pe

riods

of 5

-18

year

s.

3132

P.)

33

Typ

e of

Inst

rum

ent

Def

initi

on

INV

ES

TM

EN

TS

(co

ntin

ued)

U.S

. Tre

asur

yS

ecur

ities

(Tre

asur

y B

ills,

Not

es, o

r B

onds

)

The

Tre

asur

y D

epar

tmen

tan

d F

eder

al a

genc

ies

issu

edi

ffere

nt ty

pes

of fi

xed-

inco

me

inve

stm

ents

suc

h as

shor

t-te

rm b

illy

(30-

180

days

), m

ediu

m-t

erm

not

es(1

-5 y

ears

), a

nd lo

ng-t

erm

bond

s (7

-30

year

s). T

hese

secu

ritie

s ca

n be

pur

chas

eddi

rect

ly fr

om r

egio

nal

Fed

eral

Res

erve

ban

ks,

thro

ugh

regu

lar

bank

s, a

ndth

roug

h br

oker

s. B

ecau

seth

ere

are

rela

tivel

y la

rge

min

imum

pur

chas

e am

ount

s,so

me

peop

le p

refe

r to

inve

stin

stea

d in

mut

ual f

unds

that

inve

st o

nly

in U

.S. G

over

nmen

tse

curit

ies.

CH

AR

T 8

(co

nt.)

Ris

k

The

se s

ecur

ities

hav

e no

ris

ksi

nce

they

are

bac

ked

by th

eF

eder

al G

over

nmen

t.

Ret

urn

Inte

rest

rat

es o

ngo

vern

men

t sec

uriti

esva

ry w

ith th

e m

atur

ityof

the

issu

e. A

s w

ithot

her

fixed

-inco

me

in-

vest

men

ts, s

hort

-ter

mis

sues

gen

eral

ly h

ave

low

er in

tere

st r

ates

than

long

er te

rm is

sues

.A

ll go

vern

men

tse

curit

ies

have

inte

rest

rate

s th

at a

re lo

wer

than

cor

pora

te s

ecur

ities

with

the

sam

e m

atur

itybe

caus

e th

e go

vern

men

tse

curit

ies

are

cons

ider

edsa

fer.

Liqu

idity

Gov

ernm

ent

secu

ritie

s ar

e hi

ghly

liqui

d an

d ca

n be

sold

thro

ugh

brok

ers

on a

ny d

ay th

e fin

anci

alm

arke

ts a

re o

pen.

Tim

eF

ram

e

Gov

ernm

ent s

ecur

ities

have

a w

ide

varie

tyof

mat

uriti

es a

ndca

n, th

eref

ore,

be

tailo

red

to a

ny ti

me

fram

e ne

eded

by

fam

ilies

sav

ing

for

colle

ge.

If yo

u bu

y S

erie

s E

E b

onds

to p

ay fo

r yo

ur c

hild

's e

duca

tion,

the

mon

ey a

ccum

ulat

ed w

ill b

e ex

empt

from

Sta

te a

nd lo

cal t

axes

whe

n yo

uca

sh th

em in

if th

e bo

nds

are

in th

e pa

rent

's n

ame

and

if yo

u ar

e a

sing

le in

com

e ta

x fil

er a

nd y

our

inco

me

is b

elow

$60

,000

or

a jo

int f

iler

and

your

join

t inc

ome

is b

elow

$10

0,00

0. T

he U

.S. T

reas

ury

publ

ishe

s a

broc

hure

abo

ut s

avin

gs b

onds

see

the

addr

ess

and

phon

e nu

mbe

r in

the

back

of t

his

hand

book

.

Financial Aid

Financial aid can help many families meetcollege costs. Every year millions of studentsapply for and receive financial aid. In fact,almost one-half of all students who go on formore education offer high school receivefinancial aid of some kind. In school year 1992-93, postsecondary students received about$35 billion in financial aid.

There are three main types of financialassistance available to qualified students at thecollege level:

Grants and Scholarships;

Loans; and

Work-Study.

Grants and Scholarships

Grants and scholarships provide aid thatdoes not have to be repaid. However, somerequire that recipients maintain certain gradelevels or take certain courses.

Loans

Loans are another type of financial aid andare available to both students and parents.Like a car loan or a mortgage for a house, aneducation loan must eventually be repaid.Often, payments do not begin until thestudent finishes school, and the interest rateon education loans is cornmonly lower thanfor other types of loans. For students with noestablished credit record, it is usually easier toget student loans than other kinds of loans.

There are many different kinds of educationloans. Before taking out any loan, be sure toask the following kinds of questions:

What are the exact provisions of theloan?

What is the interest rate?

35

Exactly how much has to be paid ininterest?

What will the monthly payments be?

When will the monthly payments begin?

How long will the monthly paymentslast?

What happens if you miss one of themonthly payments?

Is there a grace period for paying backthe loan?

In all cases, a loan taken to pay for a collegeeducation must be repaid, whether or not astudent finishes school or gets a job aftergraduation. Failure to repay a student loancan ruin a person's credit rating and makefinances much more difficult in the future. Thisis an important reason to consider a college'sgraduation and job placement rates whenyou help your child choose a school.

V' Work-Study Programs

Many students work during the summer and/or part time during the school year to helppay for college. Although many obtain jobson their own, many colleges also offer work-study programs to their students. A work-study job is often part of a student's financialaid package. The jobs are usually oncampus and the money earned is used topay for tuition or other college charges.

The types of financial aid discussed abovecan be merit-based, need-based, or a combi-nation of merit-based and need-based.

Merit-based Financial Aid

Merit-based assistance, usually in the form ofscholarships or grants, is given to studentswho meet requirements not related tofinancial needs. For example, a meritscholarship may be given to a student whohas done well In high school or one who

25

displays artistic or athletic talent. Most merit-based aid is awarded on the basis ofacademic performance or potential.

26

V Need-based Financial Aid

"Need-based" means that the amount of aida student can receive depends on the costof the college and on his or her family's abilityto pay these costs. Most financial aid isneed-based and is available to qualifiedstudents.

36

What are the most common sources of financial aid?

Student financial aid is available from anumber of sources, including the Federal Gov-ernment, State governments, colleges anduniversities, and other organizations. Studentscan receive aid from more than one source.

Federal Financial Assistance

The Federal Government supplies the largestamount of all student aid, about 75 percentor $25 billion annually. The largest and mostpopular Federal student aid programs are:

Federal Pell Grants

These are need-based grants that were givento over 4 million students for school year1992-93. In school year 1993-94, themaximum Pell Grant was $2,300.

