College Prep Kit

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College Prep Kit Published by:

Pam Zielinski

Financially Speaking, LLC

REVISED NOVEMBER 2009

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SENDING YOUR CHILD OFF TO COLLEGE IS LIKE

SENDING HIM OFF TO HIS FIRST DAY OF SCHOOL!

BY PREPARING HIM/HER AHEAD OF TIME IS VERY

IMPORTANT SO THAT THEIR COLLEGE YEARS ARE

BOTH REWARDING AND ENJOYABLE FOR THE

ENTIRE FAMILY.

LEARNING BEGINS AT A YOUNG AGE TO PREPARE

YOUR CHILD FOR THEIR COLLEGE YEARS.

SEE SOME INFORMATIONAL BOOKS ON THE

FOLLOWING PAGE THAT WILL START PREPARING

YOUR CHILD FOR THEIR EDUCATION.

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RECOMMENDED EARLY READING FOR INFANTS AND

TODDLERS

WELCOME LITTLE BABY

AUTHOR: ALIKI

DESCRIPTION: The first few days of a baby’s life

BABY TALK

AUTHOR: PENNY GENTIEU

DESC: Large, adorable photos of expressive baby faces and body languages to

which babies will immediately respond.

WELCOMING BABIES

AUTHOR: MARGY KNIGHT

DESC: Families around the world welcome babies into their new lives.

I KISSED THE BABY!

AUTHOR: MARY MURPHY

DESC: All the animals make a fuss over the brand new duckling.

GOODNIGHT MOON

AUTHOR: MARGARET WISE BROWN

DESC: Perfect book for bedtime as a little bunny says goodnight to everything

in his room.

JAMBERRY

AUTHOR: BRUCE DEGEN

DESC: A boy and a bear romp through a yummy, rhyming world of berries.

PEEK A BOO MORNING

AUTHOR: RACHEL ISADORA

DESC: A toddler has a good time playing peek a boo.

I WENT WALKING

AUTHOR: SUE WILLIAMS

DESC: A young boy goes for a walk and keeps your guessing about everything

he sees.

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RECOMMENDED BOOKS AS YOUR CHILD GROWS

BARK GEORGE

AUTHOR: J. FEIFFER

AGES 2-7

DESC: A dog says meow instead of barking

GEORGE AND MARTHA

AUTHOR: J. MARSHALL

AGES 4-8

DESC: 5 stories about George and Martha, 2 hippos, who are

the best of friends

MADELINE

AUTHOR: L. BEMELMANS

AGES 4-7

DESC: 1 of 12 girls who live with Miss Clavell, a loving,

caring woman.

MRS. PIGGLE-WIGGLE

AUTHOR: BETTY MACDONALD

AGES 4-10

DESC: Mrs. Piggle-Wiggle lives in an upside down house and

smells like cookies.

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RECOMMENDED READING

CONTINUED……

AMBER BROWN IN NOT A CRAYON

AUTHOR: DANZIGER/ROSS

AGES 7-9

BUFFALO BILL AND THE PONY EXPRESS

AUTHOR: COERR/BOLOGNESE

AGES 7-10

ENCYCLOPEDIA BROWN-BOY DETECTIVE

AUTHO: DONALD SOBOL

AGES 8-11

BABE THE GALLANT PIG

AUTHOR: D. KING-SMITH

AGES 9-12

FRINDLE

AUTHOR: A. CLEMENTS

AGES 9-12

A LONG WAY FROM CHICAGO

AUTHOR: R. PECK

AGES 9-12

A SINGLE SHARD

AUTHOR: L. PARK

AGES 10-14

THE OUTSIDERS

AUTHOR: S. HINTON

AGES 12 +

AMONG THE HIDDEN

AUTHOR: M.HADDIX

AGES 10-14

THE HOUSE OF THE SCORPION (AGES 13-16)

AUTHOR: N. FARMER

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SAVING FOR SECONDARY EDUCATION

TYPES OF COLLEGE SAVINGS PLANS:

