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Caroline

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High school seniors, you may think the hard part about your college decision-making is over. You've probably already applied to, been accepted and decided on a school. And you've probably completed your FAFSA  and know what your financial aid award entails.

Whew. That's a lot of work, and it probably took up most of your senior year.

However, there might still be one hurdle left to cross (aside from finals!). If your financial aid award doesn't cover all your expenses, you'll need to find more money.

We've said it before and we'll say it again: When it comes to paying for college, be sure you look to your lowest-cost options first. That means get all the funding you can through grants and scholarships, which don't have to be paid back.

Your next-best option is federal student loans. These loans offer a low, fixed interest rate, and offer some entitlements that help can protect you from default during repayment.

Then, if you have tapped out your options for federal loans and still need additional funds, consider a private student loan.

Private student loans are offered by banks and other private lenders, who set all the terms and conditions (the rules, basically) of the loan — like how much interest they'll charge, and how long you have to pay it back.

In general, private student loans have higher interest rates than federal student loans. Many private student loans will offer a range of interest rates, based on the credit of the borrower (that's you) and/or your cosigner. (A cosigner promises to be responsible for the loan if you're not able to pay it back.) Better credit = a lower interest rate. It's likely that in order to be approved for a private student loan, you'll need a cosigner.

Private student loans all vary by lender, and there are often different loans available based on your situation (whether you're an undergrad or grad student, etc.).

If you're considering a private student loan, talk with your financial aid advisor about your options, and compare the different loans carefully. Here are some things you should find out about any private student loan you're considering:

• What is the interest rate (also called Annual Percentage Rate or APR for short)?
• Do you need a cosigner?
• How much time do you have to pay off the loan?
• When do you have to start making payments?
• Are there any borrower rewards offered?

Remember: When it comes to student loans, federal or private, you should only borrow what you really need because you're going to have to pay it back — with interest.

What questions do you have about private student loans? Ask us!

Rachel

A few years ago when I was a banker, a high school student came in looking for help. He was freaking out because he had overdrawn  his account again and his dad was going to take away his car. "You have to help me!" he pleaded.

Oh, to be in high school again and have the threat of your car being taken away. People, listen: Of all things to have your car taken away for, banking trouble should not be one of them. You got this. Here's what you can do.

1. Make sure you have overdraft protection set up. When you spend more than you have in your account and you have overdraft protection set up, money can be automatically transferred from your savings account or credit card to your checking account to cover whatever you bought. This transfer costs money but it's less than a full overdraft charge. But don't let it come to this. You still have to replenish your savings or pay off that charge to your credit card after the fact. Do what you can to prevent this from happening altogether.


2. Play a little money mind game with yourself. For most of us, if there is money in the account, we're going to spend it, right? And if you only have $5 left in your account until Friday and you really want that Red Bull , you are going to justify the purchase. Here's what I used to do: When I opened my checking account with $100, I considered my account at zero. I pretended that $100 = $0. That way I always had an emergency cushion. When I say pretended, I mean it. That $100 in my checking account was invisible to me. Very rarely did I let myself go below the $100 and when I did, it was usually for something "really important: the day before payday.


3. Set up a text message alert to send when you enter the danger zone. You can get a text you when your account gets down to a certain amount, whatever you designate.


4. When in doubt, send a text to check your balance. This way there is no guessing or assuming and you know exactly where you stand.


5. And of course, be sure you are logging in to online banking as often as you do Facebook.  Knowing what's up will help you stay out of trouble, at least with your bank account.

Caroline

If you're a high school senior, Decision Day is almost here. You're getting to the point where you should be receiving your award letters  from colleges.

If you haven't already decided on a school, these award letters are probably a big part of what you've been waiting for. For many students, school choice comes down to the financial aid package.

So what can you expect? Your award letter typically will list the Cost of Attendance (COA), the federal aid you're eligible for (grants, work-study, and student loans), and your Expected Family Contribution (EFC).

Review your award letters carefully, considering these important points  to be sure you understand the aid that's being granted and what your final costs will be.

The link above lists some key questions to ask, such as:

• Does the Cost of Attendance include all projected costs?
• How do non-institutional scholarships affect you award amount?
• Does the aid package likely cover the same expenses every year?

When it comes to award letters, they're not all written in the same format, so here's a cool tool  to help you compare apples to apples. Don't be afraid to contact the school to get all your questions answered.

Are you waiting for an award letter before deciding on a school?

Barbara

As my father told me after my last home emergency, "Houses can sometimes be a money pit." Cue next home issue.