Federal Stafford Loans

There are two types of Stafford Loanssubsidized and unsubsidized. Subsidized loansare need-based and unsubsidized loans arenon-need-based. In 1992-93, approximately4 million students received Stafford Loans.

With a subsidized loan, the FederalGovernment pays the interest on the loanwhile the student is in school. The studentthen starts paying back the loan and theinterest after graduation.

With an unsubsidized loan, the interestaccrues while the student is in school. Aftergraduation, the student must pay back theloan and the interest on the loan, includingthe interest that accrued while the studentwas in school.

For both types of loans, the loan limits are$2,625 for the first year, $3,500 for the secondyear, and $5,500 for the third or more years.An undergraduate cannot borrow more thana total of $23,000.

Federal PLUS Loans

Federal PLUS Loans allow parents to borrowmoney fc.7 their children's college education.

3 7

The yearly limit is the cost of education minusany estimated financial aid for which thestudent is eligible.

More Information About Federal Staffordand PLUS Loans

All eligible students will be able to receiveFederal Stafford Loans (subsidized andunsubsidized) and Federal PLUS Loans tofinance their educational expenses.However, starting in school year 1994-95, theway these loans are administered will beginto change.

In school year 1994-95, the FederalGovernment will begin to phase in a newprogram called the Federal Direct StudentLoan Program. Under this program somecolleges and universities will begin to provideFederal Stafford Loans (both subsidized andunsubsidized) and Federal PLUS Loans directlyto students with funds provided by theFederal Government.

Students who attend schools that are notparticipating in the Direct Loan Program willcontinue to obtain their loans from banks orother lenders under the regular Stafford andPLUS Loan programs. Schools participating Inthe regular programs will continue to assiststudents with their loan applic Jtions andeligibility certification. However, funding forthese programs will come from the banks thatmake the loans rather than from the FederalGovernment.

The terms of the loans are ba ically the samein the Direct Loan Program as in the regularStafford and PLUS Loan Programs. Thedifference is that Direct Loan borrowers willrepay their loans to the U.S. Department ofEducation rather than to a bank or otherlender. In addition, in the Direct LoanProgram there are more repayment plansfrom which borrowers can choose.

Under the Direct Loan Program borrowerscan repay their loans based on their Income,or they can repay fixed amounts over a

27

10-year period or over an extended period ofup to 30 years. If a borrower chooses to repaya loan based on his or her income, and theborrower does not fully repay the loan within25 years, the unpaid portion of the loan willbe forgiven. In order to obtain the variousrepayment options, borrowers who obtainregular Stafford or PLUS Loans will in somecircumstances be able to convert them intoDirect Loans.

Federal Campus-based Programs

The Federal Government provides money tocolleges to give to needy students throughthree Campus-based Federal programs.These three programs include (1) a grantprogram (Federal Supplemental EducationalOpportunity Grants or SEOGs), (2) a loanprogram (Federal Perkins Loans), and (3) theFederal Work-Study Program.

V More Information on Federal Aid

Students can get aid from more than oneFederal program. For the most up-to-dateinformation about student aid supplied bythe Federal Government, call the FederalStudent Financial Aid Information Center toll-free at the U.S. Department of Education at1-800-4FED-AID. You can also obtain a guideto Federal financial aid for students, calledThe Student Guide, which provides an exten-sive and updated discussion of all Federalstudent aid programs. You can obtain theGuide by writing to the following address:

Federal Student Aid Information CenterP.O. Box 84Washington, D.C. 20044

Call: 1-800-4FED-AID

State Financial Assistance

Stu i'es generally give portions of Statebudgets to public colleges and universities.This support lowers tuition for all studentsattending these schools. Some States alsooffer financial assistance directly to individualstudents, which can be need-based or merit-based. To find out about State aid where

28

you live, call or write your State's highereducation agency. The phone numbers andaddresses of all of these agencies are listed inthe last section of this handbook.

V College/University Assistance

Colleges themselves provide aid to many oftheir students. Most of this "institutional aid" isin the form of scholarships or grants. Some isneed-based and some is merit-based.

When your child wants financial aidinformation about specific schools, he or sheshould contact the financial aid offices ofthese schools and request information.

V Other Types of Assistance

Other organizations, such as corporaii,:,ris,labor unions, professional associotions,religious organizations. and credit unions.sometimes ow fir Jncia> aid. You can findout about the availabilliy of such scholarshipsby contacting someone frIm tho specificorganization or by difectly contacting itsmain headquarters.

In addition, some organizations, particularlyfoundations, offer scholarships to minorities,women, and disabled students. To learnmore about such scholarships, go to thenearest public library with a good referencesection and look for directories that list suchscholarships. (The names of a few books thatlist scholarships appear in the last section ofthis handbook.) College admissions officesand high school guidance counselors shouldalso be able to provide mire informationabout scholarships.

V Help in Getting More Information

The guidance counselors at your child's highschool should be able to provide informationon when and how to apply for Federal, State,and other types of aid. If they cannot giveyou this information, try a local college.Even if your child doesn't plan to attend thatparticular institution, financial aid officers thereshould have information on Federal financialaid. Many colleges can also tell you aboutState aid and their own institutional aid.

3

I s my child eligible for financial aid? If so, how much?

To qualify for Federal aid, you or your childmust submit a financial aid application. Appli-cations for financial aid request Informationabout your family's income, savings, and assets,as well as information on the number of childrenin the family who are In college. You can get acopy of the Federal financial aid form by callingthe toll-free number that was mentioned earlier:1-800-4FED-AID.

To apply for other aid In addition to Federalaid, you may need additional forms. High schoolguidance counselors can tell you more aboutapplying for financial aid, including where to getforms you might need for State aid.

From information you report on the financialaid forms, your expected family contribution(EFC) is calculated. The EFC is the amount of

money a student and his or her family are ex-pected to contribute to the costs of attendingcollege. Using the EFC and other informationthat you provide, each college to which youapply will determine your financial need. Finan-cial need equals the cost of education minusthe EFC and represents the mcreimum amount ofneed-based aid the student can receive. Inaddition, students can borrow money to coverthe EFC.

Because financial aid determinationsconsider both financial need and educationcosts, you should not rule out a school becauseyou think it costs too much. In fact, with financialaid it may cost no more to attend an expensiveinstitution than a cheaper one. Chart 9 belowsummarizes the simple calculation that is per-formed to determine financial need.

CHART 9

How Much Need-based Financial Aid Can My Child Get?

The amount of need-based financial aid a student qualifies for depends on his or her financial need.Financial need is equal to the cost of education (estimated costs for college attendance and basicliving expenses) minus the family contribution (the amount a student's family is expected to pay,which varies according to the family's financial resources).

