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Transcript of blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.
![Page 1: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/1.jpg)
Tom BottorfFounder, GetCollegeFunding, Dana Point, CA
www.GetCollegeFunding.org
7 Mistakes Families Make When Planning for College ...
but Don't Know Until It's Too Late
Join Tom for his College Planning showWednesdays at noon (CA time)
www.GetCollegeFunding.tv
GetCollegeFunding WELCOMES You
![Page 2: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/2.jpg)
Tom BottorfFounder, GetCollegeFunding, Dana Point, CA
www.GetCollegeFunding.org
7 Mistakes Families Make When Planning for College ...
but Don't Know Until It's Too Late
Join Tom for his College Planning showWednesdays at noon (CA time)
www.GetCollegeFunding.tv
GetCollegeFunding WELCOMES You
blunde
rs
![Page 3: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/3.jpg)
www.GetCollegeFunding.org
![Page 4: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/4.jpg)
text GCFmobile to 69302
![Page 5: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/5.jpg)
Why Text Us?
• Free subscription to GCFmobile• Important Deadlines– SAT/ACT/PSAT– Admissions– Financial Aid Forms
• College News• College Planning Events
![Page 6: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/6.jpg)
College Readiness Report Card
![Page 7: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/7.jpg)
College Readiness Report Card
• How ready are you for college ...REALLY?• 10 questions, 2 minutes• Graded within 3 biz days
![Page 8: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/8.jpg)
Live WebCasting
![Page 9: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/9.jpg)
Wednesdays at Noon (CA)
www.GetCollegeFunding.tv
![Page 10: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/10.jpg)
For Copy of Presentation
GetCollegeFunding.org/handout
You’ll also receive:Link to Archived Broadcast (A/V)
EFC Calculator Software Downloadand more...
![Page 11: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/11.jpg)
What’s the GOAL?
![Page 12: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/12.jpg)
How ‘bout... Getting DOWN?
65% of the deathsOccur on the way DOWN
![Page 13: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/13.jpg)
College Planning
OUR THEME atGetCollegeFunding
![Page 14: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/14.jpg)
College Planning
OUR THEME atGetCollegeFunding
It’s not just about getting them INTO college...
![Page 15: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/15.jpg)
College Planning
OUR THEME atGetCollegeFunding
It’s not just about getting them INTO college...
It’s about gettin’ ‘em OUT!
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Undergraduates
• 4 Years 35.3% – Public: 27.9%– Private (non-profit): 50.2%– Private (profit): 22.1%
• 6 Years 53.1%– Public: 54.1%– Private (non-profit): 64.0%
– Private (profit): 29.1%Source: National Center for Education Statistics (www.nces.ed.gov)
GRADUATION RATES
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7 MISTAKES
1.Not Understanding “EFC”2.My EFC is the same at all
colleges3.We make too much for ANY
financial aid4.We should apply EA/ED for a big
edge5.Our scholar student will receive
merit scholarships wherever he/she goes
6.Creating a college list is easy7.We've got it covered
![Page 18: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/18.jpg)
7 MISTAKES
1.Not Understanding “EFC”2.My EFC is the same at all
colleges3.We make too much for ANY
financial aid4.We should apply EA/ED for a big
edge5.Our scholar student will receive
merit scholarships wherever he/she goes
6.Creating a college list is easy7.We've got it covered
![Page 19: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/19.jpg)
Mistake #1:Not Understanding “EFC”
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EFC: What It IS and What It Is NOT
EFC IS:• Expected Family Contribution• The means to determine a family’s
legitimate FINANCIAL NEED for college
• Only the STARTING point of determining need-based financial aid eligibility
• Inherently CONFUSING (misleading?) by its very name
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EFC: What It IS and What It Is NOT
EFC Is NOT:• A GUARANTEE of what we as a
family will pay for college (with few exceptions) - even though the name IMPLIES otherwise
• A determination of MERIT-based Financial Aid
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Not Understanding EFC
2 Typical Phone Calls to GetCollegeFunding from parents
of high school seniorsEVERY March/April
Phone Conversation #1Parent: There MUST be a mistake on
our child’s Financial Aid AwardGetCollegeFunding: What’s your EFC?Parent: EFC? What’s THAT?
