Ne[x]t Magazine is published by Georgia s Own Credit Union for members of i[x] APRIL // MAY // JUNE 2012 MAXIMIZING your financial aid Are you ready for college? i[x] gives you the basics on how to pay for school. PAGE 4 Also Inside: P5 P6 P8 P11 i[x] Gives Back Take a Hike! Making Money for Teens $15,000 Scholarship Giveaway
IN THIS ISSUE APRIL // MAY // JUNE 2012 3 the word, with will 4 maximizing your financial aid learn the basics about financial aid for college 5 i[x] gives back get involved and give back with i[x] 6 take a hike! it s getting warm so get outside and explore 8 making money for teens meet Jordan Williams and Brandon Iverson 10 student loans from georgia s own learn about our private student loans 11 $15,000 scholarship giveaway read the details and get your application in 12 connect with i[x] we d love it if you d like us pg 6Head outdoors this spring and explore the woods of Georgia.
[FROM THE EDITOR] The Word, with Will for the non-profit Samaritan s Feet. Hello everyone and I hope you re having a good spring! The Georgia s Own Credit Union Youth Advisory Board met for the first time in February and it promises to be a great addition to the i[x] program as we gain valuable insight from your peers. Georgia s Own and i[x] also partnered with Georgia State University Men s Basketball coach, Ron Hunter, by donating shoes and socks to help raise awareness Our main feature highlights two rising entrepreneurs from Atlanta, Jordan Williams and Brandon Iverson. They started their first business, Kids Toys, Inc. at 10 years old and have a bright future ahead of them. Check out page 8 to find out about their new company, Making Money for Teens, and to see how they got started. Maximizing your Financial Aid on page 4 is a great resource for prospective and current college students. It explores options for financing your higher education and also explains the difference between private and federal student loans. You don t want to miss this article if you are planning on heading to college in the near future. On page 5 you will find an awesome opportunity to go out and make a difference in the Atlanta community by participating in GSU Cares Day. GSU Cares Day takes place on April 21, 2012 and focuses on a variety of beautification projects on the campus of Georgia State University. If you are looking for ways to volunteer, this is a great chance for you to get involved! In this issue, we are excited to announce the 2012 Georgia s Own Credit Union Scholarship. Georgia s Own is once again graciously giving away $15,000 in scholarship money to eight lucky winners. First, second, and third place winners will receive $5,000, $3,000, and $2,000 respectively while five runners-up will receive $1,000 each. The deadline for entry is July 13, 2012, so be sure to get your entry in on time! Finally, we are encouraging you to take a hike - in a state park that is. We ve put together four of the best parks to go spend a day getting in touch with nature. Enjoy! FEEDBACK. Thanks to those of you who have sent in your comments and questions. We always want to hear back from our readers! Let us know what you think. Send your comments and questions to will@doyouix.com and we ll try to post it online or in our next issue. CONNECT. Have you connected with i[x]? Be sure to check us out on Twitter (@doyouix) and Facebook (facebook.com/ixgeorgia). We are constantly posting tips and letting our community know about contests and giveaways. We also want you to be a part of the conversation, so let us know what you are thinking. Feature Article NAME: Jordan Williams and Brandon Iverson HOMETOWN: Atlanta, GA AGE: 13 Years Old HOBBIES: Playing basketball and skateboarding DOYOUIX.COM APRIL/MAY/JUNE 2012 3
Congratulations. You ve done it! You were accepted into college and begin in the fall. Now comes the fun stuff: How will you pay for school? Scholarships, grants, savings and loans are all great options for you, but maybe that scholarship you were hoping for fell through. There is no denying that college is expensive and without scholarships or assistance from your parents, it can be difficult to pay for college. The good thing for you however, is there are other options available such as student loans. Millions of students rely on student loans to pay for some or all of college, so you won t be alone. When searching for financial assistance, you should always start with scholarships and grants, which cost you nothing and do not have to be repaid (Free money!). These can be in the form of need-based (those who can t afford to go to college through their family s financial means alone), merit-based (awarded because of a specific achievement or skill), or giftaid. Check with your guidance counselor, ask the schools you want to attend and even do a little Internet research on your own to find out how to apply. Even check on page It s important to know that there are two different types of student loans: Private & Federal 11 to find out how Georgia s Own is giving away $15,000 in scholarships. Most likely any money received through