A frequent question: I got a private student loan but am not sure how the rates are calculated...
Private student loan rates are calculated based on a published index such as the Prime Rate for Private Student Loans or London Interbank Offering Rate (LIBOR) plus a "spread" or margin based on your credit score and history. You need to check with the lender you are applying with to get the specific rate index and the amount over the index they are going to charge you. Typically they don't give you this until after you have applied as they need to check your credit to determine your rate.
College Application Calender - Senior Year
Senior College Prep Plan
| Grade | When | Activity |
|---|---|---|
| Seniors | September | Meet with your guidance counselor to review your college plans and evaluate them in light of your test scores and junior year grades. It's a good idea to involve your parents in this meeting and to discuss your prospects for financial aid at this time. |
| Seniors | September | If you have not already taken the required tests, or you and your counselor feel that you should take it again to try to improve your score, sign up for the October ACT or October/November SAT I and/or SAT II: Subject Tests. |
| Seniors | September | Write to the colleges on your list and request admission, financial aid, and, if appropriate, housing applications. Keep a checklist with all the admissions and financial aid deadlines for the colleges you are considering. Check with your school to make sure your transcripts and other records are up to date and accurate. Ask teachers, employers, or coaches to write you letters of recommendation. Give them any forms that colleges require and follow up to make sure the letters are mailed on time. |
| Seniors | September | Pick up a copy of the CSS Profile Registration Guide from your high school guidance office to see if any of the colleges on your list require this financial aid application form. If so, register for the profile service. |
| Seniors | October | Attend a regional college fair to further investigate the college on your list. Make sure that your transcript and test scores have been sent. Set aside plenty of time to draft, edit and re-write application essays. Be sure to give your parents enough time to help you fill out any college financial aid forms, such as the CSS Profile. If applying for 'early decision,' send in your application now. Sign up for December/ January tests, if necessary. Begin to send in applications; be sure to keep copies of everything you send, with the date on which it was mailed. |
| Seniors | November | Continue to file admission applications. You should also file the Free Application for Federal Student Financial Aid (FAFSA) online at http://www.fafsaonline.com/ |
| Seniors | December | File your last college applications. If you've applied for early decision, you should have an answer by now. |
| Seniors | January | Request that your high school send the transcript of your first semester grades to the colleges to which you've applied. |
| | ||
| Seniors | January | Work with your parents to complete the FAFSA on or as soon after January 1 as possible. Send it in no later than February 1. If the financial aid processor requests additional information in order to process your application, submit it promptly. Check with your high school to find out if your state student aid program requires an additional application. |
| Seniors | February / March | Monitor your applications to make sure that all materials are sent and received on time. Review your Student Aid Report (SAR) for accuracy. If necessary, correct any inaccurate items on the SAR and return it to the FAFSA processor (if you had a college transmit your FAFSA data directly, you must notify the college of any changes or corrections). If you have not received an SAR four weeks after you file your FAFSA, call 1-800-4FED-AID to inquire about your application status. |
| Seniors | February / March | When a corrected SAR is returned to you, review it one more time. Then, if it is correct, keep a copy for your records. If a college requests your SAR, submit it promptly. DO this even if the SAR says you are not eligible to receive a Federal Pell Grant, as the college may be able to offer you other aid based on the information in that report. |
| Seniors | February / March | If you haven't decided on a favorite campus, try to arrange a second visit. Talk to students and sit in on some classes so you can make an informed decision. |
| Seniors | April | Review your financial aid award letters with your parents; be sure that you understand the terms and conditions that apply to each type of aid offered. |
| Seniors | April | Decide on the one college that you will attend and send in your tuition deposit. Notify in wiring the other colleges that accepted you that you have selected another school. This is an important step. Other students will be hoping to receive your spot! Be sure to respond by May 1. |
| Seniors | April | If your first choice college places you on its waiting list, do not lose all hope. Some students are admitted off the waiting list. Contact the college, let the admissions office know you are still very interested, and keep the college updated on your activities. |
| Seniors | April | Remind your parents to check their eligibility for the HOPE and Lifetime Learning tax credits when they file their taxes. Next year, they may be able to reduce their taxes by up to $1,500 by claiming one of these credits for college expenses. |