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Not Understanding EFC
Phone Conversation #2Parent:
There MUST be a mistake on this Financial Aid Award.
We went to Financial Aid Night at our high school in January and learned all about EFC.
Our EFC is $15K and our daughter got accepted to UCLA.
Next year’s cost is $33K.
We thought we were responsible for $15K and “someone else” would be paying the difference.
We just received the Financial Aid Award letter and we received NOTHING but loans!
![Page 24: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/24.jpg)
Not Understanding EFC
Phone Conversation #2Parent:
There MUST be a mistake on this Financial Aid Award.
We went to Financial Aid Night at our high school in January and learned all about EFC.
Our EFC is $15K and our daughter got accepted to UCLA.
Next year’s cost is $33K.
We thought we were responsible for $15K and “someone else” would be paying the difference.
We just received the Financial Aid Award letter and we received NOTHING but loans!
![Page 25: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/25.jpg)
Not Understanding EFC
Phone Conversation #2Parent:
There MUST be a mistake on this Financial Aid Award.
We went to Financial Aid Night at our high school in January and learned all about EFC.
Our EFC is $15K and our daughter got accepted to UCLA.
Next year’s cost is $33K.
We thought we were responsible for $15K and “someone else” would be paying the difference.
We just received the Financial Aid Award letter and we received NOTHING but loans!
![Page 26: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/26.jpg)
Not Understanding EFC
Phone Conversation #2Parent:
There MUST be a mistake on this Financial Aid Award.
We went to Financial Aid Night at our high school in January and learned all about EFC.
Our EFC is $15K and our daughter got accepted to UCLA.
Next year’s cost is $33K.
We thought we were responsible for $15K and “someone else” would be paying the difference.
We just received the Financial Aid Award letter and we received NOTHING but loans!
![Page 27: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/27.jpg)
Not Understanding EFC
Phone Conversation #2Parent:
There MUST be a mistake on this Financial Aid Award.
We went to Financial Aid Night at our high school in January and learned all about EFC.
Our EFC is $15K and our daughter got accepted to UCLA.
Next year’s cost is $33K.
We thought we were responsible for $15K and “someone else” would be paying the difference.
We just received the Financial Aid Award letter and we received NOTHING but loans!
![Page 28: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/28.jpg)
Not Understanding EFC
Phone Conversation #2Parent:
There MUST be a mistake on this Financial Aid Award.
We went to Financial Aid Night at our high school in January and learned all about EFC.
Our EFC is $15K and our daughter got accepted to UCLA.
Next year’s cost is $33K.
We thought we were responsible for $15K and “someone else” would be paying the difference.
We just received the Financial Aid Award letter and we received NOTHING but loans!
![Page 29: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/29.jpg)
Not Understanding EFC
GetCollegeFunding:When would you like to come in to discuss loan options?
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Cost Of Attendance (COA)
• Direct Costs– Tuition & Fees– Room & Board
• Indirect Costs– Books– Living Expenses– Transportation
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College Costs (COA)
• Average 4-Yr Public College: ~$20K
• CSU System (23 schools):$18K - $25K• UC System (10 schools): $25K -
$33K• Private Schools: $28K - $53K• Highly-Selective Privates: $48K -
$60K+
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EFC vs COA
Need-based Financial Aid is basedon a simple formula:
The “Needs-Analysis Formula”
COA (Cost of Attendance) - EFC (Expected Family Contribution)
Financial NEED
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EFC vs COA
Need-based Financial Aid is basedon a simple formula:
The “Needs-Analysis Formula”
COA (Cost of Attendance) $55K- EFC (Expected Family Contribution)$20KFinancial NEED $35K
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EFC vs COA
Need-based Financial Aid is basedon a simple formula:
The “Needs-Analysis Formula”
COA (Cost of Attendance) $25K- EFC (Expected Family Contribution)$70KFinancial NEED $0K
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EFC vs COA
You DO Qualify forNeed-Based Financial Aid IF:
EFC < COAEFC represents the MINIMUM out-of-pocket costs for college, based on “need eligibility” - but by NO means should a family assume this is the “GUARANTEED MINIMUM”.