Cost ofEducation

Includes costs ofTuitionFeesRoomBoardBooksSuppliesTransportation

ExpectedFamily

Contribution

Based on the financialresources of a studentand his or her family

FinancialNeed

Students can receiveup to this amount ofneed-based financialaid, such as PellGrants and StaffordLoans.

29

3,1J

To give you a better Idea of how you canfinance your child's college education, ex-amples of two college students' financial aidpackages are shown below. Note that these

financial aid packages are Just examples of thekinds of packages that students with theseprofiles would receive if they attended theschools described below.

PROFILE 1-FIRST STUDENT

I. Student's Background

Family Income $15,000Family Size 4Number of Family Members in College 1

Characteristics of the College That StudentWould Like To Attend and Student's Financial AidPackage at That College

A. A 2-Year Public College. Total cost ofattending this college comes to $4,500.*

Student's Financial Aid Pack ge at This College:Total Cost of Education $4,500Expe,eed Family Contribution (EFC)Parents $0Student $0

Financial Need $4,500

For this student, the total cost of education is$4,500. When you subtract the riFC, the financialneed is the same as the total cost of education$4,500. Therefore, the financial aid package belowwas offered to the student.

Example of Financial Aid Package:Financial Need $4,500

Pell Grant 2,300SEOG** 600State Aid 600Work Study 1,000

Total Financial Aid $4,500

B. A 4-Year Public College. Total cost ofattending this institution comes to $7,000.*

Student's Financial Aid Package at This College:Total Cost of Education $7,000Expected Family Contribution (EFC)Parents $0Student $0


For this student, the total cost of education is$7,000. When you subtract the EFC, thefinancial need is the same as the total cost ofeducation$7,000. Therefore, the financial aidpackage below was offered to the student.

Example of Financial Aid Package:Financial Need VA()

Pell Grant 2,300SEOG** 650Work-Study 1,100Perkins Loan*** 1,175State Aid 1,775


C. A 4-Year Private College. Total cost ofattending this institution comes to $16,500.*

Student's Financial Aid Package at This College:Total Cost of Education $16,500Expected Family Contribution (EFC)Parents $0Student $0


For this student, the total cost of education is$16,500. When you subtract the EFC, thefinancial need is $16,500. Therefore, thefinancial aid package below was offered to thestudent.


Pell Grant 2,300SEOG** 1,000Work-Study 1,200Perkins Loan ** 1,175Stafford Loan 2,625State Aid 1,400Institutional Aid 6,800


30

40

PROFILE 27-SECOND STUDENT

I. Student's Background

Family Income $32,000Family Size 4Number of Family Members in College 1

II. Characteristics of the College That StudentWould Like To Attend and Student's Financial AidPackage at That College

A. A 2-Year Public College. Total cost ofattending this college comes to $4,500.*

Student's Financial Aid Package at This College:Total Cost of Education $4,500Expected Family Contribution (EFC)Parents $1,000Student**** (from summer job savings) $ 250


For this student, the total cost of education is$4,500. When you subtract the EFC, the financialneed is $3,250. Therefore, the financial aidpackage below was offered to the student.


Pell Grant 1,050SEOG" 500Work-Study 700Stafford Loan 1,000


B. A 4-Year Public College. Total cost ofattending this institution comes to $7,000 '

Student's Financial Aid Package at This College:Total Cost of Education $7,000Expected Family Contribution (EFC)Parents $1,000Student**** (from summer job savings) $ 250


For this student, the total cost of education is$7,000. When you subtract the EFC, the financialneed is $5,750. Therefore, the following financialaid package was offered to the student.


Pell Grant 1,050SEOG** 600Work-Study 1,400Stafford Loan 1,200State Aid 600Perkins Loan*** 900


C. A 4-Year Private College. Total cost of attendingthis institution comes to $16,500.'

Student's Financial Aid Package at This College:Total Cost of Education $16,500Expected Family Contribution (EFC)Parents $ 1,000Student "" (from summer job savings) $250

Finan -lel Need $15,250

For this student, the total cost of education is$16,500." When you subtract the EFC, the financialneed is $15,250. Therefore, the financial aid packagebelow was offered to the student.


Pell Grant 1,050SEOG** 1,200Work-Study 1,500Per%ins Loan*** 3,000Stafford Loan 2,625State Aid 800Institutional Aid 5,075


"This "total cost" includes tuition, fees, room, board,books, supplies, and transportation.

** An SEOG is a Supplemental EducationalOpportunity Grantwhich is a Federal award thathelps undergraduates with financial need, and isawarded by the school.

*** A Perkins Loan is a low-interest Federal loan forundergraduates and graduate students with financialneed, and is awarded by the school.

**** The student worked during two summer vacationswhile in high school and saved $715. Thirty-fivepercent of this amount, or $250, is expected to beused for the student's college education.

31

41

Ae there other ways to keep the cost of college down?

Enroll in a Two-Year College;Then Transfer to a Four-YearCollege

Local community colleges are usually theleast expensive. In addition to charging lowtuition, they are located in the area in which thestudent lives, which makes it possible to save byliving at home and commuting to campus.

After completing an associate's degree orcertificate in a two -year college, students oftencan transfer to a four-year college and worktoward a bachelor's degree.

If your child chooses this route, he or sheneeds to take courses In the two-year collegethat will count toward a bachelor's degree.Certain community college courses may not betransferable to a four-year institution. Commu-nity college admissions officers can explaintransfer terms and opportunities.

32

Work Part Time

Some students choose to work part timeand attend college part time. if your childwishes to do this, he or she should make sure thatwork, classes, and time for studying do notconflict. Some institutions offer programs thatenable students to combine work and classes.Although going to school part time is a goodoption for many students, it usually takes longerfor part-time students to earn their degrees.

Take Advantage of Armed ForcesEducation Programs

All of the ways to get postsecondary edu-cational training through the Armed Forces areshown in Chart 10 below. The armed forces offereducational programs during or after activeduty. If your child prefers to work toward acollege degree Immediat6ly after high school,attending one of the military academies orattending a civilian school and enrolling in the

CHART 10

Military Postsecondary Education Opportunities

Military AcademiesReserve OfficersTraining Corps

(ROTC)

College CoursesWhile on Active Duty*

College Creditfor Military Training*

it

MEI II1=

* These options are not mutually exclusive.

Montgomery GI Bill(Offers College Funds

After Active Duty)*

42

Reserve Officers Training Corps (ROTC) programare options. if your child wants to join the armedforces before attending college full time, he orshe can attend college after military service bytaking advantage of the Montgomery GI Bill orby obtaining college credit for some of themilitary training he or she will receive.

