On October 23rd, 2014, we updated our
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The common theme that all parents share is to send their son or daughter to the best college that they can afford, in order to give their child an advantage in life without jeopardizing their own retirement.
Our goal today is to educate you on the rules of the game and how to win.
“ We believe, that is, you and I, that education is not an expense. We believe it is an investment." - Lyndon B. Johnson
Students who get A’s in high School graduate college at an 80% rate
Students who get B’s in high School graduate college at about a 50% rate
Students who get C’s in high schools graduate college at about a 35% rate
Students who get D’s in high School graduate college at about a 10% rate
Only 1 out of 2 who start college actually earns a degree
Four years 36.1%
For Profit 25.7%
Five years 52.6%
For Profit 30.0%
Six years 57.5%
For Profit 32.6%
Source: National Center for Education Statistics
Is your student ready?
Discussed college with parents and understands cost limitations
Is prepared to apply to 6-10 competing schools grouped in like categories
Built a resume of achievements
Has outlined essays
Is prepared to apply
Strong thoughts about a career
Taken the right courses
AP courses are rated higher by colleges
Participated in extracurricular activities
Became a leader
Has a part-time job and saved some money for college
Has good ACT/SAT scores on standardized tests
Test is 4 hours long
English: 45 minutes
Math: 60 minutes
Reading: 35 minutes
Science: 35 minutes
Optional Writing section
Scored on a range of 1 – 36
Highest Possible score is 36
For additional information go to www.act.org
Test is 3 hours and 45 minutes
Each section scored on a scale of 200 – 800
Highest possible score is 2400
For additional information go to the College Board www.collegeboard.com
Public or Private
Type of school
Large university, liberal arts, single- gender, military, etc.
The Federal Formula (FAFSA)
Used as the exclusive needs analysis at:
89% of all 2533 colleges
99.7% of Public College ( 637 of 639)
86% of Private Colleges (1628 of 1894)
The Institutional Formula (CSS Profile)
11% of colleges (268 of 2533) require it
Local examples….Boston College, Boston University, Brandeis University, Bentley, College of the Holy Cross, Brown University
EFC as determined by FAFSA
Parent contribution from income 22%-47%
Parent contribution from assets 2.6%- 5.6%
Student contribution from income 50%
Student contribution from assets 20%
# of household members
# of family members currently attending college
According to collegeboard.com, the cost per year for a 2010 freshmen at Bentley University is $49,753 per year or $199,012 for four years. According Edmunds.com, the base price for a 2010 Bentley Continental GT is $182,800 .
National Average Annual College Costs Public University $18,326 Private University $37,390 Many Private Universities $45,000+ Annual Cost Increase 6% per year Massachusetts has highest costs in the country! (source College Board)
Tuition and fees
Room and board
Source: College Board : “Trends in Higher Education”
The FAFSA form is used to collect the family’s financial information (www.fafsa.ed.gov)
The U.S. Government’s Dept. of Education determines a family’s EFC
Used by all accredited Public & Private Colleges and Universities
It is required in order to qualify for Federal and State financial aid, grants and loans
Available in English or Spanish
Should be filed as soon as possible after January 1 st
Use estimate income tax if necessary
Clarifying the facts for students of
divorced or separated parents:
Who’s information goes on the FAFSA and CSS Profile?
FAFSA : Whichever parent the student lived with more of the time ). If that parent is re-married, then stepparent information must also be included
CSS Profile and Noncustodial Profile :
The Custodial parent (include stepparent information if re-married) must complete the Profile
The Noncustodial Profile must be completed by the noncustodial parent (include stepparent information if re-married), if form is required by the school
*The base year is the tax year before you enter college
CSS Profile is used to collect the financial data (www.collegeboard.com)
Used by 268 colleges to distribute institutional funds
In addition to the FAFSA
More assets are assessable
Primary residence home equity is considered
Second home is considered (also included on FAFSA)
Younger siblings assets
Small business value
These assessment often result in an EFC which is “much higher” than the FASFAA calculation
Asks for additional information
Percentage Of Need Met
Some schools meet 100% of need
Others only meet 30-50% of need
Percentage Of Gift Aid
Some schools meet most need in FREE money, while others give mostly loans
You should know what each school offers BEFORE APPLYING
A common mistake most parents make is allowing the “sticker price” to influence their decision by simply avoiding those schools that carry a high price tag.