![Page 36: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/36.jpg)
EFC vs COA
You DON’T Qualify forNeed-Based Financial Aid IF:
EFC > COAIn this case, EFC is nothing more than a GAUGE. The actual number means nothing!It simply indicates “Need-Ineligibility”.
EFC does NOT effect MERIT Aid!
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EFC... WHEN?
When should a family learn their EFC?
Before ANY Financial Aid Applications
and ideally BEFORE any ADMISSION Applications are
submitted!
The Sooner, The Better !
![Page 38: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/38.jpg)
7 MISTAKES
1.Not Understanding “EFC”2.My EFC is the same at all
colleges3.We make too much for ANY
financial aid4.We should apply EA/ED for a big
edge5.Our scholar student will receive
merit scholarships wherever he/she goes
6.Creating a college list is easy7.We've got it covered
![Page 39: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/39.jpg)
Mistake #2:My EFC Is The Same At All Colleges
![Page 40: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/40.jpg)
Financial Aid Forms
First of all, THE purpose of
Financial Aid Forms is:
To Calculate Your Family’s EFC
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Financial Aid Forms
3 Types of Financial Aid FormsFAFSA
CSS PROFILEINSTITUTIONAL
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FAFSA Form
FreeApplication forFederalStudentAid
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FAFSA Form
• Administered by ED• Required to qualify for NEED-Based:
Federal AidState AidSome Institutional Aid
• ED provides the SAME EFC to you AND ALL of the colleges applied to• EFC computation based on FM
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So When Does EFC Vary?
SO... If ED provides the SAME EFC to you and ALL of the colleges applied to, what do I mean when I say that different colleges compute DIFFERENT EFC’s?
![Page 45: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/45.jpg)
So When Does EFC Vary?
SO... If ED provides the SAME EFC to you and ALL of the colleges applied to, what do I mean when I say that different colleges compute DIFFERENT EFC’s?
This applies primarilyto PRIVATE colleges, and ESPECIALLY to “PROFILE
Colleges”
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CSS PROFILE Form
• Administered by College Board• IM Used by ~250 Colleges• Required to qualify for Need-Based Institutional Financial Aid• College Board provides EFC ONLY to the colleges applied to, NOT to you• EFC can vary DRAMATICALLY from college to college! (hmm...)
![Page 47: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/47.jpg)
10 California PROFILE Schools
• Cal Tech• Claremont Colleges
Claremont McKenna, Harvey Mudd,Pitzer, Pomona, Scripps
• Occidental• Santa Clara• Stanford• USC
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INSTITUTIONAL Forms
Required by mostPRIVATE colleges
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How Is The FAFSA EFC Calculated?
Parent Contribution
Due to Assets
5.64% (max) over APA
Parent Contribution
Due to Assets
5.64% (max) over APA
Student Contribution
Due to Income
50% over IPA
Student Contribution
Due to Income
50% over IPA
Parent Contribution
Due to Income
47% (max)
Parent Contribution
Due to Income
47% (max)Student
ContributionDue to Assets
20%
Student Contribution
Due to Assets
20%
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EFC Examples (FM)
TOTAL PARENT INCOME
$50K$100K$150K$250K
EXPECTED FAMILY CONTRIBUTION
$2,407$15,307$30,221$59,448ASSUMPTIONS
4 in Household 1 Student in College
Student Income < $5250 Parent Assets < $50K
No Student Assets Older Parent is 50
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An EFC “Nugget”
IF our student has a solid academic record AND our Family’s FAFSA
EFC < $25K
Then we can likely send our child to any one of a number of expensive ($50K+) PRIVATE colleges for LESS money out-of-pocket than that of many PUBLIC colleges.