After Christmas, I decided that the wallpaper and bright green paint adorning my bathroom walls were meant to be left in 2008. It was a simple cosmetic fix. Well, it was until I got to the area around my tub and found moldy, wet drywall beneath the wallpaper. Awesome. New drywall and shower, coming up! Emergency savings, going down!

But through this tragedy I learned a valuable lesson: If you are able, do it yourself.

Yes, I still spent a pretty penny for professional drywallers and plumbers to ensure the work was done correctly (those are not DIY skills I possess). But by putting in a little sweat equity  when it came to demolition, I saved hundreds of dollars. I can tear down a defunct shower surround and rip out moldy drywall with the best of 'em!

The DIY mentality not only applies to home repairs, it also can come in handy during your college years (pre- and post-college, too!). Ask yourself how many times you pay someone else to do something you could've done yourself. Or how often do you pay for something new when you could've repaired the old item?

Here are some examples of what I mean:

• You may not be the best cook in the world, but does that mean you should eat out all the time? A little do-it-yourself cooking  could save you a bunch of money.
• What about clothing? Wouldn't it be easier to fix a ripped seam or hem in your pants rather than shelling out moolah for a new pair? Better to spend a few dollars for a needle and thread. 
• Applying for financial aid? Instead of paying someone to file your FAFSA, DIY! The same goes for taxes — go online and file for free.

Does the DIY mentality work for you? Tell us what you've done yourself (or would like to do) to save money.

Caroline

If you're a high school senior, all the realities of college are probably getting more real by the day. Specifically, the reality of how much college costs.  Starting now, you've got just a few short months to pull together the financing for your first year.

That doesn't mean it's time to panic. It's time to get to a Financial Aid Night, if you haven't already attended one.

What's a Financial Aid Night? It's an evening dedicated to providing information and answering your questions about getting financial aid for college. Typically your school will host it with help from a bank or other lending institution.

It's a great time to go with your parents (yes, be sure to bring them) and get a good understanding of the financial aid process. You also learn more about grants and scholarships that are available. The knowledge you'll gain will help you move forward confidently to get money for college.

How does it work? There will probably be a presentation about the financial aid process and the opportunity to pick up brochures and information about loans and scholarships. You might also have a chance to visit with a banker to learn more.

If you haven't seen notices for a Financial Aid Night at your school, check in with your guidance counselor about when one might be scheduled. If you're really in the dark about financial aid, it's important that you attend sooner than later — deadlines rule when it comes to getting money for college.

If you've already attended a Financial Aid Night, let us know how it went. Did you find it useful?

Editor's note: Over the next few months, The Student LoanDown will be running a series of posts focused especially on high school seniors. We'll be attempting to cover lots of topics of special interest to this group as they count down to graduation and get ready to head off to college.

Barbara

We've talked in the past how valuable internships can be. This summer I got the chance to meet a super-cool student who got a head start when it comes to internships — in high school.

Jacob Jackson is now a senior in high school here in Sioux Falls, and he was an intern at Wells Fargo this summer. An internship in high school...how awesome is that?

Jacob is in a program through his school called the Academy of Finance . Students in the program take classes throughout their junior and senior years that deal with business and finance. Then, during the summer they apply for paid internships that put their knowledge to use.

Plus, they get college credit! When he's done with the whole program, Jacob will have around 16 credits to take with him to college.

Before Jacob left to head back for his senior year of high school, I got the chance to talk with him about his experience and what he was taking away from his internship and the program.

At first, he told me he wasn't very keen on the idea of participating in the program. His aspirations were leaning more toward the literary world than the financial realm in becoming a writer or novelist. Jacob didn't think that the experience would change his plans, and it may not have, but he definitely gained some perspective on his different options, like one day running his own business.

And his internship offered more perspective. In addition to his daily work, Jacob got see how the business ran from start to finish. He spent time with each group learning what they do and how it affects the business. Particularly, he found himself interested in Marketing and is considering that as a college major.

Another benefit of his work at Wells Fargo: learning about student loans. Before starting work here, Jacob had no idea about how student loans worked. Obviously this isn't a perk of all early internships, but it's helpful nonetheless.

Have any of you readers participated in or heard about similar programs? I'm curious what you learned or how the experience changed or affirmed your future plans.

Caroline

It's January, and you probably know what that means — time to fill out your FAFSA (Free Application for Federal Student Aid) . The FAFSA is the best place to begin if you need financial aid (including student loans) to help pay for college.

