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Reducing The Cost Of College Parents


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How Pay For College Without Going Broke

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Reducing The Cost Of College Parents

  1. 1. College Funding “ The Best Kept Secret in America” How-to-Legally Arrange Your Financial Situation To Pay For College With As Little Out Of Pocket As Possible! Parent’s Workshop
  2. 2. Nannette Jodar <ul><li>College Resource Advisor </li></ul><ul><li>Watermark College Planning Resources, LLC </li></ul><ul><li>4809 E. Thistle Landing Drive, </li></ul><ul><li>Suite 100 </li></ul><ul><li>Phoenix, AZ 85044 </li></ul><ul><li>888-984-8882 </li></ul><ul><li> </li></ul><ul><li>[Locations: Phoenix Metro Area, </li></ul><ul><li>Orange County Calif., </li></ul><ul><li>Milwaukee Metro Area] </li></ul>
  3. 3. Teens Experiencing High Anxiety Over Nation’s Economy and Family Finances <ul><li>Teens Tighten Personal Purse Strings </li></ul><ul><li>85% of teens polled have reduced their personal spending in the past 12 months but 29% say they haven’t saved any money toward their college education </li></ul><ul><li>78% who have reduced their personal spending have cut back on entertainment expenses such as movies, sporting events and concerts </li></ul><ul><li>24% say the item they are least willing to give up in order to save money is their cell phone, followed by 14% who don’t want to scrimp on transportation expenses such as gas or bus and train fare. </li></ul>
  4. 4. Teens Experiencing High Anxiety Over Nation’s Economy and Family Finances <ul><li>Recession Hits Home </li></ul><ul><li>25% report that at least one of their parents has been laid off in the past year </li></ul><ul><li>59% say their stress or anxiety level about their family’s finances is high or very high </li></ul><ul><li>43% say their stress or anxiety level about the nation’s economy is high or very high </li></ul><ul><li>70% of teens surveyed say their parents have had a serious talk with them about the state of the economy and how it affects their family </li></ul>
  5. 5. College Costs a Big Concern <ul><li>37% of the students have no idea how much money their parents have saved toward their college education. </li></ul><ul><li>29% indicate their parents have saved no money at all toward their college costs. </li></ul><ul><li>37% of students report they will now be expected to pick up a larger portion of their college expenses but 26% say they have no idea how they will pay for college. </li></ul><ul><li>45% say they will rely more on loans than they had initially planned. </li></ul><ul><li>32% of high school students have saved less than $1,000 toward college. </li></ul><ul><li>23% report having saved between $1,000 and $5,000 toward their education. </li></ul>
  6. 6. Annual College Costs Per Child <ul><li>Average public university - $13,589 </li></ul><ul><li>for in-state student </li></ul><ul><li>Average private university - $32,307 </li></ul><ul><li>Elite private universities - over $48,000 </li></ul><ul><li>and… this is paid with after-tax dollars! </li></ul><ul><li>The cost of college create the most expensive years of a family’s life-cycle. </li></ul>