scholarships and grants will not be enough to fully fund your education. However, the more free money you receive, the less you have to pay back later. Once you have minimized how much you ll have to borrow through scholarships, grants, and savings, you can begin applying for student loans. It s important to know that there are two different types of student loans: Federal (those backed by the federal government) and Private (ones by credit unions, banks and other private lenders). Federal loans have lower fixed interest rates and are more easily available. A fixed interest rate means that the rate at which you are quoted will not change throughout the life of the loan. In contrast, interest rates on private loans vary, depending on the lender and the borrower s credit rating. The first thing you should do when applying for Federal financial aid is complete the Free Application for Federal Student Aid (FAFSA). This application automatically applies you for monies awarded from most federal and state agencies and will be processed and sent to the institutions you list on the form. If you are eligible for loans, your school will provide you with an Award Letter explaining the types of aid you are eligible to receive. If the Financial Aid Office has determined you need a loan, you will need to contact the appropriate parties to apply. Once you have thoroughly exhausted all sources of free and low-cost financial aid, you might find you still have a need for financial assistance. Private student loans are meant to fill this gap that is left between the Cost of Attendance (COA) and the Federal loans/aid you ve received. Private loans are not offered through the federal government, so it s important to look for a loan program from an institution you trust, such as Georgia s Own Credit Union. These loans are in the name of the student but often require a co-signer and are not guaranteed or subsidized by the government. Instead, they are based on the credit score of the student and/or the credit score of any co-signer they have on the loan. They also allow flexible repayment options so that you will have lower initial payments after graduation. More information on Georgia s Own student lending program can be found at http://georgiasown.studentchoice.org. There are numerous options and places to get information these days. Get smart, plan ahead and put your plan into action. While the process of funding your continuing education may seem daunting, planning carefully and researching all of your options can save you thousands! Remember, college is an investment, not an expense. 4 DOYOUIX.COM APRIL/MAY/JUNE 2012
[GIVE BACK] i[x] Gives Back i[x] believes that giving back is part of what will make you truly successful. Each month we participate in a variety of causes and events to help the community. This issue we wanted to share one recent event and give you the chance to join us for another. GSU Cares Day Georgia s Own and i[x] are excited to partner with Georgia State University (GSU) for the first ever GSU Cares Day on April 21, 2012. Alumni, students and friends of GSU will roll up their sleeves to participate in a variety of campus beautification projects. We will be there to participate in the fun by planting flowers and picking up trash among other tasks, in an effort to help out the GSU campus and the downtown Atlanta community. We would love for you to volunteer with us from 9:00 a.m. to 12:00 p.m. for this awesome project. A volunteer BBQ will be held after the projects have been concluded and each volunteer will receive a free t-shirt. To register for the event visit gsu.edu/gsucares. Projects: 9:00 a.m. 12:00 p.m. BBQ Lunch: 12:00 p.m. 2:00 p.m. Registration: gsu.edu/gsucares Samaritan s Feet Georgia s Own Credit Union collected more than 100 pairs of shoes and 200 pairs of socks in a last-minute effort to help Georgia State s Basketball Coach, Ron Hunter, raise awareness for Samaritan s Feet. Samaritan s Feet provides shoes and socks for children around the world, including impoverished children in the United States, who are wearing shoes with holes in them or are two sizes too small. Georgia State s goal was to impact 10,000 impoverished children with new shoes and socks in Atlanta and Nigeria. As a proud sponsor of Georgia State Athletics, Georgia s Own Credit Union was pleased to lend support to such a worthwhile cause. For more information on Samaritan s Feet and to find out how you can help, visit http://www.samaritansfeet.org/. DOYOUIX.COM APRIL/MAY/JUNE 2012 5
