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107 Mountain Brook Drive, STE 108Canton, GA 30115
Griffith & Werner, Inc.
Your Presenter: Greg Phelps
THE ART OF COLLEGE COST PLANNING
•LEARNING FROM THE SCHOOL OF HARD KNOCKS•NOW YOU GET TO HEAR MY AWESOME STORY
GREG PHELPS
It's Expensive No Matter Where Your Children Go!
• It’s Not Just Tuition - Books,
Room and Board, LivingExpenses, etc.
• 4 Years Can Easily Cost$60,000 to $200,000...or
More!• Multiply by the Number of
Kids!
• Keeps Going Up Every Year!
• Average Cost of a Private College/University is
Approximately $35,000 per Year.
• Average Cost of a Public College/University is
Approximately $15,000 per Year.• Costs Have Historically
Risen at Three Times the Rate of Inflation.
Actual College Costs Including Tuition, Fees and Room and Board only, for the2014-2015 school yr.
The University of Georgia $21,880.00Georgia Tech $21,828
Kennesaw State $17,381Reinhardt College $27,196Emory University $57,768
Berry College $41,190
SCHOOL COST
College Choice: UGA Years to Attend 2014-2015 1st Year College Costs: $21,880 (Tuition Room & Board, Fees)
Wardrobe, Transportation, Books,Insurance, Medical, Personal, Etc. $ 5,000.00
1st Year Total $26,880
Total Cost of 4 year Education $107,520.00 (add 7% annual cost increases)
State Schools increased an average of 6.8% for 2007-2008 and Private Schools 6.3%.Up 35% in the past 5 years, according to USA TODAY 10/24/2006
Education Expense Estimate
Getting Ready for College
Step 1. Doing the Research (Sophomore-Junior Yr.)
GodOthers
Resource Materials
Step 2. Narrowing the Choices (1st Semester Jr. Yr.)
College Comparison Websites
Step 3. Visiting the Campus (As soon as possible)
Step 4. Applying for College(Think Thanksgiving Jr. Yr.)
****BE AWARE OF Deadlines*** Application Parts*Transcript*SAT and ACT Scores *Essay *Student Profile*Recommendations*Application Fee
1) What are the Main Differences Between Them?
2) How Important is it to do Well on a Board Exam?
3) What Scores are Likely Required to Gain Admission to a Top Tier Program?
OR
Board Exams: SAT vs. ACT:
Types of Admissions
Deferred AdmissionEarly AdmissionEarly Decision
Regular AdmissionRolling Admission
Step 5 – Financial Aid
Students should assume the responsibility
for their financial aid search.
Two General Kinds of Financial Aid
1. Merit-Based Aid
2. Need-Based Aid
The Fiction 1. My Income is too High.
2. My Child did not Win a National Merit Scholarship. 3. If My Child does not Qualify for Need Based Aid, There’s No Hope. 4. I Own a Nice Home. 5. School People can Help. 6. It’s a Simple, Easy and Fair Process.
The Fact Vs. The Fiction:Who Is Eligible For Financial Aid?
The Facts1. Middle & Upper Middle Income Class
Kids can Qualify.2. Need Based Aid Based on Income,
Assets, Number of Kids , etc.3. There are Millions of Dollars of Aid
for Kids with Academic, Artistic & Athletic Talent.
4. FAFSA form doesn’t ask for Home Equity, but the Profile form does.5. Colleges are Businesses & are
Concerned about their own Enrollment & Finances
6. Many Believe it’s not Simple, Easy or Fair.
COA – EFC = Financial Need COA Stands for Cost of Attendance.(Includes Tuition, Books, Room/Board, Incidentals & “Ask-identals”)
EFC Stands for Expected Family Contribution (Based on Parents’ and Student's Income, Assets, Ages, Number of People in School.).
Financial Need is how much Aid your Family is Eligible to Receive.
How Do They Determine If I'm Eligible?
MY GOAL: TO SHOW YOU HOW TO OBTAIN THE MAXIMUM AID
PACKAGE ALLOWABLE
How To Get More Need-Based Aid For College!
It is a Two Step Process. 1) Lower Your EFC
We Can Show You How To Re-Arrange Your Affairs To Get More Money By Learning The
Legally Established Rules!2) Find the Schools Which Will Provide You
with the Most FREE Money.