  7. 7. College Plans Take a Detour <ul><li>Teens are changing their college choices in response to economic conditions with nearly 53% indicating they had hoped to attend a private college but are now limiting their choices to public institutions. </li></ul><ul><li>39% are shifting away from high-priced private schools to less expensive private options. </li></ul><ul><li>33% who intended to live on-campus have changed plans in the past 12 months and now expect to live at home while attending college. </li></ul><ul><li>27% say they have changed their plans in the past year and now will start their degrees at local two-year community colleges instead of four-year-schools. </li></ul><ul><li>21% plan to defer college and work for a year in order to save money toward tuition </li></ul><ul><li>8% report that they have decided within the past year to enlist in the military as a way to help pay for college </li></ul><ul><li>5% say their plans to attend college are on hold and they will seek full-time employment after high school </li></ul><ul><li>98% of the teens polled think that a college education is a worthwhile investment with 62% indicating that preparing for a career or profession is the most important reason to go to college. </li></ul>
  8. 8. Higher Education in America <ul><li>Graduate and professional degrees </li></ul><ul><li>are rising (i.e. law, medicine,etc.) </li></ul><ul><li>“ More you learn – the more you earn”. </li></ul><ul><li>High school diploma - $595 Some college (no degree) - $674 </li></ul><ul><li>Associate degree (2 year) - $721 </li></ul><ul><li>Bachelor’s degree - $962 </li></ul><ul><li>Master’s degree - $1,140 </li></ul><ul><li>Doctorial Degree - $1,441 </li></ul><ul><li>Source: U.S. Department of Education and Labor, and the College Board </li></ul>
  9. 9. Who Goes To College? <ul><li>62-69% of high school grads go to some form of postsecondary education </li></ul><ul><li>80% middle/junior high school students project college is in their future </li></ul><ul><li>Over half of those entering college (52%) will earn a degree within 5 years </li></ul><ul><li>More than half of the students are on some form of financial assistance! At some institutions, as many as two/thirds </li></ul><ul><li>(i.e., scholarships, grants, work study, loans, etc.) </li></ul><ul><li>Source: U.S. Department of Education and Labor, ACT and HERI </li></ul>
  10. 10. Who Goes To College? (continued..) <ul><li>Freshman popular majors are: </li></ul><ul><li>Business 17% </li></ul><ul><li>Professional 14% </li></ul><ul><li>Arts & Humanities 14% </li></ul><ul><li>Biological and Physical Sciences 13% </li></ul><ul><li>Social Sciences 12 % </li></ul><ul><li>Engineering 9% </li></ul><ul><li>Education 8% </li></ul><ul><li>Other 8% </li></ul><ul><li>Undecided 6% </li></ul><ul><li>Source: U.S. Department of Education and Labor, ACT and HERI </li></ul>
  11. 11. How Colleges Admit Students <ul><li>Grades in college preparatory classes </li></ul><ul><li>Admission and related test scores </li></ul><ul><li>Grades in general education courses </li></ul><ul><li>Interview / essay </li></ul><ul><li>Extracurricular activity / service learning </li></ul><ul><li>Teacher / counselor recommendations </li></ul><ul><li>Special talent and characteristics </li></ul><ul><li>Other factors </li></ul>
  12. 12. Three Basic Questions <ul><li>Academic Fit – Is the college the RIGHT place to learn? </li></ul><ul><li>Environmental Fit – Is the college the RIGHT place to live? </li></ul><ul><li>Affordability – Is the cost affordable and can the college provide a reasonable financial aid package? </li></ul>
  13. 13. Deciding Where To Apply <ul><li>Colleges that meet student criteria. </li></ul><ul><li>Student exploration </li></ul><ul><li>Balance of “Safety” schools and “Reach” schools </li></ul><ul><li>Admissibility factor – Colleges where student’s application will be competitive. </li></ul><ul><li>Colleges where cost and financial aid package will work. </li></ul>