Military Academies

Each branch of the military, with theexception of the Marine Caps, has its ownacademya four-year college that offers abachelor's degree and a commission in themilitary upon graduation. The militaryacademies are highly competitive and aretuition-free to students who are admitted.The three main military academies are:

(1) U.S. Military Academy, located in WestPoint, New York;

(2) U.S. Naval Academy, located inAnnapolis, Maryland; and

(3) U.S. Air Force Academy, located inColorado Springs, Colorado.

ROTC

In the ROTC scholarship program, the militarycovers most of the cost of tuition, fees, and

textbooks and also provides a monthlyallowance. Scholarship recipients participatein summer training while in college and fulfilla service commitment after college.

The Montgomery GI Bill

This bill provides financial support for peoplewho wish to pursue a college education afterserving in the military.

Other Ways To Get a College Education in theArmed Forces

Most branches of the military offer some kindof tuition assistance program that enablesmembers to take college courses at civiliancolleges during their off-duty hours while onactive duty. In addition, military training whileon active duty can sometimes count towardcollege credit. All branches of the militaryoffer training in various technical andvocational areas, and military enrollees canoften obtain college credit for some of thistraining.

Local armed forces recruiting offices canprovide detailed information about educationopportunities through the military.

4j33

How do C set up a long-range plan?

Step by step, you can help your child makeinformed decisions about his or her education,do well academically, learn about colleges, andfind the best possible opportunities for a collegeeducation.

34

Following are two checklists that are de-signed to help you and your child, year by year,progress toward preparing for collegebothacademically and financially. The first list speaksdirectly to your child, although he or she mayneed your help. The second list speaks directlyto you.

41

College Preparation Checklist for Students

PRE-HIGH SCHOOL:

Take challenging classes in English,mathematics, science, history, geography,and a foreign language.

Develop strong study skills.

Start thinking about which high schoolclasses will best prepare you for college.

If you have an opportunity to chooseamong high schools, or among differentprograms within one high school, investi-gate the options and determine whichones will help you

further your academic and careerinterests andopen doors to many future options.

Investigate different ways to savemoneybuying a U.S. Savings Bond oropening a savings account in a bank, etc.

Start saving for college if you haven'talready.

HIGH SCHOOL:

9TH GRADE

Take challenging classes in English,mathematics, science, history, geography,a foreign language, government, civics,economics, and the arts.

Get to know your cttreer counselor orguidance counselor, and other collegeresources available in your school.

Talk to adults in a variety of professions todetermine what they like and dislike abouttheir jobs and what kind of education isneeded for each kind of job.

LI Continue to save for college.

10TH GRADE


Talk to adults in a variety of professions todetermine what they like and dislike abouttheir jobs, and what kind of education isneeded for each kind of job.

Become involved in school- or community-based extracurricular (before or afterschool) activities that interest you and/orenable you to explore career interests.

Meet with your career counselor or guid-ance counselor to discuss colleges andtheir requirements.

Take the Preliminary Scholastic AptitudeTeat/National Merit Scholarship QualifyingTest (PSAT/NMSQT). You must registerearly. If you have difficulty paying theregistration fee, see your guidance coun-selor about getting a fee waiver.

Take advantage of opportunities to visitcolleges and talk to students.

Continue to save for college.

11TH GRADE


Meet with your career counselor or guid-ance counselor to discuss colleges andtheir requirements.

Continue involvement in school- or com-munity-based extracurricular activities.

College Preparation Checklist (cont.)

Decide which colleges most interest you.Write these schools to request informationand an application for admission. Be sure toask about special admissions requirements,financial aid, and deadlines.

Talk to college representatives at collegefairs.

C3 Take advantage of opportunities to visitcolleges and talk to students.

Consider people to ask for recommenda-tionsteachers, counselors, employers, etc.

Investigate the availability of financial aid fromFederal, State, local, and private sources.Call the Student Aid Hotline at the U.S.Department of Education (1-800-4FED-AID)for a student guide to Federal financial aid.Talk to your guidance counselor for moreinformation.

Investigate the availability of scholarshipsprovided by organizations such as corpora-tions, labor unions, professional associations,religious organizations, and credit unions.

If applicable, go to the library and look fordirectories of scholarships for women,minorities, and disabled students.

Register for and take the Scholastic AptitudeTest (SAT), the ACT, Achievement Tests, orany other exams required for admission to thecolleges you might want to attend. If you havedifficulty paying the registration fee, see yourguidance counselor about getting a feewaiver.

Continue to save for college.

12TH GRADE


Meet with your counselor early in the yearto discuss your plans.

Complete all necessary financial aid forms.Make sure that you fill out at least one formthat can be used for Federal aid.

Write colleges to request information andapplications for admission. Be sure to askabout financial aid, admissions require-ments, and deadlines.

If possible, visit the colleges that mostinterest you.

Register for and take the Scholastic Apti-tude Test (SAT), American College Test(ACT), Achievement Tests, or any otherexams required for admission to thecolleges to which you are applying. If youhave difficulty paying the registration fee,see your guidance counselor about gettinga fee waiver.

Prepare your application carefully. Followthe instructions, and PAY CLOSE ATTEN-TION TO DEADLINES! Be sure to ask yourcounselor and teachers at least two weeksbefore your application deadlines to submitthe necessary documents to colleges (yourtranscript, letters of recommendation, etc.).

3646

Financial Preparation Checklist for Parents

PRE-HIGH SCHOOL:

ID Investigate different ways to save moneybuying a U.S. Savings Bond or opening asavings account in a bank, etc.

O Start saving money for your child's college education.

HIGH SCHOOL:

9TH GRADE

CI Continue to save for college.

10TH GRADE

0 Continue to save for college.

11TH GRADE

Help your child investigate the availability of financial aid from Federal, State, local, andprivate sources. Call the Student Aid Hotline at the U.S. Department of Education (1-800-4FED-AID) for a student guide to Federal financial aid. Have your child talk to his/herguidance counselor for more information.

Help your child investigate the availability of scholarships provided by organizations suchas corporations, labor unions, professional associations, religious organizations, and creditunions.

O If applicable, go to the library with your son or daughter and look for directories on scholar-ships for women, minorities, and disabled students.

12TH GRADE

Make sur9 your child completes all necessary financial aid forms. Be sure that he or shecompletes at ;oast one form that can be used for Federal aid.

O Continue to save for enliege.

4? 37

what terms do I need to understand?

Below is a glossary of some terms that youmay want to remember:

A.A.: This stands for an "associate of arts" de-gree, which can be earned at most two-yearcolleges.

A.A.S.: This refers to an "associate of appliedscience" degree, which can be earned atsome two-year colleges.