| Seniors | May | Work with your parents to establish a budget for your books, supplies, and living expenses. Determine how much of that budget grants and scholarships will cover, how much your parents will contribute, and how much you will need to supply. Then determine how much of your contribution will come from savings, from a student loan, and from what you might earn at an academic year job. Then, if necessary, complete a loan application form. Be sure you understand the terms of the loan before you and/or your parents sign a promissory note. |
| Seniors | May | If you want to live on campus, and have not already done so, complete a housing/meal plan application. |
| Seniors | May | Take Advanced Placement exams, if appropriate. |
| Seniors | June | Request that your high school send a copy of your final transcript to the college you will attend. Notify the college of any private grants of scholarships you will receive. |
| Seniors | June | Find out when payment for tuition, room, board, et. Will be due and investigate whether your college offers a tuition payment plan that lets you remit these charges in installments. Be sure you understand how financial aid will be disbursed and whether you can defer bill payment until the funds are available. |
| Seniors | June | Apply for a summer job. Plan on saving a portion of your earnings for college. |
| Seniors | July | Look for information from your new college about housing, orientation, course selection, etc. If your financial aid package included a Federal Work-Study award, it may be your responsibility to find an appropriate job. Plan to follow up with the financial aid office as soon as you arrive on campus. |
| Seniors | August / September | Pack for college and look forward to a great experience. |
Profiles In College Money
FAFSA versus CSS-Profile: The Battle of the Financial Aid Forms
Most people believe that FAFSA -- Free Application for Federal Student Aid -- is the end-all when it comes to looking for money for college.
Not so!
In fact, if you do nothing more than file your FAFSA online (which can be done on or after January 1, 2011), you're not likely to see a dime in scholarship and grant money, other than that which the school itself may provide (including work-study and loans) as part of your financial aid package.
If you don't file your FAFSA, look for no money (as in, nada, zippo, gornischt) from your college financial aid office.
As we've noted on our blog, The College Whisperer, time and time again, you have to begin and carry out an extensive and exhaustive search for scholarship money (it is out there, by the millions, if you know how and where to look, and, beyond that, you actually apply yourself). [HINT: Start by registering and creating a profile at Fastweb, and then, contact your counselor on what to do next.]
This post, however, is not about the scholarship search, but rather, completing all of the necessary pre-reqs (what we used to call "paperwork") in order to qualify for those scholarships, grants, loans, assistantships, fellowships, work-study programs and so on, as offered by colleges.
While almost every college insists on the FAFSA filing (and this is widely known among applicants and their parents), many schools also (meaning, "in addition to the FAFSA") require the filing of what is called the CSS-Profile. [Click HERE to see if the college(s) on your list require the CSS-Profile.]
Administered by the College Board (who else?), the CSS-Profile is a more detailed, school-specific filing, versus the general, broad application of FAFSA.
There are subtle -- and not so subtle -- differences, both in the information and data requested of the applicant (and his or her parents) and in the methodology by which financial aid is calculated.
The biggest differences between the CSS PROFILE and the FAFSA, as enumerated by finaid.org, are:
Imagine that. Charging you money in order to qualify for money. Who but College Board would think of -- and get away with -- such a concept?
While there are nuances to completing and filing both FAFSA and CSS-Profile, the former is relatively straight forward, while the latter presents more of a challenge, mostly because of the details and particulars sought. On both, how you answer and the information you furnish will be used to calculate the now-infamous Expected Family Contribution (EFC), ultimately determining, through formulae of the colleges' own devise (greater secrets Los Alamos did not hold), how much aid you will get, and in what form (i.e., scholarships, work-study, loans).
While FAFSA cannot be completed and filed until after January 1 (you can, however, get an estimate of your financial standing at any time by going to the FAFSA4caster), the CSS-Profile can be completed online beginning on October 1, 2010. It is considered prudent, and we will neither argue nor belabor the point, to file your CSS-Profile early in the game rather than to wait, say, until you complete and file your FAFSA (which itself should be filed as soon as practical after January 1). The reason: Colleges often dole out financial aid awards on a first-come-first-served basis. When the money's gone, it's gone!
Other considerations -- merit, need, program-specific aid among them -- go into the mix when colleges decide who is to get what, and how much, and this, together with the information you provide, will create a matrix that allows the college's financial aid office to paint a financial aid picture for each individual student. With how broad a brush, and what kind of stroke, that picture is drawn is almost entirely dependent upon the content of the CSS-Profile and FAFSA filings.