  14. 14. Ten Most Common College Admission Mistakes <ul><li>Miss the boat academically </li></ul><ul><li>Ignore great resources </li></ul><ul><li>Follow the pack </li></ul><ul><li>Fail to take a test drive </li></ul><ul><li>Believe there is only one “right” college </li></ul><ul><li>Make price a priority </li></ul><ul><li>Essay and/or interview bombs </li></ul><ul><li>Allow dog to eat the application </li></ul><ul><li>Fail to manage time </li></ul><ul><li>Ignore counseling allies </li></ul>
  15. 15. Current College Freshman Profile <ul><li>More than eight in ten (87%) are enrolled in their first or second choice college. </li></ul><ul><li>Reasons cited in selecting their college: </li></ul><ul><ul><li>Academic reputation 65% </li></ul></ul><ul><ul><li>Graduates get good jobs 54% </li></ul></ul><ul><ul><li>Financial Aid offer 43% </li></ul></ul><ul><ul><li>Campus visit 41% </li></ul></ul><ul><ul><li>Cost of attending 40% </li></ul></ul><ul><ul><li>Right size 39% </li></ul></ul><ul><ul><li>Social Life reputation 38% </li></ul></ul><ul><ul><li>Regarding college financing, nearly 2/3 (64%) expressed “some” or “major” concern about having sufficient funds to complete college. </li></ul></ul>Source: American College Freshman Survey, Higher Education Research Institute, UCLA, 2009
  16. 16. Parents’ Complex Problems <ul><li>Desire to provide a </li></ul><ul><li>good education </li></ul><ul><li>versus </li></ul><ul><li>Wiping out savings </li></ul><ul><li>and retirement and/or </li></ul><ul><li>Putting debt on the </li></ul><ul><li>home or business </li></ul>
  17. 17. How Are You Going To Pay That? <ul><li>Savings? </li></ul><ul><li>Borrow? </li></ul><ul><li>Scholarship? </li></ul><ul><li>Go To A Lesser School? </li></ul><ul><li>Not Go At All? </li></ul>College $ Spent = Retirement $ Lost Forever
  18. 18. College Financial Facts <ul><li>Many families qualify for financial aid even though they think they earn too much money! </li></ul><ul><li>Colleges are in competition for students </li></ul><ul><li>Colleges have empty seats to fill </li></ul><ul><li>Colleges will pay for good students </li></ul><ul><li>80% of students attending private colleges receive financial aid </li></ul>
  19. 19. Total College Costs <ul><li>Tuition and fees </li></ul><ul><li>Books and supplies </li></ul><ul><li>Room and board (on/off-campus living) </li></ul><ul><li>Personal expenses </li></ul><ul><ul><li>Clothing, insurance, medical, recreation, etc. </li></ul></ul><ul><li>Transportation (daily commuting and roundtrip travel during breaks) </li></ul><ul><li>Cost of a computer </li></ul>
  20. 20. How Much Aid Is Available? <ul><li>Federal Loans 46.7% </li></ul><ul><li>Collegiate Resources 19.8% </li></ul><ul><li>Federal Grants 11.8% </li></ul><ul><li>Tuition Tax Grants 7.7% </li></ul><ul><li>State Grants 6.5% </li></ul><ul><li>VA 2.9% </li></ul><ul><li>Employer-Paid Tuition 3.6% </li></ul><ul><li>Private Sources 1.0% </li></ul>
  21. 21. Concept of Financial Need Based on a &quot;needs analysis&quot; formula EXAMPLE: Total College Costs $20,000 Expected Family Contribution (EFC) – 8,000 Financial Need $12,000
  22. 22. EFC is the Total of: <ul><li>Student's Contribution </li></ul><ul><li>+ </li></ul><ul><li>Parents' Contribution </li></ul><ul><li>= </li></ul><ul><li>Expected Family Contribution </li></ul>