Don’t let this happen to you!
The following slide is an example that illustrates the actual cost of attending a private “more expensive school” vs. attending a public “less expensive
Amherst College : Total EFC =$10,000 Total Gift = $35,554 Total Self = $6,274 Out of pocket = $16,274 UMASS - Boston: EFC = $10,000 + Unmet Need = $4,034 Total EFC = $14,034 Total Gift = $2,723 Total Self = $3,328 Out of pocket = $17,362 UMASS - Boston: Cost - $20,085 EFC - $10,000 Need - $ 10,085 UMASS – Boston: Meets 60% need Gift aid - 45% Self help - 55% The “inexpensive” state school actually costs $1,088 more to attend .
The first award may or may not be the best offer
Follow each school’s appeal procedure
Base appeal on situations related to
“ mis-awards” or “special circumstances”
Loss of employment or dramatic reduction in parent’s or student’s income/assets
Reduction in child support or social security benefits
Financial responsibility for elderly parents
Unusual medical/dental expenses not covered by insurance
$ $ $ $ $ $ $ $ $ $ $
It is a financially sound strategy to make use of rules that allow you to get more money!
It's no different than using legal tax "loopholes" to save money!
You may get thousands more just by knowing the rules that they don't want you to discover !
Knowing more, gets you more!!
Asking colleges to help you with financial aid is like asking the IRS to help you with tax planning strategies!
High School Guidance Department
College Financial Aid Office
Do it yourself
Guidance Counselors & Financial Aid Officers are there to help however…
Guidance Counselor to Student ratio 1 to 600
College Financial Aid Officer to Student ratio 1 to 4,342 Independent Research 04 08
www.student scholarshipsearch .com/ ebook
There is much false, misleading and plain incorrect information about college funding out there!
There are literally billions of dollars available through various government and private grant, scholarship, loan, and work study programs!
The FAFSA forms almost contain errors when families complete them on their own, creating costly delays and/or loss of money you would have been eligible for if the forms were filled out correctly!
All public schools use only the FAFSA. Private schools can require additional (and confusing) forms that require additional financial information!
Financial Aid is given out on a first come first served basis. Once their allotment of aid is gone, it is gone! Forms should be filed as soon as possible after January 1 st of the senior year.
Some schools historically provide more aid than others!
Just like buying a car…you usually have to haggle effectively to get the best deal! (“Sticker price” means nothing!)
Analysis of family’s financial profile
Determine EFC for FAFSA and CSS Profile forms
Identify exposures in financial profile affecting FAFSA and CSS Profile
Asset reallocation recommendations
Assist in college list process based on historical Financial Aid awarding policies
Determine Cost of Attendance (COA) based on school selection and your EFC
Estimate current year’s taxes prior to completing FAFSA and CSS Profile forms
Provide answer keys for both the FAFSA and CSS Profile forms
Compare and evaluate Financial Aid Award Letters
Prepare Appeal/Negation Letters if necessary
Cash flow analysis and planning
Student and parent Loan recommendations
Payment Plan recommendations
Loan repayment strategies
Assistance with college major selection
Assistance with identifying family expectations
Online SAT/ACT preparation
Create a month by month college plan
Assistance with narrowing geographic region
Assistance with creating school list
College visitation plan
Management of the college application process
Identifying early decision/early action options
College Interview Questions and strategies provided
Essay theme development
Managing the college correspondence
Understanding and managing the waitlist process
College selection process
Managing the college deposit process
Analysis of student record: transcript, class rank, strength of schedule
PSAT / SAT/ACT Analysis
Standardized testing recommendations
Connecting College Coaches & Directors to College-Bound Student-Athletes & Performing Art Students
Website profile/resume on All-American’s national college coach/directors search
Unlimited self-editing/updating of your website profile: (The capability of uploading your high school transcript, additional letters of recommendation and media clippings)
Preference College Promotions
Up to a 10 Minute Website Profile Video:
Evaluation Form PLEASE Fill Out! Do You Want To Schedule An Appointment? Check “ YES” Box Do Not Want An Appointment Leave Blank GOOD LUCK! Take Action! Your Childs future starts now!