Steve Wagasky :Steve Wagasky College Planning Professionals 229 Washington Street, Suite B Grand Haven, MI 49417 616-935-0740 CPP COLLEGE PLANNING PROFESSIONALS


Our Research of Parents’ Biggest Concerns :Our Research of Parents’ Biggest Concerns Missing Deadlines Making Mistakes Developing a Plan to Pay for College Lacking Time to Do Everything Involved Doing Something That Will Hurt Their Child’s Chances for Admission Doing Something That Will Cause Them Not to Get the Most Financial Aid Possible


Today's High Cost Of College! :Today's High Cost Of College! Why is it so ridiculously expensive? Decreasing governmental aid. Increasing staff salaries. Rising costs of maintenance, infrastructure, etc. Changes in technology. Maintaining / Establishing prestige. Each year, college cost are increasing faster than inflation rates!


It's Expensive No Matter Where Your Kids Go! :It's Expensive No Matter Where Your Kids Go! Not just tuition - includes books, room and board, living expenses, fees, etc. 4 years can cost from $70,000 to over $200,000! Multiply by number of kids. Average yearly costs: Private and Public


How Is A Family Supposed To Pay For All That? :How Is A Family Supposed To Pay For All That? Savings? Borrow? Scholarship? Go To Lesser School? Not Go At All?


Financial Aid :Financial Aid Myth or Reality? Income too high. Grades too low. Own a home. Aid is only for special groups. It's an easy process. School people can help. “I don’t think we will qualify for aid!”


Where To Get Money! :Where To Get Money! Federal Government. Pell Grants SEOG Grants College Work/Study Subsidized and Unsubsidized Stafford Loans Perkins Loans PLUS Loans and SLS Loans


Where To Get Money! :Where To Get Money! Federal Government. State Government. Special programs for in-state residents. Teachers, health professionals, minorities, etc. Contact state higher education agency for more information.


Where To Get Money! :Where To Get Money! Federal Government. State Government. Colleges And Universities. Private universities have endowment funds, outside of federal and state funds. Awarded on a first come, first served basis. Give preferential packaging to student who are in the top 25% of applicants.


How Do You Apply? :How Do You Apply? The FAFSA. (Free Application for Federal Student Aid.) A large % go in with errors or inconsistencies. EVERYONE must fill out this form to get aid! You cannot apply for Federal Loans if you do not fill one out! If it is done wrong, it usually gets bumped, adding another 4-6 weeks processing time…which often results in lost financial aid!


How Do You Apply For Aid? :How Do You Apply For Aid? The FAFSA. The CSS/Financial Aid PROFILE And Registration Form. The School's Own Institutional Forms. Some schools will make you fill out their own additional forms. They must be consistent with the other forms. Usually will ask similar questions to the other two forms.


How Do You Apply For Aid? :How Do You Apply For Aid? The FAFSA. CSS/Financial Aid PROFILE And Registration Form. The School's Own Institutional Forms. Additional Forms: Business/Farm Supplement. Divorced/Separated Agreement.


How Do They Determine If I'm Eligible? :How Do They Determine If I'm Eligible? COA - EFC = Need COA stands for ‘Cost of Attendance.’ (Includes tuition, books, room/board, etc.) EFC stands for ‘Expected Family Contribution.’ (Based on parent's and student's income, assets, ages, number of people in school.) Need is how much aid the family is eligible for.


Slide 14:Case Studies School A: Cost = $30,000 EFC = $10,000 Need = $20,000 School A: Meets 100% need. Gift aid - 80% Self help - 20% 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!


How To NegotiateFor The Best Possible Package! :How To NegotiateFor The Best Possible Package! Some schools mis-award. Some schools under-award. Some schools will try to compete with other schools. You must know whether or not to accept the first award letter! You must know how to talk to these people in the financial aid offices!


Slide 16:How To NegotiateFor The Best Possible Package! Original Offer: COA $30,000 EFC $10,000 Need $20,000 Aid offered: University Grant $4,000 College work/study 4,000 Subsidized Stafford 2,625 Perkins Loan 3,375 Total Aid $14,000 Unmet Need $6,000 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 !


“But What If I Make Too Much Money To Qualify For Need Based Aid?” :“But What If I Make Too Much Money To Qualify For Need Based Aid?” College Funding Planning isn’t only trying to get Need-Based Aid! Other planning strategies are available to reduce your Out of Pocket Costs! There are many legal ways to skin the college funding beast that most people never heard of . . . and that their current advisors don’t know about!


What Are Your Options? :What Are Your Options? Do it yourself! The colleges will love you for it! Let your accountant do it for you! Tax formulas are totally different than financial aid formulas! Filling out tax returns is totally different than filling out college aid forms! Accountants tend to apply accounting principles to financial aid, which will destroy the results! Accountants are experts in accounting, not financial aid!


Using The Services Of A College Funding Consultant! :Using The Services Of A College Funding Consultant! A Specialist In A Little Known, But Very Important Niche!


Three Kinds Of Families We Can Help With College Funding! :Three Kinds Of Families We Can Help With College Funding! Families with total financial need! Families with partial financial need! Families who make too much money to qualify for ‘need based’ financial aid! We can show high income, high net worth parents how to pay for college on a tax-favored basis!


Services We Provide: Financial Aid Data Gathering & Processing :Services We Provide: Financial Aid Data Gathering & Processing College Planning Checklist With All Timelines & Deadlines That Is Updated Electronically & E-Mailed Every Time Something Is Completed &/Or Missing Free Bonus – Complete Free Application For Federal Student Aid (FAFSA) Register Your Student For The CSS PROFILE Complete CSS PROFILE & Walk Families Through All Supporting Documentation Complete Any Additional Forms Required By The Individual Schools Confirm The Accuracy Of The Student Aid Report (SAR) Make Any Necessary Adjustments To The SAR Advise & Counsel On Stafford & PLUS Loan Applications Provide Protection From Being Overlooked For Grants, Scholarships Or Loans Due To Mistakes On Your Financial Aid Forms


Requirements of Free Consultation :Requirements of Free Consultation Must be scheduled within 2 weeks of Workshop date If married, both parents must be present In order to facilitate the volume of free consultations we hold, we ask you to provide a number where you can be reached tomorrow between 9AM and 12PM. If you can’t be reached between 9AM and 12PM, please provide a time during business hours you would preferred to be called. Seeing that almost everyone ends up requesting the FREE Consultation…If the FREE Consultation is not scheduled by the end of the day tomorrow, we cannot guarantee that any available FREE Consultation spots will be left.


1 Of 3 Things Will Happen :1 Of 3 Things Will Happen You will get all of the added info you were looking for so that you can do this yourself. You will decide that you want to do part and you want us to do part. You will decide that you want absolutely nothing to do with the financial aid nightmare and let us take everything off of your plate.


Develop a PLAN! :Develop a PLAN! “A fool with a plan is better than a genius with none.” - T. Boone Pickens, July 2008