UTMA ACCOUNTS: UNIFORM TRANSFER TO MINORS ACT ACCOUNTS

UTMAS CAN BE SET UP WITH FINANCIAL INSTITUTIONS AND BROKERAGE

FIRMS. YOU CAN BEGIN SAVING WHEN YOUR CHILD IS BORN AND HAS A SO-

CIAL SECURITY NUMBER. A PARENT OR GUARDIAN IS LISTED AS THE CUS-

TODIAN ON THE ACCOUNT UNTIL THE CHILD REACHES THE AGE OF MA-

JORITY

(18 IN WISCONSIN) ONCE THE CHILD TURNS 18, THE MONEY IS THEIRS TO

USE AS THEY WISH. EVEN IF YOU ARE STILL LISTED AS A CUSTODIAN, THE

CHILD CAN WITHDRAW ANY AMOUNT THEY WISH WITH PROOF OF

IDENTIFICATION, ONCE THEY TURN 18.

REGULAR SAVINGS OR MONEY MARKET ACCOUNTS: THESE

ACCOUNTS ARE ALSO SET UP WITH A FINANCIAL INSTITUTION OR

BROKERAGE FIRM. YOU CAN PUT RESTRICTIONS ON THESE SOMETIMES

SO THAT A WITHDRAWAL FROM THE ACCOUNT REQUIRES A PARENT’S

SIGNATURE OR 2 SIGNATURES FOR APPROVAL OF THE WITHDRAWAL. EVEN

IF THE CHILD TURNS AGE 18 AND YOU ARE STILL LISTED AS THE APPROVER,

THE FINANCIAL INSTITUTION MUST ABIDE BY THE WITHDRAWAL

REQUIREMENT THAT WAS SET UP FOR THE ACCOUNT.

EDVEST (WISCONSIN’S 529 PLAN):

SEE THE FOLLOWING PAGE REGARDING EDVEST

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Plan Basics

EdVest is an innovative qualified tuition program that helps families across the country invest for one of their most im-

portant financial goals – their children's education. EdVest is administered by the Wisconsin Office of the State Treasurer

and is managed by Wells Fargo Funds Management, LLC.

With EdVest, you can open an account on behalf of a designated beneficiary. Your contributions are placed in a trust

fund established by the State of Wisconsin and are directed into special investment portfolios designed and managed

specifically for the program. Earnings in your account will grow federal and state tax-free in Wisconsin, as well as po-

tentially tax-free in other states, until the time your beneficiary is ready to go to college. The funds are then available to

be used to pay for qualified higher education expenses at any eligible school – including two and four-year colleges,

technical, vocational, and graduate schools.

EdVest was designed with families like yours in mind. The features of the EdVest college savings program make it easy

to invest now and use later.

Tax Benefits

Earnings in your EdVest account grow federal and potentially state tax-free. State income taxes may still

apply for non-Wisconsin residents.

Qualified withdrawals from a 529 plan are federal and potentially state tax-free.

Wisconsin residents owe no state income tax on qualified withdrawals.

Contributions of up to $3,000 per dependent, grandchild, great-grandchild, niece, or nephew, per tax year

are deductible from Wisconsin taxable income.

Contributions up to $65,000 may be excluded from federal gift tax pro rata over a five-year period.1

Completed gifts are considered removed from your estate for tax purposes, while as the account owner,

you still retain control of the account.

Flexible Contribution Options

Start building your account with an automatic investment plan or payroll direct deposit of just $15 a

month.

A low initial contribution of only $250 is required to open an account, and it's waived with an automatic investment plan.

Contribute up to $330,000 for a single beneficiary.

Convenient methods of contributing – check, electronic funds transfer, Federal Wire, automatic invest-

ment, and payroll deduction.

Professional Money Management

The Wisconsin College Savings Program Board and the Wisconsin State Treasurer oversee the program.

Wells Fargo Funds Management provides administration for the program.