  23. 23. Financial Aid is Based on: <ul><li>Merit </li></ul><ul><ul><li>Academic </li></ul></ul><ul><ul><li>Athletic </li></ul></ul><ul><ul><li>Other </li></ul></ul><ul><li>Financial need </li></ul><ul><ul><li>Family income and assets </li></ul></ul>
  24. 24. Number in College
  25. 25. Sources of Financial Aid
  26. 26. Where To Get Money! <ul><li>Federal Government </li></ul><ul><ul><li>Pell Grants </li></ul></ul><ul><ul><li>SEOG Grants </li></ul></ul><ul><ul><li>College Work/Study </li></ul></ul><ul><ul><li>Subsidized and Unsubsidized Stafford Loans </li></ul></ul><ul><ul><li>Perkins Loans </li></ul></ul><ul><ul><li>PLUS Loans and SLS Loans </li></ul></ul>
  27. 27. Where To Get Money! <ul><li>Federal Government </li></ul><ul><li>State Government </li></ul><ul><ul><li>Special programs for in-state residents. </li></ul></ul><ul><ul><li>Teachers, health professionals, minorities, etc. </li></ul></ul><ul><ul><li>Contact state higher education agency for more information. </li></ul></ul>
  28. 28. Where To Get Money! <ul><li>Federal Government </li></ul><ul><li>State Government </li></ul><ul><li>Colleges and Universities </li></ul><ul><ul><li>Private universities have endowment funds, outside of federal and state funds. </li></ul></ul><ul><ul><li>Awarded on a first come, first served basis. </li></ul></ul><ul><ul><li>Give preferential packaging to student who is in the top 25% of applicants. </li></ul></ul>
  29. 29. Where To Get Money! <ul><li>Federal Government </li></ul><ul><li>State Government </li></ul><ul><li>Colleges and Universities </li></ul><ul><li>Private Sources </li></ul><ul><ul><li>Are private scholarship services worth it? </li></ul></ul><ul><ul><li>Only 1% or less of all aid. </li></ul></ul><ul><ul><li>Don’t spend your time looking for crumbs! </li></ul></ul>
  30. 30. Sources of Financial Aid <ul><li>Third-party scholarships are only 1% of total available financial aid </li></ul><ul><li>Beware of scholarship scam companies </li></ul><ul><li>Over 90% of all financial aid is from: </li></ul><ul><ul><li>Federal and State Governments </li></ul></ul><ul><ul><li>Colleges </li></ul></ul>
  31. 31. Dates of Assessment <ul><li>Income as of December 31 of preceding calendar year </li></ul><ul><li>Assets at market value as of date of signing the financial aid form application </li></ul>
  32. 32. Methodologies Used to Determine EFC <ul><li>Federal formula </li></ul><ul><li>Institutional formula </li></ul>
  33. 33. Federal Methodology <ul><li>Used by all accredited public and private colleges and universities </li></ul><ul><li>Used to disburse Federal financial aid funds </li></ul><ul><li>FAFSA form is used to collect the information </li></ul>
  34. 34. Institutional Methodology <ul><li>Used by some private colleges to distribute endowment funds </li></ul><ul><li>Assesses the home, family farm equity, and family business </li></ul><ul><li>Allows for excessive non-reimbursed medical costs </li></ul><ul><li>PROFILE® form is used to gather the information </li></ul><ul><li>FAFSA </li></ul>
  35. 35. Meeting a Student’s Needs <ul><li>Choose your college wisely, because: </li></ul><ul><ul><li>Not all will meet 100% of need </li></ul></ul><ul><li>Private colleges generally: </li></ul><ul><ul><li>Meet a higher percentage of need </li></ul></ul><ul><ul><li>Award a higher percentage of gift aid </li></ul></ul><ul><li>Many students can attend a private college for the same cost as a public university! </li></ul>