Step 1: Example Of A Family That Took Control! (hypothetical)
Family Before:Adj. Gross Income: $75,000
Non-Assessed Investments*: $0
Assessed Investments: $120,000
Number in Family: 4Number in School: 1
EFC = $20,467
Family After:Adj. Gross Income: $75,000
Non-AssessedInvestments*: $70,400
Assessed Investments: $49,600Number in Family: 4Number in School: 1
EFC = $10,646
•Family Qualifies for up to $9,821 more in Financial Aid per Year, or almost $40,000 over a 4 Year Span because They took the
Time to Understand the Process, Learned what They had to do ...and TOOK ACTION!
*Non-Assessed Investments are not counted in the DOE formula for EFC calculation. See FAFSA
Emory:Cost - $57,768EFC - $5,000Need - $52,768
Emory:Meets 100% of need.
Reinhardt:Cost - $27,196EFC - $5,000Need - $22,196
Reinhardt:Meets only 58% of need = $12,873
($9,323 short!)
What You Actually Pay at Each School: (hypothetical)
Emory:Total Cost - $57,768
School Provides $52,768Cost to Parents = $5,000
Reinhardt:Total Cost - $27,196
School Provides $12,873EFC - $5,000 + Unmet Need $9,323 =
Cost to Parents = $14,323
Step 2: It’s All Packaging!
Types Of Aid•GRANTS•SCHOLARSHIPS•LOANS•WORK/STUDY
Sources Of Aid•ENDOWMENT FUNDS•GOVERNMENT •OUTSIDE SOURCES
SEE HOW PRESIDENT OBAMA’S STIMULUS PLAN FOR EDUCATION CAN HELP YOU!
How Much Aid Is Available?
College Board 2008-2009
Federal Grant Programs other than Pell ($3.5)
3%
Pell Grants ($14.4)
13%
Federal Work-Study ($1.0)1%
Federal Loans ($43.8)
41%
Edu-cation Tax
Cred-its
and De-duc-tions ($6.0)
6%
State Grants ($7.8)
7%
Institu-tional
Grants ($22.8)
21%
Private and Employer Grants ($7.5)
7%
Undergraduate Student Aid by Source (in Billions), 2007-2008
State Financial AidGEORGIA SCHOLARSHIPS
HOPE ScholarshipRobert C. Byrd Honors Scholarship
Charles McDaniel Teacher ScholarshipGeorgia's HERO Scholarship Program
REACH ScholarshipZell Miller Scholarship
GRANTSGeorgia's HOPE Grant Program
Georgia Tuition Equalization Grant ProgramAccel Program
Law Enforcement Personnel Dependents GrantPublic Safety Memorial Grant
North Georgia College & State University ROTC GrantGeorgia HOPE GED Grant
Georgia's LEAP
1. The FAFSA Form MUST be Filed to Receive Any Federal Aid, Even to Get Low Interest Gov’t Loans. 2. The CSS (College Scholarship Services) Profile Form is Required by most Prestigious Programs. 3. School’s May Have Their Own Institutional Forms. 4. More Forms Required for Certain Families:• Business/Farm Supplement.• Divorced/Separated Agreement.
How Do You Apply For Aid?
Applying for Federal Student Aid
1. Collect your financial information.
2. Complete the FAFSA online atwww.fafsa.ed.gov
3. Review your Student Aid Report (SAR) --
“Financial Aid Package” including your Expected Family Contribution (EFC).
4. Submissions -- beginning January 1, 2015.
FAFSA Filing Service:
“Created in 1992 to simplify applying for financial aid, it has become so intimidating
– with more than 100 questions – that critics say
it scares off the very families most in need,
preventing some teenagers from going to college.”
NYTimes 2/22/2009
Other Sources of Financial AidSpecific Colleges or Universities – Deadlines
vary!
Free Internet Searcheswww.fastweb.com and
www.collegeboard.com
Businesses and Companies
Organizations & Associations
Go to College Fairs & Guidance Resources and ask a lot of questions!
Proper BudgetingIRA
Coverdale IRA529 plans
Pre-paid CollegeLife Insurance
Staying at home indefinitely
Other Things to Consider
70% of CLEP test-takers said their CLEP credits made a difference in
their ability to finance tuition and other fees.
What is Clep?
Dual Enrollment/Dual Credit courses are primarily available for any eligible 11th or
12th grade (in some limited cases 9th-10th) high school students. They may
enroll full-time or part-time in approved credit-bearing college-level courses by the State Board of Education. Courses may be taken before, dur ing or after regular school hours, on the college
campus, on-line or at the high school during the regular school calendar year.
What is Dual Credit?
• Gives Your Student an Edge to Ensure He/She Graduates College in 4 Years or Less.
• Assists Your Student in Choosing a Major or Field of Study.• Professional Resume Builder to Help Your Student get the Best Job
after College.• Job Search and Salary Calculator
College and Career Planning Assessment Tool