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Information for the College Bound
July 2008
In This Issue
SAT Reporting Changes
Financial Aid primer
Quick Links
Greetings!
 
With one-third of the summer behind us, we hope you are enjoying the three R's: resting (good for the body), reading (good for the mind) and reflecting (good for college planning).  This time without the pressures of school can be the perfect opportunity to contemplate significant topics for application essays and appropriate environments for college. Families can use this time for relaxed assessments of colleges to set the stage for the beginning of the application season.

Seats are still available for our free Seminar on College Planning next Tuesday, July 8, at our Austin offices. Call Miriam Willis at 512-306-8567 to reserve a place. Please pass this on to a friend!
 
Best wishes for a cooler summer,

Hank Ewert and Eric Heineman
College Planning Consultants
SAT Test Taker College Board Changes Test Reporting

Recently the College Board approved an important change to the current SAT score-reporting policy. Starting next year, students with have the freedom to send their scores by individual sitting (test date), choosing the date that they feel best represents their ability to colleges and universities, at no additional cost. 
 
Historically, when a student arranged a SAT report, colleges received all results from a student's test-taking record. While most schools would state that their evaluations would be based on only the best results from the testing record, students often feared that colleges would frown on their lesser scores, or judge the number of times in they had taken the SAT.
 
The College Board explains that the change is intended "to reduce student stress and improve the test-day experience." Interestingly, this policy mirrors the policy of the American College Testing program (ACT).
 
How does this change affect students? Seniors graduating in 2009 should not be affected, as their scores will be completed before that time. Juniors and younger students can plan on using this policy to confidently apply to schools presenting only their highest results. This new policy will, however, require that students pay close attention to the scores received by each school, as it is will be possible to have different score data in place at each school.
Fistful of money Financial Aid 101: The Basics 

Given the escalating cost of higher education, who is interested in help defraying the cost? Everyone, of course.

Financial aid professionals will separate opportunities between those that are need-based, for those who demonstate they can not afford the cost without assistance, and merit-based, generally used to attract a student's talents or profile to enhance the profile of the school.

So while individual colleges exercise professional judgment on both a family's expected contribution, as well as the components of a student's aid package, the basic types of college financial aid available can be broken down broadly into the following categories:

Financial Aid based on Demonstrated Need
 
Grants: Free money that is based on a family's demonstrated need and does not need to be paid back. Some grants are federally or state funded; most come from a school. To apply for these grants, families must demonstrate financial need through the Free Application for Federal Student Aid (FAFSA); some schools - mostly selective, private colleges - also utilize the College Board's PROFILE application as well.
 
Student Loans: Money that is borrowed and must be paid back with interest, but repayment is often deferred until graduation. A number of student loan types exist, including those administered by the federal government like the Subsidized Stafford Loan and Unsubsidized Stafford Loan, federal Perkins Loans and PLUS loans, as well as private student loans, which are available through banks.

Another option: The federal Work-Study program, where students work in exchange for funds to pay for college, is popular on many campuses, but can realistically only cover a small portion of a student's actual need.

Financial Aid based on an Individual Student's Merits

Merit Scholarships: Free money that does not need to be paid back, usually awarded to students with achievements in academics, athletics or other school activities. Merit scholarships can come from many sources, such as the governments, churches, professional or recreational organizations, as well as the college itself.
 
Another Option: A number of other options exist to help pay for college, including the U.S. military's ROTC program, where students receive money for college in exchange for military service; many schools will have one or more chapters for the Army, Navy or Air Force ROTCs.
 
With so many people desiring financial aid, and so few of them knowing much about it, it is crucial that families learn as much as they can about financing higher education before applying to schools.
 
Trivia
Corner
Which Texas university is the most represented alma mater (college or university) of our most recent legislature of Texas state senators and representatives? And a bonus for knowing which school is second!

A prize is offered to the first person who responds to Hank.
Last month's trivia question asked at which American college Sir Winston Churchill introduced the term "The Iron Curtain" to the world. The then-former British Prime minister invoked the term in a speech in 1946 at Westminster College in Fulton, Missouri.