  36. 36. Which Colleges Give The Most Money? <ul><li>Percentage of NEED MET. </li></ul><ul><li>Percentage of GIFT AID. </li></ul><ul><ul><li>Some schools meet most needs in FREE money, while others give mostly loans. </li></ul></ul><ul><li>Percentage of SELF-HELP AID. </li></ul><ul><ul><li>Some schools meet most or all of needs in work/study or loans. (You do not want to find out in June that they met most of your need in loans!) </li></ul></ul><ul><li>Know BEFORE applying! </li></ul>
  37. 37. Which Colleges Give The Most Money? <ul><li>Percentages of Need Met. </li></ul><ul><ul><li>Some schools meet 100% of Need </li></ul></ul><ul><ul><li>Others only meet 30 - 60% </li></ul></ul><ul><ul><li>[COA – EFC = NEED] </li></ul></ul><ul><ul><li>COA: ($20K) – EFC: ($10K) = NEED ($10K) </li></ul></ul><ul><ul><ul><li>10K – 60% = $ 4,000 </li></ul></ul></ul><ul><ul><ul><li>+ $10,000 = $14,000 your new EFC </li></ul></ul></ul><ul><ul><ul><li>You MUST KNOW these statistics BEFORE APPLYING! </li></ul></ul></ul>
  38. 38. Case Study <ul><li>School A: </li></ul><ul><li>Cost - $30,000 </li></ul><ul><li>EFC - $10,000 </li></ul><ul><li>Need - $20,000 </li></ul><ul><li>School A: </li></ul><ul><li>Meets 100% need. </li></ul><ul><li>Gift aid - 80% </li></ul><ul><li>Self help - 20% </li></ul>School B: Cost - $20,000 EFC - $10,000 Need - $10,000 School B: Meets 60% need = $6,000 ($4,000 short!) Gift aid - 50% Self help - 50% What you actually pay at each school: School A : Total EFC = $10,000 Total Gift = $16,000 Total Self = $4,000 School B : EFC = $10,000 + Unmet Need = $4,000 Total EFC = $14,000 Total Gift = $3,000 Total Self = $3,000 Family actually pays $4,000 more out of pocket to send their child to the “cheaper” school! Don’t make the huge mistake of picking schools based on cost of attendance only! Your Family may not get the best education…because you didn’t know the inside secrets of college funding!
  40. 40. Columbia University ---------Cost of Attendance----------- ------------Family Resources------------- Tuition & fees: $32,675 Parent Contribution: $1,763 Room/Board: $11,595 Student Contribution: $ -0- Travel: $ 1,385 Financing / Other Cont: $9,871 Other: $ 2,250 Total Resources: $11,634 Total COA: $47,905 ----------------Summary---------------- Cost of Attendance: $47,905 Total Resources: $11,634 Total Awarded: $36,271 AWARDS TOTAL Columbia University Grant $28,721 Federal College Work Study $ 1,975 Federal Pell Grant $ 550 Federal Perkins Loan $ 1,900 Federal SEOG $ 500 Federal Stafford Loan $ 2,625 **TOTAL** $36,271
  41. 41. Emory University EXPENSES Tuition & fees 32,095.00 Living expenses 10,665.00 Books & supplies 1,280.00 Travel 1,305.00 Total expenses 45,345.00 AWARDS & RESOURCES Total Emory College Grant 3,565.00 Federal Stafford Loan 2,625.00 Federal Work-study 1,375.00 Estimated Pell Grant 750.00 Family Share Of Expenses 37,030.00 Total 45,345.00
  42. 42. Northwestern University Estimated Expenses Estimated Family Resources Tuition $ 31,105.00 Parental Contribution $ 1,000.00 Room & Board $ 10,465.00 Student’s Savings & Assets $ .00 Books & Supplies $ 1,470.00 Student’s Non-Academic Yr Earnings $ 1,500.00 Personal Expenses $ 2,070.00 Other Resources $ .00 Transportation $ 1,110.00 Total Family Contribution $ 2,500.00 Other $ .00 Total Financial Need $43,720.00 Total Expenses $ 46,220.00 Total Fin. Assistance & Other Resources $43,720.00 University Awards: Federal SEOG (Anticipated) $ 4,000.00 NU Appropriated Grant A058 $29,820.00 Federal Perkins Loan $ 4,000.00 Federal College Work Study $ 2,850.00 Other Awards and Resources Federal Pell Grant (Anticipated) $ 3,050.00 Total Aid Offered: $43,720.00
  43. 43. Private Colleges Probability of Receiving Financial Aid