[TRAVEL] Take a HIKE! Spring is a great time to get outside, and Georgia has a lot to offer if you re looking to experience the great outdoors. Spending time in the woods is a great way to recharge, get some exercise and see the state - all at the same time. Plus, most state parks only cost $5.00 for a whole day so you can have fun on a budget. So, are you ready to go? Good. Here is a list we ve put together to help you find your way to the best trails. Enjoy! 1. Dukes Creek Falls Blairsville, Georgia Located in the Chattahoochee National Forest, Dukes Creek Falls is a popular destination for hikers. You can walk a one mile trail (two miles round trip) down to the falls. People have been visiting the falls for a long time. As far back as 1540, Hernando DeSoto visited the area and miners have been panning for gold in the streams ever since. 2. Amicalola Falls Dahlonega, Georgia If you re looking for a great day hike then a visit to Amicalola Falls is in order. You will want to park at the base and make the trek up a seemingly endless series of stairs until reaching the top. Once you arrive you ll be able to take in quite a view of the falls. You can also see the start of the Appalachian Trail and say hello to hikers returning from their journey. 3. Tallulah Gorge State Park Tallulah Falls, Georgia Established in 1993 by Governor Zell Miller, Tallulah Gorge State Park offers an amazing view of the canyon which is two miles long and over 1,000 feet deep. There are many trails around the rim and you can also get a permit to hike all the way to the gorge floor. Make sure to stop by The Dillard House for breakfast or lunch. 4. Cloudland Canyon State Park Fawn Rising, Georgia Located in the Northwest corner of the state, Cloudland Canyon offers panoramic views and excellent hiking trials. It s one of the largest and most scenic parks in Georgia. You can hike down to the bottom of the gorge on a series of trails and staircases. At the base you ll find two waterfalls that run into pools. 6 DOYOUIX.COM APRIL/MAY/JUNE 2012
[PROFILE] Making Money for Teens Jordan Williams and Brandon Iverson are young entrepreneurs. By the age of 13 they started two businesses, Kids Toys Inc. and Making Money for Teens. The team at i[x] sat down to learn more about their background, companies and how they define success. i[x] You started your first business, Kids Toys, Inc. at 10 years old. Tell us a little about what Kids Toys was and what inspired you to start your own business at such a young age? JW/BI Our first business, Kids Toys Inc., started by us selling used toys and games that we didn t play with anymore to our friends. Our inspiration to start a company was not settling for less. We both only earned $10 a week from doing chores around the house that would never be enough to buy the items we wanted. Also, our parents are a big inspiration. Our dads are business partners too and have been a part of different network marketing companies and are business consultants. We thought what they were doing was interesting, started researching, and got interested in entrepreneurship. i[x] What did you do with the first income you received? JW/BI The first thing we did with our first revenue from the business was to separate it into different categories. We always put away some money for church. Then we split the rest of the money for savings and buying things for personal use. This way we wouldn t be tempted to spend all the money we earned. i[x] Where did you get the idea of becoming entrepreneurs? JW/BI We got the idea of becoming entrepreneurs again from our parents and identifying how millionaires make their money. Steve Jobs, Donald Trump, Robert Kiyosaki and many more made their money becoming entrepreneurs and creating the big ideas. We wanted to become entrepreneurs to create Learning good financial habits now will teach teens proper money management that can carry on for the rest of their lives. our own companies based off our interests and ideas. At the same time, be able to create a business that is successful and will benefit our future in the years to come. i[x] Tell us a little about your newest venture, Making Money for Teens and why you started this company. JW/BI We started Making Money for Teens at the age of 13 and it s a financial education company where we teach teens about our experiences in previous businesses. We have a Making Money for Teens CD Series teaching teens how they can start investing at a young age. We teach basic investing strategies such as diversification, and option trading so they can understand the stock market at a young age. We wanted to start this company because we knew that most kids and teens don t get the proper financial education in the school systems. We have been privileged to be able to get our feet wet in entrepreneurship and wanted to help spread the wealth. We knew the topics we have learned throughout the years would be understandable to kids our age so we created Making Money For Teens. i[x] Why do you think it s important for teens and young adults to practice smart financial habits? JW/BI It is definitely important for teens and young adults to practice good financial habits now because it will help dictate their future. A lot of teens that we know spend their money as soon as they earn it. Those bad habits will carry on to college and 8 DOYOUIX.COM APRIL/MAY/JUNE 2012
