planners procrastinators
TRANSCRIPT
2014201420142014----15 Winter Webinar Series15 Winter Webinar Series15 Winter Webinar Series15 Winter Webinar Series
Offered by GuidedPath
We help you send more students to college.
Can I Afford College?
December 2014
www.guidedpath.net
College College College College
Affordability Tips Affordability Tips Affordability Tips Affordability Tips
for for for for
Procrastinators Procrastinators Procrastinators Procrastinators
and Plannersand Plannersand Plannersand Planners
College AffordabilityCollege AffordabilityCollege AffordabilityCollege AffordabilityCollege AffordabilityCollege AffordabilityCollege AffordabilityCollege Affordability
Presented By Fred AmreinPresented By Fred AmreinPresented By Fred AmreinPresented By Fred Amrein
Webinar #1 out of 4
Focus On the Outcome of Education
• Understanding the financial aid timingUnderstanding the financial aid timingUnderstanding the financial aid timingUnderstanding the financial aid timing
• Tax Year vs. School YearTax Year vs. School YearTax Year vs. School YearTax Year vs. School Year
• Financial aid positioningFinancial aid positioningFinancial aid positioningFinancial aid positioning
• Family time line Family time line Family time line Family time line
• FAFSA submission & verificationFAFSA submission & verificationFAFSA submission & verificationFAFSA submission & verification
AgendaAgendaAgendaAgendaAgendaAgendaAgendaAgenda
Presented by College Affordability
DisclaimerDisclaimerDisclaimerDisclaimerDisclaimerDisclaimerDisclaimerDisclaimer
Presented by College Affordability
Amrein Financial is an independent, fee only Registered Investment Advisory Firm. Any of the financial products discussed today are not a recommendation to purchase. You should consult with a financial professional or tax expert before making any investment decision. Past performance is no guarantee of future performance.
• FAFSA and IRS are linkedFAFSA and IRS are linkedFAFSA and IRS are linkedFAFSA and IRS are linked
• Increased process complexityIncreased process complexityIncreased process complexityIncreased process complexity
• Government increases accountability Government increases accountability Government increases accountability Government increases accountability
on colleges regarding debton colleges regarding debton colleges regarding debton colleges regarding debt
• Ability to pay is a factor Ability to pay is a factor Ability to pay is a factor Ability to pay is a factor
Recent ChangesRecent ChangesRecent ChangesRecent ChangesRecent ChangesRecent ChangesRecent ChangesRecent Changes
Presented by College Affordability
• HighHighHighHigh SchoolSchoolSchoolSchool GuidanceGuidanceGuidanceGuidance CounselorsCounselorsCounselorsCounselors
• CollegeCollegeCollegeCollege AdmissionsAdmissionsAdmissionsAdmissions
• CollegeCollegeCollegeCollege FinancialFinancialFinancialFinancial AidAidAidAid OfficeOfficeOfficeOffice
• CollegeCollegeCollegeCollege PlanningPlanningPlanningPlanning ProfessionalsProfessionalsProfessionalsProfessionals
• FinancialFinancialFinancialFinancial AdvisorsAdvisorsAdvisorsAdvisors
Sources of Financial Aid InformationSources of Financial Aid InformationSources of Financial Aid InformationSources of Financial Aid InformationSources of Financial Aid InformationSources of Financial Aid InformationSources of Financial Aid InformationSources of Financial Aid Information
Presented by College Affordability
•Aug Aug Aug Aug –––– JanJanJanJan Prepare & Analyze CostPrepare & Analyze CostPrepare & Analyze CostPrepare & Analyze Cost
•Oct Oct Oct Oct –––– MarMarMarMar CSS Profile SubmissionsCSS Profile SubmissionsCSS Profile SubmissionsCSS Profile Submissions
•Nov Nov Nov Nov –––– JanJanJanJan Financially OrganizedFinancially OrganizedFinancially OrganizedFinancially Organized
•Dec Dec Dec Dec –––– MarMarMarMar Scholarships AwardedScholarships AwardedScholarships AwardedScholarships Awarded
•Jan Jan Jan Jan –––– FebFebFebFeb Submit initial FASFA formSubmit initial FASFA formSubmit initial FASFA formSubmit initial FASFA form