Achievement Test: Achievement Tests areoffered in many areas of study includingEnglish, mathematics, many sciences, history,and foreign languages. Some collegesrequire students to take one or moreAchievement Tests when they apply foradmission. Write to the address on page 41of this handbook for more information aboutsuch tests.

ACT: This is a test published by American Col-lege Testing, which measures a student'saptitude in mathematical and verbal com-prehension and problem solving. Manycolleges in the South and Midwest requirestudents to take this test and submit their testscores when they apply for admission. Somecolleges accept this test or the SAT. (Seebelow for explanation of SAT.) Most studentstake the ACT or the SAT during their junior orsenior year of high school.

B.A. or B.S.: B.A. stands for "bachelor of arts,"and B.S. stands for "bachelor of science."Both degrees can be earned at four-yearcolleges. Some colleges only grant B.A.s andothers only grant B.S.sit depends on thekinds of courses offered at the particularcollege.

Certificates of Deposit: See chart beginning onpage 22.

Default Rate: The default rate is the percentageof students who took out Federal studentloans to help pay their expenses but did notrepay them properly.

33

Dividends: Dividends are payments of part of acompany's earnings to people who holdstock in the company.

Expected Family Contribution ;EFC): An amount,determined by a formula that is specified bylaw, that indicates how much of a family'sfinancial resources should be available tohelp pay for school. Factors such as taxableand non-taxable income, assets (such assavings and checking accounts), and ben-efits (for example, unemployment or SocialSecurity) are all considered in this calculation.The EFC is used in determining eligibility forFederal need-based aid.

Federal Direct Student Loans: Under this newprogram, students may obtain Federal loansdirectly from their college or university withfunds provided by the U.S. Department ofEducation instead of a bank or other lender.

Fees: These are charges that cover costs notassociated with the student's course load,such as costs of some athletic activities,clubs, and special events.

Financial Aid: Financial aid in this handbookrefers to money available from varioussources to help students pay for college.

Financial Aid Package: The total amount offinancial aid a student receives. Federal andnon-Federal aid such as grants, loans, orwork-study are combined in a "package" tohelp meet the student's need. Using avail-able resources to give each student the bestpossible package of aid is one of the majorresponsibilities of a school's financial aidadministrator.

Financial Need: In the context of student finan-cial aid, financial need is equal to the cost ofeducation (estimated costs for collegeattendance and basic living expenses) minusthe expected family contribution (theamount a student's family is expected to

4v

pay, which varies according to the family'sfinancial resources).

General Educational Development (GED) Certifi-cate: The certificate students receive if theyhave passed a high school equivalency test.Students who don't have a high schooldiploma but who have a GED will still qualifyfor Federal student aid.

Grant: A grant is a sum of money given to astudent for the purposes of paying at leastpart of the cost of college. A grant does nothave to be repaid.

Individual Corporate Bonds or Stocks: See chartbeginning on page 22.

Interest: This refers to the amount that yourmoney earns when it is kept in a savingsinstrument.

Investment: In this handbook, an investmentrefers to using your money to invest in some-thing that will enable you to earn interest ordividends over time.

Liquidity: A term that refers to how quickly youcan gain access to money that you Invest ordeposit In some kind of savings Instrument.

Loan: A loan is a type of financial aid that isavailable to students and to the parents ofstudents. An education loan must be repaid.In many cases, however, payments do notbegin until the student finishes school.

Merit-based Financial Aid: This kind of financialaid Is given to students who meet require-ments not related to financial needs. Mostmerit-based aid Is awarded on the basis ofacademic performance or potential and isgiven In the form of scholarships or grants.

Money Market Accounts/Money Market MutualFunds: See chart beginning on page 22.

Mutual Funds: See chart beginning on page 22.

Need-based Financial Aid: This kind of financialaid Is given to students who are determined

4j

to be in financial need of assistance basedon their income and assets and their families'Income and assets, as well as some otherfactors.

Open Admissions: This term means that a col-lege admits most or all students who apply tothe school. At some colleges it means thatanyone who has a high school diploma or aGED can enroll. At other schools it meansthat anyone over 18 can enroll. "Openadmissions," therefore, can mean slight,/different things at different schools.

Pell Grants: These are Federal need-basedgrants that were given to over 4 millionstudents for school year 1992-93. In schoolyear 1993-94, the maximum Pell Grant was$2,300.

Perkins Loan: This is a Federal financial aidprogram that consists of low-interest loans forundergraduates and graduate students withexceptional financial need. Loans areawarded by the school.

PLUS Loans: These Federal loans allow parents toborrow money for their children's collegeeducation.

Pckstsecondary: This term means "after highschool" and refers to all programs for highschool graduates, including programs at two-and four-year colleges and vocational andtechnical schools.

Principal: This refers to the face value or theamount of money you place in a savingsinstrument on which Interest is earned.

Proprietary: This Is a term used to describepostsecondary schools that are private andare legally permitted to make a profit. Mostproprietary schools offer technical andvocational courses.

PSAT/NMSQT: This stands for the PreliminaryScholastic Aptitude Test/National MeritScholarship Qualifying Test, a practice testthat helps students prepare for the ScholasticAptitude Test (SAT). The PSAT is usually admin-istered to tenth or eleventh grade students.

39

Although colleges do not see a student'sPSAT/NMSQT score, a student who does verywell on this test and who meets many otheracademic performance criteria may qualifyfor the National Merit Scholarship Program.

Return: Return refers to the amount of moneyyou earn through a financial investment orsavings instrument. You earn money oninvestments and savings instruments throughinterest earnings or dividends.

Risk: In reference to saving money or investingmoney, risk refers to the danger that themoney you set aside in some kind of savingsplan or investment could be worth less in thefuture.

ROTC: This stands for Reserve Officers TrainingCorps program, which is a scholarship pro-gram wherein the military covers the cost oftuition, fees, and textbooks and also providesa monthly allowance. Scholarship recipientsparticipate in summer training while in col-lege and fulfill a service commitment aftercollege.

SAT: This stands for the Scholastic Aptitude Test,which is a test that measures a student'saptitude in mathematical and verbal com-prehension and problem solving. Manycolleges in the East and West require studentsto take the SAT and to submit their test scoreswhen they apply for admission. Some col-leges accept this test or the ACT. (See abovefor an explanation of the ACT.) Most studentstake the SAT or the ACT during their junior orsenior year of high school.

Savings Accounts: See chart beginning onpage 22.

Savings Instrument: In this document, savingsInstrument refers to any kind of savings planor mechanism you can use to save moneyover time. Examples of savings instrumentsdiscussed In this handbook are savingsaccounts, certificates of deposit (CDs), andmoney market accounts.