Confusing? You bet. A bit scary, even, given the costs associated with college and the purse strings held by the folks who will decide your financial aid fate. Absolutely.
Do not take the completion and filing of either FAFSA or CSS-Profile lightly. Do consult with your independent college counselor and/or your financial advisor before you file. And be aware of both State and school deadlines when filing these forms.
Remember. There's money for college in them thar hills. You just have to know where to look, how deep to dig (use a shovel, not a toothpick), and be sure to dot the "i" and cross the "t" on every form you complete and submit, particularly the FAFSA and the CSS-Profile.
Most people believe that FAFSA -- Free Application for Federal Student Aid -- is the end-all when it comes to looking for money for college.
Not so!
In fact, if you do nothing more than file your FAFSA online (which can be done on or after January 1, 2011), you're not likely to see a dime in scholarship and grant money, other than that which the school itself may provide (including work-study and loans) as part of your financial aid package.
If you don't file your FAFSA, look for no money (as in, nada, zippo, gornischt) from your college financial aid office.
As we've noted on our blog, The College Whisperer, time and time again, you have to begin and carry out an extensive and exhaustive search for scholarship money (it is out there, by the millions, if you know how and where to look, and, beyond that, you actually apply yourself). [HINT: Start by registering and creating a profile at Fastweb, and then, contact your counselor on what to do next.]
This post, however, is not about the scholarship search, but rather, completing all of the necessary pre-reqs (what we used to call "paperwork") in order to qualify for those scholarships, grants, loans, assistantships, fellowships, work-study programs and so on, as offered by colleges.
While almost every college insists on the FAFSA filing (and this is widely known among applicants and their parents), many schools also (meaning, "in addition to the FAFSA") require the filing of what is called the CSS-Profile. [Click HERE to see if the college(s) on your list require the CSS-Profile.]
Administered by the College Board (who else?), the CSS-Profile is a more detailed, school-specific filing, versus the general, broad application of FAFSA.
There are subtle -- and not so subtle -- differences, both in the information and data requested of the applicant (and his or her parents) and in the methodology by which financial aid is calculated.
The biggest differences between the CSS PROFILE and the FAFSA, as enumerated by finaid.org, are:
- Submission dates: The CSS PROFILE can be submitted in the fall; FAFSA cannot be submitted before January 1.
- Specific questions: The CSS PROFILE contains questions specific to the school or program you're applying to; FAFSA contains the same questions for everyone.
- Different methodology: The CSS PROFILE determines your financial need differently than the FAFSA, taking into account such factors as whether your family owns a home. In general, the CSS PROFILE asks for more detailed information than FAFSA.
- Minimum student contribution: The CSS PROFILE requires this; the FAFSA doesn't.
- Greater reliance on professional judgment: The CSS PROFILE gives financial aid counselors greater freedom to grant aid based on a student's particular circumstances.
- Cost: CSS PROFILE costs $5 plus $18 for each school or scholarship program selected; the FAFSA, as the name implies, is free.
Imagine that. Charging you money in order to qualify for money. Who but College Board would think of -- and get away with -- such a concept?
While there are nuances to completing and filing both FAFSA and CSS-Profile, the former is relatively straight forward, while the latter presents more of a challenge, mostly because of the details and particulars sought. On both, how you answer and the information you furnish will be used to calculate the now-infamous Expected Family Contribution (EFC), ultimately determining, through formulae of the colleges' own devise (greater secrets Los Alamos did not hold), how much aid you will get, and in what form (i.e., scholarships, work-study, loans).
While FAFSA cannot be completed and filed until after January 1 (you can, however, get an estimate of your financial standing at any time by going to the FAFSA4caster), the CSS-Profile can be completed online beginning on October 1, 2010. It is considered prudent, and we will neither argue nor belabor the point, to file your CSS-Profile early in the game rather than to wait, say, until you complete and file your FAFSA (which itself should be filed as soon as practical after January 1). The reason: Colleges often dole out financial aid awards on a first-come-first-served basis. When the money's gone, it's gone!
Other considerations -- merit, need, program-specific aid among them -- go into the mix when colleges decide who is to get what, and how much, and this, together with the information you provide, will create a matrix that allows the college's financial aid office to paint a financial aid picture for each individual student. With how broad a brush, and what kind of stroke, that picture is drawn is almost entirely dependent upon the content of the CSS-Profile and FAFSA filings.
