Counselors:  Wanda Bird and Amy Gogas

March - April 2008

CONCORD UNIVERSITY—is seeking to recognize the most outstanding Juniors from Scott High School by honoring them with the Concord University Book Award $500 Scholarship.  This scholarship is for students that enroll at Concord University.  Students should be selected on the basis of academic merit, extra-curricular involvement, noteworthy achievement on any college entrance examination, class rank, and well-roundedness.  Two female and two male students may be nominated.  Nominees must be present on Friday, May 9, 2008 to receive their awards.  Interested students are to see Mrs. Bird for more information and to be nominated by Monday, April 22.

WV STATE POLICE JUNIOR TROOPER ACADEMY---One Boone County student (ages 14-17) will be selected to represent Boone County Schools at the Junior Trooper Academy to be held July 14 - July 18, 2008.  Interested students are to pick up an application from Ms. Bird.  Deadline:  applications must be turned in to Ms. Bird no later than April 10.

FREE ENTERPRISE/TEEN ENTREPRENEURSHIP SUMMIT YMCA CAMP HORSESHOE—The Conference extends classroom lessons.  Business, entrepreneurship, career and educational opportunities are coupled with community development, civic leadership and service-learning.  The Conference fee is $350.  We have two $320 Scholarships for one male high school student and one female high school student to attend.  Students pay the $30 balance of the fee from their own funds. This year’s conference dates are June 8-14, 2008.  Interested students are to contact Mrs. Bird by April 20.  Deadline:  May 1. 

FAIRMONT STATE UNIVERSITY---The Faculty and Staff of Pierpont Community and Technical College of Fairmont State University Aviation Department would like to invite interested students to their semi-annual open house.  The open house will be held on March 29, 2008 from 1-4PM at the Robert C. Byrd National Aerospace Education Center, located in Bridgeport, WV.  Tours will be given and guests will be able to speak with the faculty and staff about the exciting career opportunities available to them in the aviation field.  Check out the website for the Robert C. Byrd National Aerospace Education Center at http://www.fairmontstateaeronautics.com.  Interested students are to RSVP the Aviation Center at 304-842-8300 or e-mail Aschorr@fairmontstate.edu.

All 2008 Seniors must fill out a Final Transcript request form.  Students planning to attend a College, University, or Technical School in the fall of 2008 must have this mailed at the end of the Second Term of their senior year.  All seniors have been given the form.  Also, Mrs. Bird is requesting the following information from each senior.  Please make a list of all the scholarships that you have been awarded up to this point. Please list the name of the scholarship or grant, the amount and the number of years for each scholarship that you have been granted. The Senior Awards Program is scheduled for May 21 at 6PM in the gym.  We want to recognize each of you at this time. You have been asked to include this information on the form that you are to fill out for your Final Transcript. Additional forms are in Mrs. Bird’s office.  Please return the form by the end of April to Mrs. Bird.  If the final transcript form is not completed and returned to Mrs. Bird before the end the Second Term, no Final Transcript will be sent.  

ALTERNATIVE LOAN GUIDE 

What is an alternative loan?  An alternative (aka: private) loan is a loan through a commercial lender (e.g., a bank).  Unlike most government aid, eligibility is based on your credit history and not financial need.  Consider an alternative loan only if you’ve maxed out on free aid (scholarships and grants) and low-interest government loans.  While alternative loans might be the difference between attending college or not, use them only as a last resort.

Why you might want an alternative loan…

Variable interest rates:  Because private loan providers offer variable rates, you may find a more competitive rate between other providers.  If interest rates are low, a variable rate might be preferred.  If interest rates rise, you may be better off with a fixed-rate loan.

Cost:  While the cost of private loans generally won’t be able to compete with a fixed-rate government loan, their cost is generally cheaper than credit cards or even the rate of a personal loan that would be offered by your local bank.

Credit-based, not need-based: You qualify for alternative loans based on credit history and credit score (a measure of creditworthiness), not financial need.  Generally speaking, the better your credit history, the lower your interest rate.

Higher loan limits: You may be able to borrow more through an alternative loan vs. a federally-funded student loan.

In-school deferment: Many private education loans allow you to defer the repayment obligation until after graduation, but the catch is that the interest is capitalized—that is, the interest becomes part of the principal loan balance, which means a bigger loan and more to repay.

Pay for more: Use an alternative loan to pay for ineligible federal loan expenses, such as a laptop, study abroad, etc.  Federal student loans can only be used for educational expenses (tuition, fees, room and board, etc.).

Deductible interest: Deduct up to $2500 on your federal tax return.  This benefit covers both alternative and government education loans.

Student obligation: Alternative loans are consumer loans, meaning you must repay (however, a parent co-signer would be come liable if you can’t pay).  Shared responsibility may be more appealing than the Parent Loan for Under-graduate Students (PLUS), where only the parent pays.

…and why you might not.

More expensive: Government loan interest rates are so low, private loan providers might not be able to offer a competitive rate.  Alternative loans also charge fees that government loans do not, further increasing the cost of borrowing.

Tougher terms: While you can defer payment on an alternative loan until after graduation, you must still pay the interest.  If the interest is capitalized (see above), you may end up paying even more.  Subsidized government loans cover the cost of interest while you’re in school.

Hard to compare offers: All things being equal, which is a better offer, the 7% interest loan with 4% fees, or the 6% interest loan with 6% fees?   (Answer: the second one costs less.)  Understanding the relationship between interest, fees, number of years and discount rates can be confusing.  (Check www.collegegold.com/toools for info on how to analyze these numbers!)

