2/14/2016
[email protected] 425‐591‐1137 www.paulabishop.com 1
Paying for College without Going BrokePaula Bishop, CPA College is priced like airline tickets,
Everyone pays something different
2015‐2016 Cost of Attendance (Sticker Price)
Includes: tuition, room & board, books, personal, travel
Univ of Washington $28,250Claremont McKenna $68,325University of Oregon $46,752Western $21,500Chapman $65,050Community College $5,000
Per Year!
ScholarshipsTwo types of Free Money
1. Need Based Aid
2. Merit Scholarships
Location of College
Size of College
Major Desired
Finallist
What’s Missing?
What can we afford?
Identify affordable colleges
Location, size, and majorFinallist
Revised Order
2/14/2016
[email protected] 425‐591‐1137 www.paulabishop.com 2
Will we qualify for aid?
To find Calculator: Go to www.collegeboard.com, enter “EFC Calculator” in search field.
Calculate your “Expected Family Contribution”
(EFC)
Step One:
What’s my EFC?
Parent’s Income $50K $100K $150K $200K
FamilyAssets $50K $75K $100K $100K
1 in college $4,000 $20,000 $38,000 $55,000
2 in college $2,000 $10,000 $19,000 $27,500
FAFSA Calculates EFC
Hypothetical Family
Cost of Chapman $65,050Less: EFC for Family - $35,000
Financial Need: $30,050
Step Two:Use Net Price Calculators
Estimates what a family will pay for one year of college
Cost of SchoolLess: Scholarships and Grants
= Net Price
Where to find NPC? Search “Net Price Calculator” on each College’s web site
Net Price Detective Work
Examples of Net Price Calculator results for:
• Claremont McKenna
• Univ of Oregon
• Chapman
• Univ of WA
Claremont McKenna
Grants
Loans/Job
Cost after Aid
GPA 3.9 2100 SAT
$142K income
Total Cost
2/14/2016
[email protected] 425‐591‐1137 www.paulabishop.com 3
Univ of Oregon
Merit Award
Loans/Job
Cost after AId
GPA 3.7 1800 SAT
$142K income
Full Cost
Chapman
Merit Aid & Need Based Aid
Loans
Cost after Aid
GPA 3.7 1800 SAT
$142K income
Cost
Univ of Washington
No Grants
Loans/Job
Cost after Aid
GPA 3.9 2100 SAT
$142K income
Compare NPC’s $142K income EFC $37K
CMC Univ of O Chapman UW
Out of Pocket after Aid: $38,842 $37,252 $35,750 $22,400
Financial Aid forms!Due Jan/Feb Sr. Year(Oct/Nov for ED)
FAFSA vs. Profile
FAFSA EFC• If divorced, only custodial parent’s
financial info is used• Home equity excluded
CSS Profile EFC• Generally looks at both parent’s
income/assets• Generally looks at home equity
2/14/2016
[email protected] 425‐591‐1137 www.paulabishop.com 4
GET and 529’s
1. Leave GET as is
(depends on age of
student)
2. Withdraw and move
GET to 529 (depends on
age and amount)
Common Merit Awards• Univ of Portland $18K• Willamette $20K• Seattle Univ $15K• Lewis & Clark $12K• Gonzaga $12K• Pacific University $14K• Linfield $25K• Tulane $23K• Case Western $17K
Cutting Out-of-State Tuition
Western Undergraduate Exchange
Alaska
Washington
Oregon
Nevada
California
Utah
Hawaii
Arizona ColoradoSouth Dakota
North Dakota
Wyoming
MontanaIdaho
WUE Examples
Sonoma State, CAUniversity of New MexicoColorado State UniversityUniversity of HawaiiUniversity of MontanaUniversity of UtahSouthern Oregon UniversityUniversity of NevadaNorthern Arizona University
Look for honors colleges at state schools
Sources of Scholarship• From Colleges (98%)• Athletic Awards (1% full rides)• Private Scholarships (2%)
Important Factors• GPA, SATs, ACTs• Activities, talents
Must Do’s• Calculate your “Expected Family
Contribution “EFC” at Collegeboard.com
• Access the “Net Price Calculators” on college’s web
2/14/2016
[email protected] 425‐591‐1137 www.paulabishop.com 5
What can we afford?
Found affordable colleges
Location, size, and major
Got in! Now a happy high school grad and their parents!
Questions?Paula Bishop, [email protected]‐591‐1137