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)
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Reproductions supplied by EDRS are the best that can be madefrom the original document. *
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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
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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:
History/Social Studies
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:
History/Social Studies
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
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.
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
Financial Need $7,000
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
Total Financial Aid $7,000
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
Financial Need $16,500
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.
Example of Financial Aid Package:Financial Need $16,500
Pell Grant 2,300SEOG** 1,000Work-Study 1,200Perkins Loan ** 1,175Stafford Loan 2,625State Aid 1,400Institutional Aid 6,800
Total Financial Aid $16,500
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
Financial Need $3,250
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.
Example of Financial Aid Package:Financial Need $3,250
Pell Grant 1,050SEOG" 500Work-Study 700Stafford Loan 1,000
Total Financial Aid $3,250
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
Financial Need $5,750
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.
Example of Financial Aid Package:Financial Need $5,750
Pell Grant 1,050SEOG** 600Work-Study 1,400Stafford Loan 1,200State Aid 600Perkins Loan*** 900
Total Financial Aid $5,750
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.
Example of Financial Aid Package:Financial Need $15,250
Pell Grant 1,050SEOG** 1,200Work-Study 1,500Per%ins Loan*** 3,000Stafford Loan 2,625State Aid 800Institutional Aid 5,075
Total Financial Aid $15,250
"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
Take challenging classes in English,mathematics, science, history, geography,a foreign language, government, civics,economics, and the arts.
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
Take challenging classes in English,mathematics, science, history, geography,a foreign language, government, civics,economics, and the arts.
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
Take challenging classes in English,mathematics, science, history, geography,a foreign language, government, civics,economics, and the arts.
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
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