Scholarship: A scholarship Is a sum of moneygiven to a student for the purposes of paying

40

at least part of the cost of college. Scholar-ships can be awarded to students based onstudents' academic achievements or onmany other factors.

SEOG (Supplemental Educational OpportunityGrant): This is a Federal award that helpsundergraduates with exceptional financialneed, and is awarded by the school. TheSEOG does not have to be paid back.

Stafford Loans: These are student loans offeredby the Federal Government. There are twotypes of Stafford Loansone need-basedand another non-need-based. Under theStafford Loan program, students can borrowmoney to attend school and the FederalGovernment will guarantee the loan in caseof default. Under the Stafford Loan pro-grams, the combined loan limits are $2,625for the first year, $3,500 for the second year,$5,500 for the third or more years. An under-graduate cannot borrow more than a total of$23,000.

Transcript: This is a list of all the courses a studenthas taken with the grades that the studentearned in each course. A college will oftenrequire a student to submit his or her highschool transcript when the student applies foradmission to the college.

Tuition: This is the amount of money that col-leges charge for classroom and other instruc-tion and use of some facilities such as librar-ies. Tuition can range from a few hundreddollars per year to more than $19,000. A fewcolleges do not charge any tuition.

U.S. Government Securities: See chart beginningon page 22.

U.S. Savings Bonds: See chart beginning onpage 22.

Work-Study Programs: These programs areoffered by many colleges. They allow stu-dents to work part time during the schoolyear as part of their financial aid package.The Jobs are usually on campus and themoney earned is used to pay for tuition orother college charges.

50

W here can I get more information on the topics discussed inV V this handbook?

In this section you will find phone numbers,addresses, and books that you can use to getmore Information about planning for collegeboth financially and academically. You shouldbe able to find most of these books and otherslike them at your local library.

The following publications and organiza-tions represent a partial list of such sources ofinformation. Their placement on this list does notconstitute an endorsement by the U.S. Depart-ment of Education.

Books About Occupationsand Careers

(1) The Occupational Outlook Handbook,1993-94 Edition. U.S. Department of Labor,Bureau of Labor Statistics, 1993.

(2) Careers for the '90s: Everything You NeedTo Know to Find the Right Career. Researchand Education Association, 1992.

(3) The College Board Guide to Jobs andCareer Planning, Joyce Slayton Mitchell. TheCollege Board, 1994.

Books About Choosing a College(1) The College Handbook, 1994. TheCollege Board, 1993.

(2) Peterson's Guide to Four-Year Colleges,1995, Twenty-Fifth Edition. Peterson's Guides,Inc., 1994.

(3) Barron's Profiles of American Colleges,Twentieth Edition. Barron's Educational Series,Inc., 1994.

(4) Rugg's Recommendations on theColleges, Eleventh Edition. Rugg'sRecommendations, 1994.

Information About TakingStandardized Tests

(1) The Scholastic Aptitude Test (SAD and theAchievement Tests. Write or call:

The College Board/ATPRosedale Rd.Princeton, NJ 08541

Phone: 609-771-7600

(2) The ACT. Write or call:

ACT RegistrationP.O. Box 414Iowa City, IA 52243

Phone: 319-337-1270

(3) The Preliminary Scholastic Aptitude Test/National Merit Scholarship Qualifying Test(PSAT/NMSQT). Write or call:

PSAT/N1v1SQT

P.O. Box 6720Princeton, NJ 08541-6720

Phone: 609-771-7070

Books About Preparing forStandardized Tests

(1) Barron's How To Prepare for thePreliminary Scholastic Aptitude Test/NationalMerit Scholarship Qualifying Test, EighthEdition, Samuel Brownstein, Mitchel Weiner,and Sharon Weiner Green. Barron'sEducational Series, Inc., 1993.

(2) Barron's How to Prepare for the ScholasticAptitude Test, Eighteenth Edition, Samuel C.Brownstein, Mitchel Weiner, and SharonWeiner Green. Barron's Educational Series,Inc., 1994.

(3) Cracking the SAT and the PSAT, 1995Edition, Adam Robinson and John Katzman.The Princeton Review, 1994.

41

Books About Financing YourChild's Education

(1) How To Pay For Your Children's CollegeEducation, Gerald Krefetz. The CollegeBoard, 1988.

(2) College Financial Aid, Fifth Edition.College Research Group of Concord,Massachusetts, and John Schwartz. ArcoPublishing, a Division of Simon and Schuster,Inc., 1993.

Information About U.S. SavingsBonds

Write to:

Office of Public AffairsU.S. Savings Bonds DivisionWashington, DC 20226

Information About Federal StudentFinancial Aid

Request The Student Guide by writing to:

Federal Student Aid Information CenterP.O. Box 84Washington, DC 20044

Call the Federal Student Financial AidInformation Center toll-free at

1-800-4FED-AID.

Books About Private Sources ofFinancial Aid

(1) Foundation Grants to Individuals, EighthEdition. The Foundation Center, 1993.

(2) The A's and B's of Acodemic Scholarships,Deborah L. Klein, Editor. OctameronAssociates, 1993.

(3) The Scholarship Book, Fourth Edition,Daniel J. Cassidy and Michael J. Alves.Prentice Hall, Inc., 1993.

42

Information About Opportunities inEach State

For information about State financial aidand colleges and universities in specific States,contact the agencies listed below. They canprovide you with other contacts in the State formore information.

ALABAMAExecutive DirectorCommission on Higher Education3465 Norman Bridge RoadMontgomery, Alabama 36105(205) 281-1921FAX: 281-6711

ALASKA

Executive DirectorAlaska Commission on Postsecondary

Education3030 Vintage BoulevardJuneau, Alaska 99801-7109(907) 465-2962FAX: 465-5316

PresidentUniversity of Alaska System202 Butrovich BuildingFairbanks, Alaska 99775-5560(907) 474-7311FAX: 474-7570

ARIZONA

Executive DirectorArizona Board of Regents2020 North Central, Suite 230Phoenix, Arizona 85004(602) 229-2500FAX: 229-2555

ARKANSAS

DirectorDepartment of Higher Education114 East CapitolLittle Rock, Arkansas 72201(501) 324-9300FAX: 324-9308

J- )kJ

CALIFORNIA

Executive DirectorCalifornia Postsecondary Education Commission1303 J Street, 5th FloorSacramento, California 95814-2938(916) 445-1000FAX: 327-4417

California Student Aid CommissionP.O. Box 510845Sacramento, California 94245-0845(916) 445-0880FAX: 324-4822

COLORADO

Executive DirectorCommission on Higher

Education1300 Broadway, 2nd FloorDenver, Colorado 80203(303) 866-4034FAX: 860-9750

