Photographing Graduates?

[Omnomgreen]

I live in a town of about 6000.
So a lot of people know me and my photography.
I am currently enrolled in grade 10 and many grade 12's have asked me to do their photos for them for graduation.
I have never had to professionally sell and do real business with a client so I was wondering if any of you had any advice at all?
Anything is helpful and will work! :)

-shooting tips
-money-wise tips (a professional photographer in town says I should be charging $300 for a one hour session & about 14 edits on a CD [she charges $1300 for that] comments?)
-copyright tips?
-model release form tips?

Thank you everyone! :)

[Mike Gifford]

Take a look here for some comments on this topic:
http://365project.org/discuss/general/4984/selling-your-photographs-non-professionals

[Mike Gifford]

I just did a search and there are numerous threads to look through to get some ideas for pricing out your work. Try this link:
http://365project.org/search/discussions?q=selling