  44. 44. Financial Aid Process <ul><li>Apply and be admitted </li></ul><ul><li>Financial aid forms </li></ul><ul><li>Student Aid Report (SAR) </li></ul><ul><li>Verification (if selected) </li></ul><ul><li>Award package </li></ul>
  45. 45. Financial Aid Forms <ul><li>FAFSA </li></ul><ul><ul><li>Required by all public & private colleges </li></ul></ul><ul><li>PROFILE </li></ul><ul><ul><li>Required by some private colleges </li></ul></ul><ul><li>SCHOOL’S INSTITUTIONAL FORMS </li></ul><ul><li>ADDITIONAL FORMS </li></ul><ul><ul><li>Business / Farm Supplement </li></ul></ul><ul><ul><li>Divorced / Separated Agreement </li></ul></ul><ul><li>File ASAP to maximize aid </li></ul><ul><ul><li>Use estimated numbers </li></ul></ul><ul><li>Note the college deadlines </li></ul>
  46. 46. Student Aid Report (SAR) <ul><li>Shows EFC </li></ul><ul><ul><li>Verify information used is correct </li></ul></ul><ul><ul><li>Correct errors immediately </li></ul></ul><ul><li>May indicate selection for verification </li></ul><ul><ul><li>Copy of tax return </li></ul></ul><ul><ul><li>Questions on the data submitted </li></ul></ul>
  47. 47. Award Letters <ul><li>Details of award </li></ul><ul><ul><li>Grants & Scholarships </li></ul></ul><ul><ul><li>Student loans </li></ul></ul><ul><ul><li>Work-study </li></ul></ul><ul><li>Accept, deny, or appeal any portion </li></ul><ul><ul><li>You must know whether or not to accept the first award letter! </li></ul></ul><ul><ul><li>You must know how to talk to these people in the financial aid offices! </li></ul></ul><ul><li>Acceptance will safeguard the award </li></ul>
  48. 48. Award Letter Example Cost of Attendance: Tuition & Fees 8,940 Room & Board 3,810 Books 390 Personal Expenses 700 Transportation 350 Total Cost of Attendance 14,190 Family Contribution: Expected Family Contribution -3,956 Financial Need 10,234 Financial Aid Offered: XYZ College Grant Freshman 240 Presidential Scholarship 3,800 Girls/Boys State Scholarship 500 Fed. Subsidized Stafford Loan 2,625 Total Financial Aid Offered 7,165 Please indicate acceptance of the above financial aid package: __________I ACCEPT the entire financial aid package as offered. __________I DECLINE the following:
  49. 49. Appealing a Financial Aid Award <ul><li>The first award may not be the last offer! </li></ul><ul><ul><li>Some schools mis-award. </li></ul></ul><ul><ul><li>Some schools under-award. </li></ul></ul><ul><ul><li>Some schools will try to compete with other schools. </li></ul></ul><ul><li>Follow each school’s appeals procedures </li></ul><ul><li>Base appeal on circumstances related to: </li></ul><ul><ul><li>Income and assets </li></ul></ul><ul><ul><li>Household information </li></ul></ul><ul><ul><li>Any &quot;special circumstance&quot; </li></ul></ul><ul><li>Adequately document the appeal </li></ul>
  50. 50. Negotiate The Best Possible Package! <ul><li>Original Offer: </li></ul><ul><li>COA - $30,000 </li></ul><ul><li>EFC - $ 10,000 </li></ul><ul><li>Need - $20,000 </li></ul><ul><li>Aid offered: </li></ul><ul><li>University Grant - $4,000 </li></ul><ul><li>College work/study - 4,000 </li></ul><ul><li>Subsidized Stafford - 2,625 </li></ul><ul><li>Perkins Loan - 3,375 </li></ul><ul><li>Total Aid - $14,000 </li></ul><ul><li>Unmet Need - 6,000 </li></ul><ul><li>Total Need - $20,000 </li></ul>Adjusted offer after negotiation: COA - $30,000 EFC - $ 10,000 Need - $20,000 New Package: University Grant - $6,500 Scholar Award - 3,500 College work/study - 4,000 Subsidized Stafford - 2,625 Perkins Loan - 3,375 Total Aid - $20,000 Unmet Need - 0!