Confusing? You bet. A bit scary, even, given the costs associated with college and the purse strings held by the folks who will decide your financial aid fate. Absolutely.
Do not take the completion and filing of either FAFSA or CSS-Profile lightly. Do consult with your independent college counselor and/or your financial advisor before you file. And be aware of both State and school deadlines when filing these forms.
Remember. There's money for college in them thar hills. You just have to know where to look, how deep to dig (use a shovel, not a toothpick), and be sure to dot the "i" and cross the "t" on every form you complete and submit, particularly the FAFSA and the CSS-Profile.
SAT scores for college admissions hold steady
SAT test-takers from the class of 2010 who completed a core curriculum – defined as four or more years of English and three or more years of math, natural science, social science and history – scored on average 151 points higher than those who did not. Not surprisingly, students in honors and advanced placement courses also outperformed others.
The average SAT score remains down nine points since 2006, when the writing section was first included and the test moved to a combined 2400-point scale. Average scores on the SAT college entrance exam held steady this year as a record number of students and more minorities than ever took the test, according to a report released Monday.
The status quo is an improvement over the slight downward trend over the previous five years. The high school class of 2010 earned a combined score of 1509 on the three sections of the exam, identical to last year's results. The average writing score dropped one point, math scores edged up one point, and reading results didn't budge.
Officials with the College Board, which administers the test, warned against reading too much into slight year-to-year movement, instead using the findings to argue for greater academic rigor in U.S. high schools.
A growing number of states are setting higher bars for students. Nearly 40 states have adopted Common Core State Standards, which establish uniform expectations for what students should learn by the time they finish high school.
"As high schools nationwide continue to move in the direction of rigorous coursework available to all students, we do think we'll see (SAT) scores going up over time," said Laurence Bunin, a senior vice president with the College Board.
At the same time, the growing diversity of the SAT text-taking pool also factors in the results, Bunin said.
Of the SAT takers in the class of 2010, 41.5 percent were minorities, up from 40 percent in 2009 and 28.6 percent in 2000. Most minority groups – with Asian-American students being the exception – score lower than the average.
Asian-American students posted gains in all three sections of the SAT and outperformed other racial groups; their combined score rose 13 points over 2009. ACT results released last month showed last spring's high-school seniors averaged a composite score of 21.0 on the test's scale of 1 to 36, down slightly from 21.1 the year before. Most colleges accept either the ACT or SAT, and a growing minority no longer requires either one.
Nearly 1.6 million students took the SAT this year. It remains the most popular college entrance exam, but not by much. The rival ACT has been gaining. Only about 28,000 more members of the class of 2010 took the SAT than the ACT.
The average SAT score remains down nine points since 2006, when the writing section was first included and the test moved to a combined 2400-point scale. Average scores on the SAT college entrance exam held steady this year as a record number of students and more minorities than ever took the test, according to a report released Monday.
The status quo is an improvement over the slight downward trend over the previous five years. The high school class of 2010 earned a combined score of 1509 on the three sections of the exam, identical to last year's results. The average writing score dropped one point, math scores edged up one point, and reading results didn't budge.
Officials with the College Board, which administers the test, warned against reading too much into slight year-to-year movement, instead using the findings to argue for greater academic rigor in U.S. high schools.
A growing number of states are setting higher bars for students. Nearly 40 states have adopted Common Core State Standards, which establish uniform expectations for what students should learn by the time they finish high school.
"As high schools nationwide continue to move in the direction of rigorous coursework available to all students, we do think we'll see (SAT) scores going up over time," said Laurence Bunin, a senior vice president with the College Board.
At the same time, the growing diversity of the SAT text-taking pool also factors in the results, Bunin said.
Of the SAT takers in the class of 2010, 41.5 percent were minorities, up from 40 percent in 2009 and 28.6 percent in 2000. Most minority groups – with Asian-American students being the exception – score lower than the average.
Asian-American students posted gains in all three sections of the SAT and outperformed other racial groups; their combined score rose 13 points over 2009. ACT results released last month showed last spring's high-school seniors averaged a composite score of 21.0 on the test's scale of 1 to 36, down slightly from 21.1 the year before. Most colleges accept either the ACT or SAT, and a growing minority no longer requires either one.
Nearly 1.6 million students took the SAT this year. It remains the most popular college entrance exam, but not by much. The rival ACT has been gaining. Only about 28,000 more members of the class of 2010 took the SAT than the ACT.
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