CONQUERING COLLEGE

COSTS

20 steps to:

pay for college without excessive debt

save thousands of dollars of college costs

Frank Palmasani

Changes in Family Income: 1967-

2012

2012 Constant Dollars

Since 1966, family income for every

income group has increased.

Changes in Family Income: 2000-

2012

2012 Constant Dollars

But since 2000, it is down as much as

14%.

How Do Colleges Respond?

On average, private colleges in Illinois

have increased tuition 29% since 2004.

This is adjusted for inflation.

What Is the Problem?

College Sticker Prices are incredibly high

Resources are limited

Borrowing has skyrocketed/ national crisis

Student > 25k; Parent > 35k

Right College, Right Price(The Perfect Fit)

Have a discussion with your

student about reasonable

student debt

Have a discussion with your

student about working on the

college campus

Have a discussion with your

student about summer job

savings

Analyze your own financial

situation and determine

reasonable parent debt

Using FAFSA4caster, calculate

your estimated EFC number

Understand the key aspects of

the EFC number

< than 6000 = PELL GRANT

ELIGIBILITY

< than 9000 = Illinois State Grant (MAP)

< cost of college = NEED BASED

COLLEGE GRANT?

Analyze your personal

affordability threshold

Tax credits?

Cash flow?

Available savings?

Reasonable borrowing?

Get the academic data ready

Test score (ACT, SAT, PSAT)

GPA

Understand value of Net Price

Calculators

Department of Education mandate

October 2011

Estimate net price at any college in country

EFC number, composite test score, GPA

Review the 7 college categories

and the 2 back up options

Flagship State School (in state)

Non-flagship State School (in state)

Flagship State School (out of state)

Non-flagship State School (out of state)

Highly Selective Private

Mid-size Private

Traditional Private

Back ups (Commuting / Community

College)

Take multiple tests

Resume and relationship

Pursue independent

scholarships

Local scholarships

Regional scholarships

National scholarships

Organize self financially

CSS Profile after October 1 of

senior year, only those schools

that require

FAFSA after January 1 of senior

year, list all of the colleges

FAFSA updates

Once taxes are completed, update the information you recorded on FAFSA

Do not miss amount you paid in federal taxes

IRS Data retrieval system

Plan out your appeal strategy

Loss of income

Medical expenses

Private grade/high school costs

College expenses

Unusual circumstances

Parent loan options

Equity against your home

Borrowing from your 401k/403b

PLUS

Colleges acting like bank

Alternative student loan (co-sign)

Await award letters

March or April

Don’t decide too soon

Analyze award letters

properly

Conversation

Not negotiation

Must have a plan

Honesty

Financial Fit program available at

www.collegecountdown.com

Questions?

Cyndy McDonaldPresident, Co-Founder of

GuidedPath

cyndy@guidedpath.n

et

Frank PalmasaniCreator of Financial Fit and author

of Right College, Right Price

fpalmas@yahoo.com