Good credit is key: The advertised rates are generally for customers with excellent credit records.  If you or your family’s credit history is poor, the interest and fees you pay could be more than the advertised rate.

Comparing Financial Aid Award Letters

You may receive award letters from different colleges.  Keep the following in mind when making your final decision:

Look Carefully at your award letters: Letters from different schools will probably have their figures and costs in different formats.  Compare award letters to see how their offers measure up.  Ask if outside scholarships will affect your aid.

Compare loan offers: Interest rates, how interest compounds, repayment terms and cancellation provisions can vary widely from loan to loan.

Compare affordability of aid offers over time: Ask how your financial aid package will change over time.  The aid package made available to you in your senior year may look very different from the one you were offered freshman year.

Look beyond the “sticker price”: The school with the lowest cost of attendance may not be the most affordable.  The amount and type of aid offered will influence affordability.

Don’t accept an offer just because it has the lowest “unmet need”: You may save more by accepting an offer with a higher unmet need, if the aid package offers scholarships, grants and work-study instead of loans.  Unmet need is equal to the Cost of Attendance less the total of expected Family Contribution and total aid amount. 

Compare like terms: How do the schools determine cost of attendance:  Do they all include direct costs as well as indirect costs?  How do they handle outside scholarships?  What work-study options are available?  What are wages like?  Can you substitute work for a loan?

VIRGINIA TECH—The Virginia Tech College of Engineering invites junior-year math and science students to attend the annual Engineering Open House on Monday, April 7, 2008.  Registration is easy.  Go to http://www.eng.vt.edu/EOH.  Deadline:  Complete the online RSVP by March 21, 2008.

NASHVILLE AUTO DIESEL COLLEGE---is offering a scholarship program for a high school senior with strong technical aptitude who wants to pursue a career in the auto-diesel or collision repair and refinishing field.  The program is called the High School Select Scholarship Program.  This scholarship provides a $1000 tuition scholarship to NADC for a senior who, in the opinion of your school administration, has demonstrated a sincere desire for self-improvement.  Awarded students must enter NADC by September 20, 2008.  Additional requirements may be found on the application.  Applications are to be mailed to Nashville Auto-Diesel College, 1524 Gallatin RD, Nashville, TN  37206.  The phone number is 1-800-228-6232.  Deadline:  May 31, 2008.  

THE IMAGINE AMERICA SCHOLARSHIP PROGRAM---offers students $1000 to attend any participating private postsecondary institution that is accredited by an agency recognized by the U.S. Department of Education.  Any graduating high school senior can be considered for selection for one of the two scholarships awarded to his or her high school.  Students may apply online at http://www.petersons.com/cca or you may request a copy by writing to:  Career College Foundation, Imagine America Scholarships, 10 G ST NE, Suite 750, Washington, DC 20002.  Deadline:  March 26, 2008.

EVEREST INSTITUTE---Students interested in the following Everest Institute (formerly National Institute of Technology) programs are encouraged to apply for one of five $2000 awards.  They are:  Electronics, Computer and Communications Technology, Medical Assistant, Medical Administrative Assistant, Medical Insurance Billing and Coding and Massage Therapy.  Seniors interest in applying for the scholarship must fill out the application completely, obtain a signature from a counselor, math, science or vocational teacher, and return to Everest Institute via mail, Fax, or email. All applicants must take the Career Program Assessment Test (CPAt), which measures competency in reading, language and mathematics.  Applicants must take the test at the Cross Lanes campus on one of the following dates:  Saturday, March 15, 2008 at 10AM or Tuesday, March 18, 2008 at 6:30PM.  Deadline:  Applications must be received by 12PM (noon) the day before the test date selected.

SOUTHERN WV COMMUNITY/TECHNICAL COLLEGE – Southern Scholarship.  This scholarship covers the cost of tuition.  Deadline:  April 15.

ALBERT YANNI SCHOLARSHIP PROGRAM 2008-2009 – for outstanding Secondary Vocational-Technical education graduates wishing to pursue additional education at the postsecondary level in the same or related career field.  Amount:  $2,000.  Forms may be accessed at http://careertech.k12.wv.us under new resources.  Deadline:  April 14, 2008.

2008 CHAMPION COLLEGE SCHOLARSHIP PROGRAM---is open to any survivor of childhood cancer who will attend an accredited two or four-year institution, was diagnosed before the age of 19 and is currently 25 or under.  First-year recipients will receive $1000, and college scholarships renewals will be awarded in the amount of $500.  Applications are available at 1-800-227-2345.  Deadline:  postmarked April 15, 2008.

DANVILLE AREA LIONS CLUB COMMUNITY SERVICE SCHOLARSHIP –Eligibility requirements are to be a member of the Scott High School Senior Class, be accepted at an accredited college, maintain a cumulative 2.5 GPA while attending high school, been active in community and extracurricular activities, and financial need. Deadline:  May 1.

BOONE COUNTY SCHOOL SERVICE PERSONNEL ASSOCIATION “SERVICE AWARD 2007”—

Applicant must be a graduating senior and have a family member that is employed by the Boone County Board of Education and is currently a member of the Boone County School Service Personnel Association or a retired Boone County employee who was a member of the BCSSPA when they retired.  (Family member will include:  Father-Mother-Grandparent-Brother-Sister-Uncle-Aunt)  The applicant must be enrolled in one of the following.  Accredited college, accredited Junior college, or accredited Trade school.  Amount:  $400.  Deadline:  Application must be received/postmarked by Monday, April 21, 2008.