CONNECTICUT

Commissioner of Higher EducationDepartment of Higher Education61 Woodland StreetHartford, Connecticut 06105(203) 566-5766FAX: 566-7865

DELAWARE

Executive DirectorDelaware Higher Education Commission820 French Street, 4th FloorWilmington, Delaware 19801(302) 577-3240

DISTRICT OF COLUMBIA

ChiefOffice of Postsecondary Education Research and

Assistance2100 M. L. King Jr. Avenue, S.E. #401Washington, D.C. 20020(202) 727-3685

FLORIDA

Executive DirectorPostsecondary Education Planning CommissionFlorida Education CenterCollins BuildingTallahassee, Florida 32399(904) 488-7894FAX: 922-5388

Office of Student Financial AssistanceFlorida Department of EducationFlorida Education Center, Suite 1344Tallahassee, Florida 32399-0400(904) 488-1034FAX: 488-3612

GEORGIA

ChancellorBoard of RegentsUniversity System of Georgia244 Washington Street, S.W.Atlanta, Georgia 30334(404) 656-2202FAX: 651-9301

Georgia Student Finance Commission2082 East Exchange PlaceTucker, Georgia 30084(404) 414-3200FAX: 414-3133

HAWAII

PresidentUniversity of Hawaii System2444 Dole StreetBachman Hall, Room 202Honolulu, Hawaii 96822(808) 956-8213FAX: 956-5286

Hawaii State Postsecondary EducationCommission

2444 Dole StreetHonolulu, Hawaii 96822(808) 956-8213FAX: 956-5156

IDAHOexecutive Director for Higher EducationState Board of EducationP.O. Box 83720Boise, Idaho 83720-0037(208) 334-2270FAX: 334-2632

ILLINOIS

Executive DirectorBoard of Higher Education4 West Old Capitol Plaza, Room 500Springfield, Illinois 62701(217) 782-2551FAX: 782-8548

43

Illinois Studer ri Assistance CommissionExecutive Offices500 West Monroe Street, Third FloorSpringfield, Illinois 62704(217) 782-6767FAX: 785-5647

INDIANACommissioner for Higher EducationCommission for Higher Education101 West Ohlo Street, Suite 550Indianapolis, Indiana 46204-1971(317) 232-1900FAX: 464-4410

State Student Assistance Commission of Indiana150 West Market Street, Suite 500Indianapolis, Indiana 46204(317) 232-2350FAX: 232-3260

IOWAExecutive DirectorState Board of RegentsOld Historical BuildingEast 12th & Grand AvenueDes Moines, Iowa 50319(515) 281-3934FAX: 281-6420

Iowa College Student Aid Commission914 Grand Avenue, Suite 201Des Moines, Iowa 50309(515) 281-3501FAX: 242-5996

KANSAS

Executive DirectorKansas Board of Regents700 SW Harrison, Suite 1410Topeka, Kansas 66603-3760(913) 296-3421FAX: 296-0983

KENTUCKY

Executive DirectorCouncil on Higher Education1050 U.S. 127 South, Suite 101Frankfort, Kentucky 40601(502) 564-3553FAX: 564-5789

Kentucky Higher Education Assistance Authority1050 U.S. 127 South, Suite 102rrankfort, Kentucky 40601(502) 564-7990FAX: 564-7103

44

LOUISIANA

CommissionerBoard of Regents150 Third Street, Suite 129Baton Rouge, Louisiana 70801-1303(504) 342-4253FAX: 342-9318

Office of Siurignt Financial Assistance,Louisiana Student Financial AssistanceCommission

P.O. Box 91202Baton Rouge, Louisiana 708:21-9202(504) 922-1011FAX: 922-1089

MAINE

ChancellorUniversity of Maine System107 Maine AvenueBangor Maine 04401-4380(207) 947.0336FAX: 947-7556

Financial Authority of Maine,Maine Education Assistance Division

One Weston CourtState House, Station 119Augusta, Maine 04333(207) 287-2183FAX: 287-2233

MARYLAND

Secretary of Higher EducationMaryland Higher Education Commission16 Francis StreetAnnapolis, Maryland 21401(410) 974-2971FAX: 974-3513

MASSACHUSETTS

ChancellorHigher Education Coordinating CouncilMcCormark Bldg.1 Ashburton Place, Room 1401.Boston, Massachusetts 02108-1696(617) 727-7785FAX: 727 -6397

Massachusetts State Scholarship Office330 Stuart StreetBoston, Massachusetts 02116(617) 727-9420FAX: 727-0667

MICHIGAN

Associate Superintendent for PostsecondaryEducation

State Department of EducationP.O. Box 30008Lansing, Michigan 48909(517) 335-4933FAX: 335-4602

Michigan Higher Education Assistance AuthorityP.O. Box 30008Lansing. Michigan 48909(517) 373-3394FAX: 335-5984

MINNESOTA

Executive DirectorHigher Education Coordinating Board400 Capital Square Building550 Cedar StreetSt. Paul, Minnesota 55101(612) 296-9665FAX: 297-8880

MISSISSIPPI

CommissionerBoard of Trustees of State Institutions of Higher Learn-

ing3825 Ridgewood RoadJackson, Mississippi 39211-6453(601) 982-6611FAX: 987-4172

MISSOURI

Commissioner of Higher EducationCoordinating Board for Higher Education3515 AmazonasJefferson City, Missouri 65109(314) 751-2361FAX: 751-6635

MONTANA

Commissioner of Higher EducationMontana University System33 South Last Chance GulchHelena, Montana 59620(406) 444-6570FAX: 444-7729

NEBRASKA

Executive DirectorCoordinating Commission for Postsecondary

EducationP.O. Box 95005Lincoln, Nebraska 68509-5005(402) 471-2847FAX: 471-2886

NEVADA

ChancellorUniversity of Nevada System2601 Enterprise RoadReno, Nevada 89512(702) 784-4901FAX: 784-1127

Nevada Department of Education400 West King Street, Capitol ComplexCarson City, Nevada 89710(702) 687-5915FAX: 687-5660

NEW HAMPSHIRE

Executive DirectorNew Hampshire Postsecondary Education

CommissionTwo Industrial Park DriveConcord, New Hampshire 03301-8512(603) 271-2555FAX: 271-2696

ChancellorUniversity System of New HampshireDunlap Center, 25 Concord Rd.Durham, New Hampshire 03824-3545(603) 868 -1800FAX: 868-3021

NEW JERSEY

New Jersey Department of Higher EducationOffice of Student Assistance andInformation Systems

4 Quakerbrldge Plaza, CN 540Trenton, New Jersey 086251-800-792-8670(609) 584-9618FAX: 588-2228

53

NEW MEXICO

Executive DirectorCommission on Higher Education1068 Corti lios RoadSanta Fe, New Mexico 87501-4295(505) 827-7383FAX: 827-7392