[PROFILE] adulthood and they will run into difficult situations with their money. i[x] What is the most challenging aspect of running your own business? JW/BI The most challenging part of running a business is managing our time wisely. We both play sports and have school to worry about so running a business makes it that much harder to manage everything. As entrepreneurs we had to learn how to manage and organize our schedules to get the job done. i[x] What advice do you have for anyone who wants to start their own business? JW/BI As a kid and teen you have the gift of creativity and time. Create a business based off your personal interest and skills. Don t be afraid to take risks and never let people doubt your abilities because of your age. i[x] Can you share with our readers how you guys are able to balance the pressures of running a business and being in school at the same time? find time for sports and extra-curricular activities. i[x] Where do you see your company in the future? JW/BI In the future, we see our company being nationally known. We want our company to have more employees and a great network of people for manufacturing and advertising purposes. We want Making Money for Teens to be in different youth entrepreneurial programs all over the country. i[x] How can our readers get involved and help out your business or find out more information? JW/BI Readers can learn more about our products by visiting our website, makingmoneyforteens.org. They can also visit our Facebook page at facebook.com/makingmoneyforteens or on Twitter @KidsToysInc. i[x] When you aren t involved with promoting and enhancing your business, what do you enjoy doing? JW/BI We enjoy playing basketball, football, skateboarding outside, and hanging out with our friends. Outside of business we are just normal kids. JW/BI As teens, maintaining good grades in school, playing sports, and running a business can be hard to manage at times. But we had to discipline ourselves to manage our time wisely and organize all of our activities beforehand. School always comes first, so we always make sure that our schoolwork is finished before we do anything else. We spend hours every week improving our business and also DOYOUIX.COM APRIL/MAY/JUNE 2012 9
THESE LOANS FEATURE: Zero origination fees Extremely competitive interest rates Flexible repayment options Undergraduate and graduate loans A private education line of credit from Georgia s Own is the perfect option to fill educational funding gaps that can be left behind after other sources of aid have been exhausted. Contact us to see how we can help you get the money you need for college. 10 DOYOUIX.COM APRIL/MAY/JUNE 2012
[ SCHOLARSHI P ] G E O R G I A S O W N C R E D I T U N I O N S $15,000 Scholarship Giveaway It s that time of year again! That s right, we re giving away $15,000 in scholarships to EIGHT lucky winners in 2012. At Georgia s Own Credit Union, we believe in helping our members achieve their goals, and we are especially proud to help you, our young adult members who are just starting out financially. That s why Georgia s Own is honored to award eight scholarships to students who epitomize the Credit Union s People Helping People philosophy. The top recipient will receive a $5,000 scholarship for the 2012-2013 academic year. We will also be awarding a $3,000 and $2,000 scholarship to second and third-place recipients, respectively. Additionally, we will award five deserving runners-up $1,000 each. Georgia s Own Credit Union scholarships are awarded to students who demonstrate good financial habits, a commitment to their community and a commendable academic record. All applications should be postmarked by July 13th and sent to: Georgia s Own Scholarship Fund Attn: Marketing P.O. Box 105205 Atlanta, GA 30348 Guidelines for Scholarship Consideration: 1. The applicant must be a Georgia s Own Credit Union i[x]member, 25 years of age or younger. 2. The applicant must be enrolled or anticipate enrollment in 2012/2013, in an accredited institution. 3. The applicant must write a 500-word essay, outlining goals, aspirations, college and career plans. The essay should also include ways in which the applicant manages his or her finances effectively. 4. The applicant must be attending or have graduated from an accredited high school and provide transcripts for current and previous years.. Written recommendations from two present or former 5 instructors and/or employers, dated within the last three months. 6. An outline of community and/or extracurricular involvement, including dates of involvement, must be included with the essay. Applicants that meet all of the above requirements will be eligible for scholarship entry. (1st Place Recipient: $5000 College Scholarship; 2nd Place Recipient: $3000 College Scholarship; 3rd Place Recipient: $2000 College Scholarship, Five (5) Runnersup: $1000 each) Officers, Directors, Supervisory Committee Members, Employees, Vendors, Agents, Successors and Assignments of Georgia s Own Credit Union and immediate family members (defined as spouse, mother, father, in-laws, grandmother, grandfather, brother, sister, children, and grandchildren) are not eligible to win above-mentioned scholarships. Entries will be judged by a third-party panel of experts. D OYO UIX.CO M AP R IL / MAY/J U NE 2 0 1 2 11