Investment options include underlying investments managed by Wells Fargo Funds Management, LLC,

Legg Mason Capital Management, Inc., Robert W. Baird & Co. Incorporated, and The Vanguard Group.

Few Restrictions

Use the money at thousands of eligible schools in the U.S. (and even some abroad) – including graduate school.

Use the money in your account for a wide range of educational expenses including tuition, fees, books,

even room and board expenses. A program of regular investment cannot assure a profit or protect against a loss in a declining market.

1If a donor contributes more than $13,000 in one year, and elects to apply the gift tax exclusion ratably over five years, but dies before the close of the five-year period, the portion allocable to calendar years beginning after the date of death is included in the decedent’s estate.

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TYPES OF FINANCIAL AID

ELIGIBILITY IN WISCONSIN:

TO BE ELIGIBLE FOR STATE FINANCIAL AID IN

WISCONSIN, A STUDENT MUST: Be a resident of the state of Wisconsin Have a high school diploma, GED, or equivalent Be enrolled in an undergraduate degree or certificate program Be attending a non-profit college or university based in Wisconsin

The free application for Federal Student Aid (FAFSA) form must be filled out and submitted online at http://wwww.fafsa.ed.gov Paper copies are available at the college and university financial aid offices and at the high school guidance offices. YOU ARE NOT ALLOWED TO RECEIVE FINANCIAL AID IF….. YOU ARE REQUIRED TO REGISTER WITH THE SELECTIVE SERVICES AND YOU ARE NOT REGISTERED. YOU ARE LISTED ON THE STATE WORKPLACE DEVELOPMENT’S

LIST OF CHILD SUPPORT LIEN DOCKET, UNLESS YOU HAVE AN APPROVED PAYMENT PLAN. (STUDENTS ON THE LIEN DOCKET MAY STILL RECEIVE AES AND STATE LOANS)

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GRANTS

GRANTS ARE “GIFT” AID AND THEY DO NOT HAVE TO BE

REPAID. ELIGIBILITY FOR GRANTS IS PRIMARILY BASED

ON FINANCIAL AID AND EACH GRANT PROGRAM HAS

SPECIFIC ELIGIBILITY REQUIREMENTS.

SOME WISCONSIN GRANTS AVAILABLE ARE:

WISCONSIN HIGHER EDUCATION GRANT-CAN RECEIVE

NOT LESS THAN $250 AND NOT MORE THAN $3000

WISCONSIN TUITION GRANT-CANNOT RECEIVE LESS THAN

$250.00.

TALENT INCENTIVE PROGRAM GRANT- (TIP) $600-1800 FOR

INITIAL GRANT AND $250 MINIMUM CONTINUING GRANT

INDIAN STUDENT ASSISTANCE GRANT-MUST BE AT LEAST

25% NATIVE AMERICAN TO RECEIVE THIS GRANT.

AWARDS ARE $250-$2500.00.

MINORITY UNDERGRADUATE ASSISTANCE GRANT-AWARDS

OF $250-$2500.00

HEARING AND VISUALLY HANDICAPPED STUDENT GRANT-

AWARDS ARE $2500-$1800.00.

SEE MORE ABOUT THESE GRANTS AT

www.http://heab.state.wi.us/programs.html

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SCHOLARSHIPS

SCHOLARSHIPS ARE ALSO “GIFT” AID AND DO NOT

HAVE TO BE REPAID. UNLIKE GRANTS, THEY ARE

USUALLY BASED ON MERIT OR ACHIEVEMENT AND

NOT FINANCIAL NEED. TOO MANY SCHOLRSHIPS

GO UN-APPLIED FOR, SO WATCH FOR ALL

OPPORTUNITIES

THE WISCONSIN ACADEMIC EXCELLENCE

SCHOLARSHIP IS AWARDED TO THE HIGH SCHOOL

SENIORS IN EACH PUBLIC AND PRIVATE HIGH

SCHOOL WITH THE HIGHEST GPA. AWARD IS UP TO

$2250.00 FOR FULL TIME TUITION.

