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How to lower the cost of college tuition


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This presentation is intended to inform college and university administrators of alternative federal financial aid that is available to students. This aid can be used for a variety of uses, including …

This presentation is intended to inform college and university administrators of alternative federal financial aid that is available to students. This aid can be used for a variety of uses, including helping to reduce the costs of tuition for students, reduce student default rates and generate new sources of revenue for institutions.

For more information contact Anthony Wong @ 877.987.7237 x 503 or email

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  • 1. Education Credit Refund Programs How to lower the cost of tuition, raise non- Title IV funds and lower student debt Presented by Copyright © All Rights Reserved
  • 2. Summary• The Higher Education industry is facing unprecedented challenges as a result of state and federal budget windfalls and increasing compliance requirements – Reduced amount of Federal and State Aid including Pell Grants and Federal Loans – Increased 90/10 Title IV Funds Compliance – Cohort Default Rate Compliance – Pressure to reduce tuition costs“In the higher education community, visionary leaders are also taking steps to control college costs and net price.” –US Secretary of Education A. DuncanWhile many questions remain, a proven solution already exists. Copyright © All Rights Reserved
  • 3. What is a Education Credit? American Opportunity Tax Credit, originally proposed as the American Dream Credit • Enacted by President Obama and Congress in 2009 as part of the American Recovery and Reinvestment Act, created to support economic recovery. • Provides reimbursement of up to $2500 for qualified expenses – Tuition, Books, Computers, Loans* – Educational Software – Room and board* • Even if the student never filed a return or earned no income students can claim up to $1,000 • Estimated 50% of eligible student do not claim credit – Complexity – Lack of Awareness – Insufficient ResourcesCopyright © All Rights Reserved
  • 4. Examples of why students do not receive credit• Lack of Awareness – No Federal Requirements for Schools to promote tax credits to students• Lack of Resources – Student demographic and families below median income typically do not employ paid tax preparers• Complicated – Tedious and time consuming to claim accurately• Common Mistakes – Student never filed 2009 or 2010 Tax Return – Self Prepared and failed to file form 8863 properly – Failed to provide 1098T or accurate expenses Copyright © All Rights Reserved
  • 5. What is an Education Credit Refund Program?A Cooperative effort to provide students with additional Federal Financial Aid Resources School Student Copyright © All Rights Reserved
  • 6. How Schools Can help Students• Inform and educate student body of credit and qualifications• Provide students with reliable and recommended service to obtain refund – With no upfront cost to student – Provide students non recourse aid to pay tuition or cost of attendance – Contribute to lowering student obligations – Pay off existing student debt Copyright © All Rights Reserved
  • 7. What we do1. Promote public awareness of program(s) – Work cooperatively with School Financial Aid Departments and student organizations to market programs effectively2. Help schools implement education credit refund programs – Facilitate Education Credit Refunds on behalf of students and parents – Prepare Required Filings and Supervise Refund Disbursement3. Supervise and Administer Refunds – Provide accurate reporting of organization progress and refund status4. Improve local and national economic conditions – Renew spirit of unity and interdependence5. Donate percentage of revenue to school and/or core mission – Up to 20% of generated revenue is allocated to a cause of the institution or student preference. • Examples: Tuition, Charitable Causes, Uniforms, Events, Scholarships Copyright © All Rights Reserved
  • 8. Services Overview Individual Student Refunds Institutional Refund Services1. Student or Parent visits website and completes 1. Institution and develop and application agree on unique program strategy and2. Student or Parent Provides Required Documentation: complete required compliance 1. Evidence of Expenses 2. Institution’s Financial Aid Department collects 2. Proof of Income and submits Student Refund Applications3. Underwriting Department issues 3. Approved Applications are uploaded by Approval for Refund for authorization4. Student or Parent Completes Education Credit Refund 4. Completed Approvals are submitted to Package for filling5. 4 weeks later receives refund 5. 4 weeks later refund checks are received by check and remitted to Institution for disbursement6. Student or Parent remits payment for services 6. Institution collects fee or contribution7. overnights refund check to client Copyright © All Rights Reserved
  • 9. Sense Makes Dollars Institutional Refund Services Residual Benefits 3000 student enrollment example:50% qualify each year (09 & 10) = •Additional Revenue Stream for Institution3000 qualified students •Reduce Student Borrowing Costs and Debt3000 x $1500 average refund= $4.5 Million in •Reduce Loan Default Rates total student disbursements •Raise non Title IV funding3000 x $500 average = $1.5 Million in Institution Revenue •Improve spirit of faculty and studentAverage processing cost of $5-600k relationship •Establish Institution as leader and innovator Students NET: $3 Million •Unify faculty and student body •Increase Scholarship Awards Institution NET: $1 Million •Permission to use the GenerationUS® logo *Multiply by TWO for 2011 & 2012! and receive association benefits Copyright © All Rights Reserved
  • 10. Why• We are the nation’s first and only tax credit specialists. Our team combines over 50 years of CPA and attorney experience including some of the most respected tax authorities in the country. We’re the leading and only specialized education tax recovery service administering refund programs 7 days a week 52 weeks a year. We work cooperatively with the IRS to ensure the maximum legally compliant refund in the interest of all parties.• Additional Features: – Initial and recurring compliance consulting – Unlimited Help Desk Support for faculty – 24 Hour Approvals – Daily, Weekly, Monthly and Annual Reporting – No upfront student fees – No complicated forms – Security and safety of encrypted network – Efficient Underwriting and Processing Departments – Wholly owned process- We have an extensive network of specialists, making us exclusive in that we believe in owning and managing the full process, not outsourcing to local companies. – Service in all 50 states Copyright © All Rights Reserved
  • 11. About USFrom our headquarters in Ft Lauderdale Florida, provides individual and corporate taxpayers with specialized forensic tax recovery services.Leigh Rosenthal holds a Masters of Accounting from the University of Pennsylvania and is a current Florida Atlantic University tax law professor. Leigh serves as the Director of Compliance and Ethics ensuring the security and accuracy of all processes and engagements.Stephen M. Zalka CPA, PA and the Law Offices of Gerald J. Tobin, PA - Combine over 75 years of combined Certified Public Accounting and Attorney experience. They share experiences in nearly all 50 states and are respected throughout the country as being the top professionals in their illustrious fields.Processing and Underwriting Army- Our processing and underwriting team enable accurate remittance of refunds in a fraction of conventional processing periods. Through utilization of the Education Credit Refund Program® colleges, universities, students and taxpayers receive unparalleled service and support.GenerationUS®- A non profit organization which provides resources and support for individuals and companies that engage in economic development and reinvigorating the Spirit of America. Copyright © All Rights Reserved
  • 12. Get in the GamePractice• Coordinate with operations at to organize a Education Credit Refund Program• Complete compliance contracts and agreements1st – 3rd Quarters• Financial Aid Departments Collect Education Credit Refund Applications – Submit Applications for Review4th Quarter• Disburse Refund Checks• Collect Revenue or ContributionOvertime• Repeat for 2011 and 2012!• Offer tax preparation services during tax season Copyright © All Rights Reserved
  • 13. Contact• 877.987.7237 x 503••• Copyright © All Rights Reserved