NEW YORK

Deputy Commissioner for Highe and ProfessionalEducation

Room 5828 Cultural Education CenterNew York State Education DepartmentAlbany, New York 12230(518) 474-5851FAX: 486-2175

The New York State Higher Education ServicesCorporation

99 Washington AvenueAlbany, New York 12255(518) 473-0431

NORTH CAROLINA

Vice President for PlanningUniversity of North CarolinaGeneral AdministrationP.O. Box 2688Chapel Hill, North Carolina 27515-2688(919) 962-6981FAX: 962-0488

North Carolina State Education Assistance Authority(NCSEAA)

P.O. Box 2688Chapel Hill, North Carolina 27515-2688(919) 549-8614FAX: 549-8481

College Foundation, Inc.P.O. Box 12100Raleigh, North Carolina 27605(919) 821-4771FAX: 821-3139

NORTH DAKOTA

ChancellorNorth Dakota Unlvers"ty System600 East Boulevard AvenueBismarck, North Dakota 58505(701) 224-2960FAX: 224-2961

46

OHIO

ChancellorOhio Board of Regents30 East Broad Street, 36th FloorColumbus, Ohio 43266-0417(614) 466-0887FAX: 466-5866

OKLAHOMA

ChancellorState Regents for Higher Education500 Education BuildingState Capitol ComplexOklahoma City, Oklahoma 73105(405) 524-9100FAX: 524-9235

OREGON

ChancellorState System of Higher EducationP.O. Box 3175Eugene, Oregon 97403-1075(503) 346-5700FAX: 346-5764

Oregon State Scholarship Commission1500 Valley River Drive, Suite 100Eugene, Oregon 97401(503) 687-7400FAX: 687-7419

PENNSYLVANIA

Commissioner for Higher EducationState Department of Education333 Market StreetHarrisburg, Pennsylvania 17126-0333(717) 787-5041FAX: 783-5420

Pennsylvania Higher Education Assistance Agency1200 North 7th StreetHarrisburg, Pennsylvania 17102(717) 257-2850

PUERTO RICO

Executive DirectorCouncil on Higher EducationBox 23305, UPR StationSan Juan, Puerto Rico 00931(809) 758-3350FAX: 763-8394

56

RHODE ISLAND

Commissioner of Higher EducationOffice of Higher Education301 Promenade StreetProvidence, Rhode Island 02908(401) 277-6560FAX: 277-6111

Rhode Island Higher Education Assistance Authority560 Jefferson BoulevardWarwick, Rhode Island 02886(401) 736-1100FAX: 732-3541

SOUTH CAROLINA

CommissionerCommission on Higher Education1333 Main Street, Suite 200Columbia, South Carolina 29201(803) 737-2260FAX: 737-2297

South Carolina Higher Education Tuition GrantsCommission

P.O. Box 12159Columbia, South Carolina 29211(803) 734-1200FAX: 734-1426

SOUTH DAKOTA

Executive DirectorBoard of Regents207 East Capitol AvenuePierre, South Dakota 57501-3159(605) 773-3455FAX: 773-5320

Department of Education and Cultural Affairs,Office of the Secretary

700 Governors DrivePierre, South Dakota 57501-2291(605) 773-3134FAX: 773-6139

TENNESSEE

Executive DirectorTennessee Higher Education CommissionParkway Towers, Suite 1900404 James Robertson ParkwayNashville, Tennessee 37243-0830(615) 741-7562FAX: 741-6230

57

Tennessee Student Assistance CorporationParkway Towers, Suite 1950404 James Robertson ParkwayNashville, Tennessee 37243-0820(615) 741-1346FAX: 741-6101

TEXAS

CommissionerTexas Higher Education Coordinating BoardP.O. Box 12788Austin, Texas 78711(512) 483-6101FAX: 483-6169

Texas Higher Education Coordinating BoardP.O. Box 12788, Capitol StationAustin, Texas 78711(512) 483-6340FAX: 483-6420

UTAH

Commissioner of Higher EducationUtah System of Higher Education3 Triad Center, Suite 550Salt Lake City, Utah 84180-1205(801) 321-7101FAX: 321-7199

VERMONT

Vermont Student Assistance CorporationP.O. Box 2000, Champlain MillWinooski, Vermont 05404-2601(802) 655-9602FAX: 654-3765

ChancellorVermont State CollegesP.O. Box 359Waterbury, Vermont 05676(802) 241-2520FAX: 828-4990

PresidentUniversity of Vermont85 South Prospect StreetBurlington, Vermont 05405(802) 656-3186FAX: 656-1363

VIRGINIA

DirectorState Council of Higher Education101 North 14th StreetRichmond, Virginia 23219(804) 225-2600FAX: 225-2604

WASHINGTON

Executive DirectorHigher Education Coordinating Board917 Lakeridge Way, P.O. Box 43430Olympia, Washington 98504-3430(206) 753-3241FAX: 753-1784

WEST VIRGINIA

ChancellorState College System of West Virginia1018 Kanawha Boulevard, EastCharleston, West Virginia 25302(304) 558-0699FAX: 558-1011

ChancellorUniversity of West Virginia System1018 Kanawha Boulevard, East, Suite 700Charleston, West Virginia 25301(304) 558-2736FAX: 558-3264

48

WISCONSIN

Higher Educational Aids BoardP.O. Box 7885Madison, Wisconsin 53707(608) 267-2206FAX: 267-2808

PresidentUniversity of Wisconsin System1700 Van Hise Hall1220 Linden DriveMadison, Wisconsin 53706(608) 262-2321FAX: 262-3985

WYOMING

the Community College Commission122 West 25th StreetHerschler Building, 1WCheyenne, WY 82002(307) 777-7763FAX: 777-6567

PresidentUniversity of WyomingBox 3434University StationLaramie, VW 82071(307) 766-4121FAX: 766-2271

JLI

This handbook was written by Elizabeth Eisner and Valentina K. Tikoff, under the direction ofAlan Ginsburg and Maureen A. McLaughlin. Daniel Goldenberg, David Goodwin, Dan Morrissey,Susan W. Wolf, and Steven W. Zwillinger also contributed to the project.

tr U.S. GOVERNMENT PRINTING OFFICE: 1994 381 - 886/20233

ED/OUS94 - 35R

5 o49

BEST COPY AVAILABLE

DOCUMENT RESUME ED 378 496 CG 025 896 TITLE Preparing … · More than half of all recent high...

Documents

Transcript of DOCUMENT RESUME ED 378 496 CG 025 896 TITLE Preparing … · More than half of all recent high...