THERE ARE MANY MORE SCHOLARSHIP

OPPORTUNITES AVAILABLE THROUGH THE

UNIVERSITY FINANCIAL AID OFFICES AND HIGH

SCHOOL GUIDANCE OFFICES. CHECK OUT ALL

OPPORTUNTIES. THIS IS FREE MONEY!

IF YOUR CHILD HAS AN ABOVE AVERAGE GPA, MAKE SURE

THEY ARE APPLYING FOR SCHOLARSHIPS, AS THIS CAN

GREATLY REDUCE THE AMOUNT YOU PAY OR YOU OR YOUR

CHILD BORROWS ON STUDENT LOANS. SOME

SCHOLARSHIPS ARE RENEWABLE FOR FOLLOWING YEARS

ALSO.

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STUDENT LOANS

SOMETIMES, EVEN WITH COMMITTED SAVING FOR

OUR CHILDREN’S EDUCATION, THERE MAY BE A

NEED FOR STUDENT LOANS. MOST STUDENT LOANS

ARE AT AN ATTRACTIVE RATE, THOUGH, USUALLY A

VARIABLE RATE THAT CAN CHANGE AT LEAST

ANNUALLY.

THERE ARE SEVERAL GOVERNMENT STUDENT

LOANS, HOWEVER, IT IS HARDER THESE DAYS TO

QUALIFY FOR THESE LOANS IF THE PARENTS/CHILD

ARE MAKING GOOD INCOMES AND THERE ARE

ABOVE AVERAGE SAVINGS AND CHECKING

ACCOUNT BALANCES.

HOWEVER, FINANCIAL INSTITUTIONS SOMETIMES

HAVE THEIR OWN “PRIVATE” OR COLLEGIATE LOAN

PROGRAMS THAT STUDENTS CAN QUALIFY FOR, IF

THEY DO NOT QUALIFY FOR THE STANDARD

STAFFORD OR PLUS LOANS THROUGH THE

GOVERNMENT.

TYPICALLY, MOST STUDENT LOANS WILL HAVE A

DEFERMENT PERIOD FOR PAYMENTS WHILE THE

STUDENT IS IN SCHOOL, ON AT LEAST A HALF TIME

BASIS. ALSO, MOST OF THEM DO NOT REQUIRE THE

STUDENT TO START REPAYMENT UNTIL 6 MONTHS

AFTER COLLEGE OR SECONDARY SCHOOL

GRADUATION. THERE ARE SOME EXCEPTIONS TO

THESE RULES, HOWEVER. SEE NEXT SECTION.

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GOVERNMENT SPONSORED STUDENT LOANS

LOANS FOR THE UNDERGRADUATE

STAFFORD LOAN: These loans are backed by the US Government, but

offered through private lenders, like your community bank. These are the

best place to start because they have a low, fixed interest rate. You must

complete the FAFSA form prior to applying. You can borrow up to $5500

your first year. You do not have to repay the loan until 6 months after you

leave school or drop below 1/2 time status. The school gets the money twice/

year and will distribute any excess funds directly to you.

FEDERAL PLUS LOANS: These loans are made to the parents of

dependent children. Parents can apply up to the amount of total education

expenses, minus any other financial aid received. Parents can defer payments

while the student is in school. These loans have a fixed rate and may be tax

deductible.

HOME EQUITY LINES/LOANS: These loans are typically made to parents

who have sufficient equity in their home. In most cases the interest is tax

deductible. Talk to your banker for rates and terms.

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PRIVATE LOANS FOR THE UNDERGRADUATE AND

GRADUATE

Some of the larger financial institutions, offer their own

Collegiate or educational loans. These are good to check into

when you do not qualify for the Stafford loans. Many of them

have similar rates to the government programs. Two

institutions that Financially Speaking is familiar with are

Wells Fargo and Chase. Both of these reputable institutions

offer these types of private loan programs. Some of them

have loan amounts of up to $25,000 per year for educational

expenses.