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Another EFC “Nugget”
EFC has FAR MORE significance at PRIVATE colleges as compared to
PUBLICS
EXAMPLEIn CA - you may have a “moderate” EFC and receive NO “free money” from CSU or UC. Expect none UNLESS you qualify for the CalGrant.
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7 MISTAKES
1.Not Understanding “EFC”2.My EFC is the same at all
colleges3.We make too much for ANY
financial aid4.We should apply EA/ED for a big
edge5.Our scholar student will receive
merit scholarships wherever he/she goes
6.Creating a college list is easy7.We've got it covered
![Page 54: blunders How ready are you for college...REALLY? 10 questions, 2 minutes Graded within 3 biz days.](https://reader038.fdocuments.net/reader038/viewer/2022102923/55199e42550346842d8b468d/html5/thumbnails/54.jpg)
Mistake #3:We Make Too Much For ANY
Financial Aid
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2 Types of Financial Aid
• NEED-Based (EFC < COA)– Family income and assets– Many students that have average grades
and test scores receive need-based financial aid
– Offered by FINANCIAL AID Office
• MERIT-Based (EFC-independent)– Based on achievement/talent/value to school– Many students from affluent families receive
merit-based financial aid– Current trend: INCREASING merit funds– Offered by ADMISSIONS Office
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Financial Aid: What’s Included?
~ Parents often equate Financial Aidexclusively to Grants,
but Loans and Federal Work Study programs are a BIG part as well ~
• Need-based Financial Aid includes– Grants (free money/”gift aid”)– Loans (pay it back... with interest)–Work-Study (a job... work for it)
• Merit-based Financial Aid includes– Scholarships (free money, often
renewable)
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“We Make Too Much To Qualify...”
When a family says,“We make too much money to qualify for Financial Aid.”
What they’re TRYING to say is,“We make too much money to qualify for any Need-Based Grant Money from the federal government, the state gov’t, or any of the colleges.
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“We Make Too Much To Qualify...”
• They’re sometimes wrong about their EFC– Bad “assumptions” (e.g., 6-figure income)– Assets assessed MUCH lower than Income– Many EFC factors BESIDES Income/Assets• Number of students in college• Business assets sometimes NOT assessed• Extenuating (Special) Circumstances
• What about Merit-Based Financial Aid(i.e., University-Based Scholarships?)
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NEED-Ineligible: Options
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NEED-Ineligible: Options
• Option A: You must have a plan in place to pay for the entire cost of college out-of-pocket... ideally, BEFORE Admissions Applications are submitted
• Option B: Determine if your student is eligible for MERIT-Based Financial Aid– IF Merit-Eligible, seek out those schools you
KNOW will offer your student merit scholarships
• Option C: Vigorously pursue– Tax-Efficient Strategies– Income & Asset Restructuring Strategies
with the goal being to optimize cash flow
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NEED-Ineligible: Options
• Option A: You must have a plan in place to pay for the entire cost of college out-of-pocket... ideally, BEFORE Admissions Applications are submitted
• Option B: Determine if your student is eligible for MERIT-Based Financial Aid– IF Merit-Eligible, seek out those schools you
