Table of Contents
Introduction 13
Chapter 1 How Much Does Education Cost? 17
Increase Your Power 19
Making Decisions 21
The Independent Student 23
Preparation Is Key 25
Save, Save, Save 27
Should I Get a Job? 30
Chapter 2 Paper, Paper, Everywhere, Nor Any Drop Of Ink 31
Look Fantastic on Paper 31
CASE STUDY: Debra Lipphardt 33
Maintain Your Grades 34
SATs & ACTs 36
Extracurricular Activities 38
Home-Schoolers 40
Advanced Placement and CLEP 42
Community College Courses 44
Chapter 3 The Sea of Scholarships 47
Academics 51
Awards And Honors 51
Leadership 52
Test Scores 53
Extracurricular Activities 54
Community Service/Volunteering 55
Essay-Based Scholarships 57
Financial-Need Scholarships 58
Scholarships For Minorities 58
Scholarships For Specific Majors 59
CASE STUDY: Yvonne Bertovich 61
Unique or Unusual Scholarships 62
Chapter 4 Apply, Apply, Apply! 65
The Application Process 66
Letters Of Recommendation 69
The Essay 73
The Transcript 76
The Interview 77
How to prepare before the interview: 78
During the interview: 80
What might the interviewers ask? 82
Wrapping It Up 83
Chapter 5 FAFSA And Grants 85
What Is FAFSA? 86
How to Apply for FAFSA 90
What Are Grants? 93
Federal Grants 95
Pell Grants 96
Academic Competitiveness Grant and National SMART Grants 97
Supplemental Educational Opportunity Grants 98
Leveraging Educational Assistance Partnership (LEAP) 99
Federal Agency Grants 100
State Grants 101
Wrapping It Up 102
Chapter 6 Saving Money & Living Cheap 103
Visit Campuses 103
Cost 105
Calculating the Real Cost 105
Public versus Private 110
In-State versus Out-of-State 112
Location Matters 112
CASE STUDY: Kristen Joseph 113
Living at Home 115
Commuter Blues 116
Online Options 116
Books 117
Five ways to save on textbooks now: 118
Chapter 7 Work It Out 121
Identify Your Resources 122
CASE STUDY: Lisa McGinnes 122
Work Part-Time 123
Cooperative Education 126
Paid Internships 127
Work Study 129
AmeriCorps & National Service 130
Reserves, National Guard & R.O.T.C 131
Freelancing 133
Wrapping It Up 133
Chapter 8 Loans as a Last Resort 135
What is a Student Loan? 136
Anatomy of a Student Loan 138
How to get a Student Loan 139
Who Gets Government Loans? 141
Stafford Loans 141
Perkins Loans 143
PLUS Loans 143
Private Loans 144
Private loans versus federal loans 144
Protection 145
Interest rates 145
Cost 146
How Much Can I Borrow? 146
Student Loan Forgiveness 147
Public service 147
Armed Forces 148
Health care 149
Interest and Payment Plans 149
Federal student loans - standard repayment plan 150
Federal student loans - extended repayment plan 151
Repayment options for private loans 152
What Plan is Best for You? 152
Managing Your Loan Payments 153
Lowering your interest rate 153
Temporary solutions 153
Deferment 154
Forbearance 155
Consolidation 155
Adjusting your payment 156
The Dangers of Not Paying on Time 157
Consequences of default 157
Chapter 9 Live Dangerously - Graduate Debt-Free! 159
The Credit Card Trap 160
Scholarship and Aid Scams 163
Report financial aid fraud 164
Report identity theft 165
Scholarship Search Scams 165
Dropping Courses 167
Dropping Out 169
Bankruptcy and Default 169
Where to Go for Help 170
Wrapping It Up 171
Conclusion 173
Appendices 177
Appendix A 177
Creating a repayment plan 177
Appendix B 182
Appendix C 183
Budget Worksheet for College Students 183
Glossary 185
Bibliography 191
Index 195
About the Author 197