Please check out their websites for more information on these

loan programs.

www.wellsfargo.com

www.chase.com

COSIGNERS:

YOUR STUDENT MAY NEED A COSIGNER IF THEY DO

NOT HAVE ANY OR HAVE LIMITED CREDIT

ESTABLISHED. BE PREPARED TO COSIGN OR IF YOU

HAVE TARNISHED CREDIT, CHECK INTO ANOTHER

POSSIBLE ALTERNATIVE FOR A CO-SIGNER FOR

YOUR CHILD’S LOAN(S).

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HOW DO WE START PLANNING FOR OUR

CHILD’S SECONDARY EDUCATION?

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SOME REFERENCE MATERIALS TO GET YOU

STARTED

NO CHILD LEFT BEHIND REFERENCE:

www.nochildleftbegind.gov

PREPARING MY CHILD FOR SCHOOL

www.ed.gov/topics

HOW TO SUPPORT YOUR GIFTED CHILD:

Www.ed.gov/parents/need/gifted/edpicks.jhtml?src=In

FIND THE PUBLIC/PRIVATE SCHOOLS IN YOUR AREA

http://nces.ed.gov/ccd/schoolsearch

FIND STATE CHARTER SCHOOLS

www.uscharterschools.org

FIND THE BEST SCHOOLS IN YOUR AREA

www.schoolmatch.com

THE SCHOOL REPORT

www.homefair.com

ABOUT HOME SCHOOLING

www.home-ed-magazine.com

www.home-school.com

BOOKS/MATERIALS/SUPPLIES

www.nBuy.com

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COLLEGE PLANNING CHECKLIST

DURING JUNIOR YEAR WWW.OFFTOCOLLEGE.COM/PREP

WHY GO TO COLLEGE? JR. YEAR FALL SEMESTER

MAKE A PERSONAL

ASSESSMENT

JR. YEAR FALL SEMESTER

DECIDE ON KIND OF MAJOR JR. YEAR FALL SEMESTER

MEET WITH H.S.

COUNSELOR

JR. YEAR FALL SEMESTER

REVIEW FOR ADMISSION

TESTS

JR. WINTER SEMESTER

COLLEGE SEARCH JR. SPRING SEMESTER

VISIT COLLEGE CAMPUS JR. SPRING SEMESTER

COLLECT COLLEGE

INFORMATION

JUNIOR-SENIOR YEAR

PREPARE COLLEGE

APPLICATIONS

SEPTEMBER-OCTOBER

WRITE YOUR ESSAYS SEPTEMBER-OCTOBER

GET LETTERS OF

RECOMMENDATIONS

SEPTEMBER-OCTOBER

SUBMIT COLLEGE

APPLICATIONS

NOVEMBER-JANUARY

UNDERSTAND COLLEGE

COSTS

NOVEMBER

REVIEW FINANCIAL AID

OPTIONS

NOVEMBER-JANUARY

FOLLOW THE MONEY PATH NOVEMBER-JANUARY

SUBMIT FAFSA AND

PROFILE

JANUARY

APPLY FOR FINANCIAL AID MAY-SEPTEMBER

DEVELOP GOOD COLLEGE

SKILLS

ON-GOING

FIND A SUMMER JOB MARCH-MAY

GET MOVING TO COLLEGE

CHECKLIST

MARCH-SEPTEMBER

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COLLEGE SEARCH-UNDERSTANDING TYPES OF SCHOOLS

COLLEGES: Generally smaller in size. They offer 4 year

degree programs (BA and BS) and many 2 year Associate

degrees.

UNIVERSITIES: Larger institutions with specialized degrees in busi-

ness, engineering, pre-med, etc. They offer 2 year, 4 year and many

graduate and professional degrees.

COMMUNITY/JUNIOR COLLEGES: A small college

offering 2 year Associate degrees. Many students attend local com-

munity colleges with the intent to transfer to a larger

institution to further their education.