KNOW will offer your student merit scholarships
• Option C: Vigorously pursue– Tax-Efficient Strategies– Income & Asset Restructuring Strategies
with the goal being to optimize cash flow
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NEED-Ineligible: Options
• Option A: You must have a plan in place to pay for the entire cost of college out-of-pocket... ideally, BEFORE Admissions Applications are submitted
• Option B: Determine if your student is eligible for MERIT-Based Financial Aid– IF Merit-Eligible, seek out those schools you
KNOW will offer your student merit scholarships
• Option C: Vigorously pursue– Tax-Efficient Strategies– Income & Asset Restructuring Strategies
with the goal being to optimize cash flow
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Achieved MERIT (Option B)
MERIT-Based Financial Aid
• Academic: GPA, SAT/ACT, PSAT• Talent: Artistic, Musical, Athletic• Has nothing to do with NEED• Offered by Admissions Office
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7 MISTAKES
1.Not Understanding “EFC”2.My EFC is the same at all
colleges3.We make too much for ANY
financial aid4.We should apply EA/ED for a big
edge5.Our scholar student will receive
merit scholarships wherever he/she goes
6.Creating a college list is easy7.We've got it covered
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Mistake #4:We Should Apply EA/ED For A Big Edge
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Early Rounds 2015 2014 2013Admit Applied % Admit Applied % Admit Applied %
Ivy League
Brown ED 577 2,796 20.64 567 2,847 19.92 551 2,348 23.47Columbia ED 632 3,229 19.57 631 2,995 21.07 594 2,945 20.17Cornell ED 1,215 3,456 35.16 1,176 3,594 32.72 1,249 3,405 36.68Dartmouth ED 444 1,759 25.24 461 1,594 28.92 401 1,550 25.87Penn ED 1,195 4,557 26.22 1,200 3,842 31.23 1,156 3,666 31.53Yale SCEA 761 5,257 14.48 730 5,235 13.94 742 5,557 13.35More Selective Schools
Stanford SCEA 754 5,929 12.72 753 5,566 13.53 689 5,363 12.85MIT EA 772 6,405 12.05 590 5,684 10.38 540 4,681 11.54Chicago EA 1,400 6,960 20.11 1,676 5,855 28.63Duke ED 645 2,287 28.20 602 1,924 31.29Georgetown 1,122 6,654 16.86 1,160 6,105 19.00Northwestern 715 2,127 33.62 618 1,776 34.80J. Hopkins ED 518 1,330 38.95 493 1,155 42.68
Early Admissions Considerations
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Early 2015 Overall 2015 Admit Applied % Admit Applied %
Ivy League
Brown ED 577 2,796 20.6 2,692 30,976 8.7Columbia ED 632 3,229 19.6 2,419 34,929 6.9Cornell ED 1,215 3,456 35.2 6,534 36,392 18.0Dartmouth ED 444 1,759 25.2 2,178 22,385 9.7Penn ED 1,195 4,557 26.2 3,880 31,659 12.3Yale SCEA 761 5,257 14.5 2,006 27,282 7.4
Early Admissions Considerations
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Tips for Early Admission Applicants
Don’t consider applying Early Action OR Early Decision unless you’re confident that the student is in the top 10-to-20% of the incoming applicant pool
If applying Early Decision, get an “early read” from the Financial Aid Office, UNLESS money is truly NO object
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7 MISTAKES
1.Not Understanding “EFC”2.My EFC is the same at all
colleges3.We make too much for ANY
financial aid4.We should apply EA/ED for a big
edge5.Our scholar student will receive
merit scholarships wherever he/she goes
6.Creating a college list is easy7.We've got it covered
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Mistake #5:Merit, Merit, Everywhere!