  51. 51. Successful Appeal of Award Letter <ul><li>Special Circumstances </li></ul><ul><li>+ </li></ul><ul><li>Student Merit </li></ul><ul><li>= </li></ul><ul><li>Successful Appeal </li></ul>
  52. 52. Common Special Circumstances <ul><li>Elementary/high school tuition costs </li></ul><ul><li>Excessive medical costs </li></ul><ul><li>Dislocated or unemployed worker </li></ul><ul><li>Divorce, separation or death of a parent </li></ul><ul><li>Federal natural disaster area </li></ul><ul><li>Excessive child care costs </li></ul>
  53. 53. Why Colleges and High School Guidance Counselors Cannot Provide the Needed Information in the Financial Aid Process <ul><li>They don’t have the time. </li></ul><ul><li>They don’t have the financial training. </li></ul><ul><li>They have other “school” responsibilities. </li></ul><ul><li>Asking colleges to help you with financial aid is like asking the IRS to help you with tax planning strategies! </li></ul>
  54. 54. Guidance Counselor or FAO Questions <ul><li>Can you show me how to lower my EFC & maximize my eligibility for aid? </li></ul><ul><li>Can you help me pick schools that will give me the best aid package – meet most Need, more FREE money, less loans, etc? </li></ul><ul><li>Can you help me fill out the FAFSA and CSS/Financial Aid PROFILE forms line by line? </li></ul><ul><li>Will you help me negotiate if I get a bad package or less than I expected from each school? </li></ul><ul><li>Can you show me how to pay for college on a tax-favored basis if I don’t qualify for financial aid? </li></ul>
  55. 55. Make Too Much Money For Need Based Aid? <ul><li>College funding planning isn’t only trying to get Need Based Aid! </li></ul><ul><li>Other planning strategies are available to reduce your out of pocket costs! </li></ul><ul><li>There are many legal ways to skin the college funding beast that most people never heard of…and their current advisors don’t know about! </li></ul>
  56. 56. Three Kinds Of Families We Can Help <ul><li>With College Financial Planning! </li></ul><ul><li>Families with total financial need! </li></ul><ul><li>Families with partial financial need! </li></ul><ul><li>Families with assets or income too high to qualify for “Need-Based” financial aid! </li></ul><ul><ul><li>There are numerous strategies, tips and secrets to help the high-net worth family, specifically for: </li></ul></ul><ul><ul><ul><li>Business owners </li></ul></ul></ul><ul><ul><ul><li>Independent contractors </li></ul></ul></ul><ul><ul><ul><li>Real estate investors </li></ul></ul></ul><ul><ul><ul><li>High Income </li></ul></ul></ul><ul><ul><ul><li>Families with accumulated company stock or stock options with their employer </li></ul></ul></ul><ul><ul><ul><li>Assets outside their retirement accounts </li></ul></ul></ul><ul><ul><ul><li>Expecting an inheritance……………… </li></ul></ul></ul>
  57. 57. Cost of College Services <ul><li>Admissions Counseling…………………….. $3,950 </li></ul><ul><li>SAT Preparation Course…………………… 600 </li></ul><ul><li>SAT Course Materials……………………… 65 </li></ul><ul><li>Essay Review & Coaching………………… 595 </li></ul><ul><li>Career Testing & Counseling……………... 1,500 </li></ul><ul><li>Financing Planning to Maximize Aid……… 900 </li></ul><ul><li>Completion of Financial Aid Forms……….. 450 </li></ul><ul><li>Review of Aid Awards & Appeal…………… 500 </li></ul><ul><li>Total……………………………………………. $8,620 </li></ul>
  58. 58. Conclusion <ul><li>Develop student merit </li></ul><ul><li>Many financial options to consider with your financial advisor </li></ul><ul><li>Tax laws and asset management are related to the financial aid process </li></ul><ul><li>Start the college funding process TODAY! </li></ul>