ONLINE SCHOOLS: Programs and degrees that can be taken

online. The advantage of these programs is that you can take classes

from inside your home. These programs are great for part time stu-

dents and continuing education.

VOCATIONAL/CAREER SCHOOLS: Specialized schools of train-

ing for specialized trade jobs such as mechanics, computer

Technicians, medical assistants, etc. Programs may vary requiring

only a few weeks to complete while others may require a year or

more. Upon completion, graduates will receive a license, certificate

or an Associate Degree.

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HOW SHOULD I BEGIN MY COLLEGE SEARCH?

There are 3 categories of schools you should list:

2-3 SCHOOLS THAT YOU COULD DEFINITELY GET IN

4-5 SCHOOLS THAT YOU COULD PROBABLY GET IN

7-8 SCHOOLS THAT YOU WOULD LIKE TO GET IN

YOU SHOULD BUDGET ON HOW MUCH YOU CAN AFFORD

FOR APPLICATION SUBMISSION. IF THE APPLICATION

SUBMISSION COSTS FOR 16 OR MORE SCHOOLS MAY BE

TOO MUCH, NARROW YOUR SEARCH TO 3-3-3.

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COLLEGE APPLICATION CHECKLIST

Record College Admission Tasks

LIST 3 SCHOOLS YOU CAN DEFINITELY GET IN

1. ___________________________________________

2. ____________________________________________

3. ____________________________________________

LIST 3 SCHOOLS THAT YOU WOULD PROBABLY GET IN

1. ____________________________________________

2. ____________________________________________

3. ____________________________________________

LIST 3-6 SCHOOLS YOU WOULD LIKE TO GET IN

1. _____________________________________________

2. _____________________________________________

3. _____________________________________________

4. _____________________________________________

5. _____________________________________________

6. _____________________________________________

CHECK EACH TASK AS COMPLETED BY SCHOOL

APPLICATION MATERIALS RECEIVED __ __ __ __ __ __ __ __ __ __ __ __ __ __

CAMPUS REVIEW/VISIT COMPLETED __ __ __ __ __ __ __ __ __ __ __ __ __ __

COST COMPARISON OF SCHOOLS __ __ __ __ __ __ __ __ __ __ __ __ __ __

ENTRANCE REQUIRE.REVIEWED __ __ __ __ __ __ __ __ __ __ __ __ __ __

WRITE REQUIRED ESSAYS __ __ __ __ __ __ __ __ __ __ __ __ __ __

REQUEST TEACHER/COUNSOLOR RECOMMENDATIONS __ __ __ __ __ __ __ __

SEND TRANSCRIPTS AND 1ST SEMESTER GRADES __ __ __ __ __ __ __ __ __ __

SUBMIT FINANCIAL AID FORMS __ __ __ __ __ __ __ __ __ __ __ __ __ __

SUBMIT SCHOLARSHIP FORMS __ __ __ __ __ __ __ __ __ __ __ __ __ __

ARRANGE HOUSING __ __ __ __ __ __ __ __ __ __ __ __ __ __

OTHER __ __ __ __ __ __ __ __ __ __ __ __ __ __

OTHER __ __ __ __ __ __ __ __ __ __ __ __ __ __

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COLLEGE ENTRANCE REQUIREMENTS

WORKSHEET

School MIN. MIN. MIN. OTHER FILING #OF #OF SPECIAL

GPA SAT ACT DEAD. ESSAYS RECOMM. REQUIREMENTS

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FAST FACTS

1. What are the trends in the cost of college education?

For the 2007-08 academic year, annual prices for undergraduate tuition, room

and board were estimated to be $11,578 at public institutions and $29, 915 at

private institutions. Between 1997-98 and 2007-08, prices for undergraduate

tuition, room and board at public institutions rose by 30%, after

adjusting for inflation.

2. What is Title IX?

Title IX of the Education Amendments of 1972 prohibits discrimination based

on sex in education programs and activities that receive federal financial

assistance.

3. Do you have any information of the race/ethnicity of college and university

faculty and staff?