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Early Rounds 2015 2014 2013Admit Applied % Admit Applied % Admit Applied %
Ivy League
Brown ED 577 2,796 20.64 567 2,847 19.92 551 2,348 23.47Columbia ED 632 3,229 19.57 631 2,995 21.07 594 2,945 20.17Cornell ED 1,215 3,456 35.16 1,176 3,594 32.72 1,249 3,405 36.68Dartmouth ED 444 1,759 25.24 461 1,594 28.92 401 1,550 25.87Penn ED 1,195 4,557 26.22 1,200 3,842 31.23 1,156 3,666 31.53Yale SCEA 761 5,257 14.48 730 5,235 13.94 742 5,557 13.35More Selective Schools
Stanford SCEA 754 5,929 12.72 753 5,566 13.53 689 5,363 12.85MIT EA 772 6,405 12.05 590 5,684 10.38 540 4,681 11.54Chicago EA 1,400 6,960 20.11 1,676 5,855 28.63Duke ED 645 2,287 28.20 602 1,924 31.29Georgetown 1,122 6,654 16.86 1,160 6,105 19.00Northwestern 715 2,127 33.62 618 1,776 34.80J. Hopkins ED 518 1,330 38.95 493 1,155 42.68
Merit Money - NOT!
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Prestige: n (pre-stēzh)Latin-praestigium, meant jugglers' tricks, illusion, deceit, imposture; to blindfold; to darken, obscure, deceive. French- conjuror's trick
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Prestige: n (pre-stēzh)Latin-praestigium, meant jugglers' tricks, illusion, deceit, imposture; to blindfold; to darken, obscure, deceive. French- conjuror's trick
BRAND NAME
PARALYSIS
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7 MISTAKES
1.Not Understanding “EFC”2.My EFC is the same at all
colleges3.We make too much for ANY
financial aid4.We should apply EA/ED for a big
edge5.Our scholar student will receive
merit scholarships wherever he/she goes
6.Creating a college list is easy7.We've got it covered
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Mistake #6:Creating A College List Is Easy
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Constructing a REALISTIC College List is THE single most important task AND challenge for families planning for their children’s college
• Excellent FIT for Student
Academic/Social/Spiritual/Political/etc.• AFFORDABILITY for Family
The COLLEGE LIST
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3 Most Common Reactions toCollege Counselors’ Picks for Students
1. I’ve never heard of that college !
2. But it’s smaller than my high school !
3. I will earn a lot more $$if I graduate from a“prestigious” school
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CAL STATE
UC
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65% of the Deathsoccur on the way
DOWN
REMEMBER!
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65% of studentsDON’T graduatein 4 years
4-Year Undergraduate Rate
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• 65% of students are requiring > 4 years to earn undergraduate degree• Almost 50% still have not graduated after 6 years• Nearly 1/3 freshman DON’T return to the same campus as a sophomore• Average time to degree: >6 years
The REALITY
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2 Biggest Factors• Financial Pressure• Poor Fit• Academic disqualification
(42% in CA need remediation)• Cultural/Social
Part of the Problem: Dropouts
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Poor Cultural Fit
Conservative Christian Student
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Progressive Democrat Student
Poor Cultural Fit
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Some Resources For You
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7 MISTAKES
1.Not Understanding “EFC”2.My EFC is the same at all
colleges3.We make too much for ANY
financial aid4.We should apply EA/ED for a big
edge5.Our scholar student will receive
merit scholarships wherever he/she goes
6.Creating a college list is easy7.We've got it covered
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Mistake #7:We’ve Got It Covered
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Higher Education Loans
• Stafford (student)the ONLY “entitlement” loan6.8% !
• PLUS (Parent) - 7.9%• Private (Both)
U PENN
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Plan COMPREHENSIVELY
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Your Next Step
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www.GetCollegeFunding.org
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www.GetCollegeFunding.org
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Learn Your EFC, PLEASE !
• EFC Calculator–About 20 to 30 minutes for data
entry–FM & Nominal IM
• Ideally, BEFORE the senior year–Sometimes you can reduce your EFC
• Merit Assessment– If your EFC > COA, then seek colleges
that will offer:Merit-Based Financial Aid
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text GCFmobile to 69302
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College Readiness Report Card
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Webinars: Live & Archived
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Tom & Lawrene BottorfFounders, GetCollegeFunding, Dana Point, CA
Join Tom for his national College Planning show
Wednesdays at noon (CA time)
Thanks for Attending!