Even if you think your parents make too much money to qualify for aid, you should still look into the FAFSA. Not all aid is based on financial need, and many factors go into the formulas for determining eligibility.

We always recommend that you fill out your FAFSA as soon after January 1 as possible. Some state aid is awarded based on your FAFSA application, and those deadlines vary , so it's in your best interest to get your FAFSA submitted as soon as possible. This is a great article  that makes a good case for filling out the FAFSA and lists all the documents you'll need on hand before you get started.

You can get a paper FAFSA from your high school guidance counselor, or you can fill it out online . This article  covers some of the common mistakes people make when filling out the FAFSA that can jeopardize your chances for maximum aid. Check it out to avoid making any costly blunders.

I'm curious — especially for you first-timers — how you feel about filling out the FAFSA. Did you fill it out online, or use the paper form? Was the application too long and complicated, or was completing it no big deal?

Caroline

Do you think the ACT test  should be mandatory for all high school students?

Currently a few states do require that students take the ACT. Why? It serves as another way to assess students, and some probably see a side benefit that perhaps more kids will consider going on to college if they already have the ACT under their belt.

A recent editorial  in the Des Moines Register advocates for school districts in Des Moines to pay the ACT test fees for all students, but to further examine whether it should be made mandatory.

Personally, I'm not in favor of either. I don't understand why a school district should pay for the test, considering there's already an option to get the fee waived  for those with an economic need. For those who can afford to pay the fee, in my opinion, paying for the test and taking it on a Saturday outside the school setting, lends a certain weight and seriousness to the test that might be lost if it was free.

As far as making it mandatory — I think that approach could have the same effect. It takes the seriousness away if it becomes yet another standardized test, taken by everyone in the middle of a school day, whether they want to or not.

And really, the ACT measures college readiness. Not all kids take the college-prep route through high school. It doesn't seem fair to test them as though they have.

So what do you think? Should the ACT test be mandatory and/or free?

Rachel

Last weekend I decided to extend my personal Friday cubical dance party into the weekend by volunteering at a local high school dance. It was so great to see students releasing their pent up energy into the rhythm of the night. Hands in the air, shouting the lyrics to every verse, laughing and showing off their moves — they were in their element.

People (rightfully) laugh at my "Ellen-esque"  dance parties at work. For me it takes the edge off the corporate work environment and releases a bit of my anxiety. As a student, I think these casual high school dances offer the same type of thing — a pressure release where you can go out with friends and dance off the stress of being in school.

In high school (and life in general) we spend a lot of time working on (and worrying about) our image and making sure we look good on paper. For high school students, it's SAT scores, grade point averages and the right combination of club memberships, student government experience and being on a varsity sports team. In "the real world," it's your job title, degrees of education, performance reviews, community involvement, hobbies and some type of luxury fluff like season tickets or country club memberships.

But we are so much more than just our MySpace profiles. As they say in Transformers , we are all "more than meets the eye." This is because our personalities can't be bottled and branded. We are individuals. We are human. We are interesting. We all have our own story to tell.

When you are writing your college entrance essays and interviewing for scholarships, remember to show who you really are, on and off paper. I once won a college scholarship over several of my classmates who were way more qualified (on paper) than I was. No joke, there was the valedictorian, the student body president, the volunteer wiz-kid, and me — the girl who scored a lousy 970 on her SATs. I was awarded the scholarship because I aced the interview by being myself. (BTW, if you are looking for scholarships, be sure you check out this online search engine  to help you.)

This is not to say the stuff on paper doesn't count — it definitely does. (I had to work hard to make up for my horrible SAT performance.) But equally important is your character and expressing the goodness that can't be communicated on paper.

Find your "ness"  and let it shine.

Caroline

I used to love back-to-school time. Now, I still share Staci's love of school supplies, but as a parent, "back to school" time can be hard sometimes. The first time you send your kid off to school it's tough — suddenly your round-faced "baby" is wearing a "Lightning McQueen"  backpack stuffed with crayons, juice and baby wipes. (That's what they request at preschool these days.)

But when you send your kid off to college — like many of you probably did over Labor Day weekend — it's even tougher. Suddenly your "baby" is leaving town with your car and a laundry basket full of clothes. And this time, she won't be home in three hours, ready for a nap.

Recently, I found a great article  in the Des Moines Register about how parents handle sending their kids off to college. It profiles three families: one with a senior in high school, one with a student about to start college, and one with a student who's just completed his freshman year of college. There are also some good tips for parents and students found in the article's left sidebar.

So parents, tell me: How are you coping with sending your kids off to college?