In fall of 2007, minorities made up 17% of US faculty. 7% were black, 6%

were Asian/Pacific Islander, 4% were Hispanic and 1% were American

Indian/Alaska Native. About 4/5 of the faculty were White, with 43% being

white males and 36% being white females.

4. What are the most popular majors for students?

Of the 1,524,000 bachelor’s degrees conferred in 2006-07, the largest numbers

of degrees were conferred in the fields of business (328,000), social sciences

and history (164,000), education (106,000), and health sciences (102,000).

5. What is the average income for high school and college graduates?

Measured in constant 2006 dollars, median earnings for young adults ages 25-

34 who worked full time throughout a full year increased as education level

increased. A female in year 2006 at all education levels earned a median in-

come of $31,800, with a high school diploma or GED, females earned an aver-

age of $24,000 and with a bachelor’s degree or higher, females earned an aver-

age of $41,000. Males in 2006 at all education levels earned an average of

$37,000 , with a high school diploma or GED-$30,000 and with a bachelors

degree or higher-$50,000.

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FAST FACTS, CONTINUED

6. Which colleges have the highest enrollment?

The University of Wisconsin, Madison, ranks 16 in the top 20 for an

enrollment of 41,028 in 2006. The largest college by enrollment is the

University of Phoenix, Online Campus with total enrollment of 165,373. The

2nd largest college by enrollment in 2006 was Ohio State University, with

51,818.

7. Do you have any statistics on financial aid for post secondary

undergraduates?

66% of all undergraduates received some type of financial aid in 2007-08. For

those who received any aid, the total average amount received was $9,100.

52% received grants averaging $4,900 and 38% took out an average of $7,100

in student loans. 7% received aid through work-study jobs that averaged

$2,400 in wages. 2% received an average of $5,400 in veteran’s benefits and $

% had parents who took out an average of $10,800 in Parent PLUS loans.

47% of all undergraduates received federal student aid in 2007-08 for an av-

erage amount of $6,600. 16% received an average of $2,500 in state funded

grants and 20% received an average of $5,000 in grants funded by the post-

secondary institution they attended. In 2007-08, Federal Pell Grants were

awarded to 27% of all undergraduates at an average of $2,600 and 34% of all

undergraduates gook out Federal Stafford loans averaging a total of $5,000.

Subsidized Stafford loans were received by 30% of undergraduates and aver-

ages $3,400, while 22% received an average of $3,200 in unsubsidized Stafford

loans.

8. How long does it take students at colleges and universities to finish their

degrees?

On average, 1st time recipients of bachelors degrees in 1999-2000 who had not

stopped out of college for 6 months ore more took about 55 months from first

enrollment to degree completion. Graduates who had attended multiple

institutions took longer.

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SOME HELPFUL WEBSITES FOR YOU

www.offtocollege.com

www.saystudent.com

www.financiallyspeaking.vpweb.com

www.ed.gov/topics

www.annualcreditreport.com

BUDGETING AND CREDIT HELP

Make sure you prepare a college budget and act responsibly with

your credit, now that you are an adult. Here are a few tips about

your finances.

Remember to subtract all debit and ATM withdrawals from your

checkbook register immediately.

Remember to balance your checking and savings accounts. If you

regularly bounce checks, your bank could close your account and it

is reported to a credit reporting agency. You may not be able to

open another account for several years.

Pay your credit card bills off totally each month. Do not spend

more each month than you can afford to pay back. Once you get

into too much credit card debt, it is hard to recover.

Contact Financially Speaking, LLC for a financial consultation

about budgeting and credit 3-6 months prior to leaving for college.

Have fun in college, but act responsibly with your financial life and

your personal life. Remember, you and/or your parents are paying

for a quality education.

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BEST WISHES FOR YOUR FUTURE!

THIS PAMPHLET WAS PUBLISHED BY

PAM ZIELINSKI

FINANCIALLY SPEAKING, LLC

(NOT FOR SALE OR REPRODUCTION)