•Feb Feb Feb Feb –––– MayMayMayMay Finalize Financial Aid FormsFinalize Financial Aid FormsFinalize Financial Aid FormsFinalize Financial Aid Forms
•Mar Mar Mar Mar –––– AprilAprilAprilApril Financial Aid Pkgs. AwardedFinancial Aid Pkgs. AwardedFinancial Aid Pkgs. AwardedFinancial Aid Pkgs. Awarded
•MayMayMayMay Commit to SchoolCommit to SchoolCommit to SchoolCommit to School
Senior Year Financial Aid TimelineSenior Year Financial Aid TimelineSenior Year Financial Aid TimelineSenior Year Financial Aid TimelineSenior Year Financial Aid TimelineSenior Year Financial Aid TimelineSenior Year Financial Aid TimelineSenior Year Financial Aid Timeline
Presented by College Affordability
Tax Year vs. School YearTax Year vs. School YearTax Year vs. School YearTax Year vs. School YearTax Year vs. School YearTax Year vs. School YearTax Year vs. School YearTax Year vs. School Year
Presented by College Affordability
• DoDoDoDo notnotnotnot matchmatchmatchmatch
• Second semester junior Second semester junior Second semester junior Second semester junior –––– first semester senior first semester senior first semester senior first semester senior
• Tax strategy planningTax strategy planningTax strategy planningTax strategy planning
• 529 State contribution rules529 State contribution rules529 State contribution rules529 State contribution rules
Tax Year vs. School YearTax Year vs. School YearTax Year vs. School YearTax Year vs. School YearTax Year vs. School YearTax Year vs. School YearTax Year vs. School YearTax Year vs. School Year
Presented by College Affordability
Sept - Dec Jan - May Jun - Jul Sept - Dec Jan - May Jun - Jul Sept - Dec Jan - May Jun - Jul Sept - Dec
School Year Soph 1 Soph 2 Junior 1 Junior 2 Senior 1 Senior 2 Col 1
Tax Year 2012 2013 2014 2015
Financial Aid PositioningFinancial Aid PositioningFinancial Aid PositioningFinancial Aid PositioningFinancial Aid PositioningFinancial Aid PositioningFinancial Aid PositioningFinancial Aid Positioning
Presented by College Affordability
• Timing is importantTiming is importantTiming is importantTiming is important
• Knowing your numbersKnowing your numbersKnowing your numbersKnowing your numbers
• EFC has four quadrantsEFC has four quadrantsEFC has four quadrantsEFC has four quadrants
• Be aware of the tax and legal impactBe aware of the tax and legal impactBe aware of the tax and legal impactBe aware of the tax and legal impact
• Family structure decisionFamily structure decisionFamily structure decisionFamily structure decision
Understanding the EFCUnderstanding the EFCUnderstanding the EFCUnderstanding the EFCUnderstanding the EFCUnderstanding the EFCUnderstanding the EFCUnderstanding the EFC
Presented by College Affordability
It is not one number but four different calculations
Parent
Income
Parent
Assets
Student
Income
Student
Assets
EFCEFCEFCEFC
Understand the Family TimelineUnderstand the Family TimelineUnderstand the Family TimelineUnderstand the Family TimelineUnderstand the Family TimelineUnderstand the Family TimelineUnderstand the Family TimelineUnderstand the Family Timeline
Presented by College Affordability
Multiple childrenMultiple childrenMultiple childrenMultiple children
Parent retirement Parent retirement Parent retirement Parent retirement
Educational requirementsEducational requirementsEducational requirementsEducational requirements
• Compare overall valueCompare overall valueCompare overall valueCompare overall value
• Knowing the school gifting policyKnowing the school gifting policyKnowing the school gifting policyKnowing the school gifting policy
• May make the high priced school May make the high priced school May make the high priced school May make the high priced school
affordableaffordableaffordableaffordable
• Get a view of the financial outcomeGet a view of the financial outcomeGet a view of the financial outcomeGet a view of the financial outcome
Importance of a Four Year PlanImportance of a Four Year PlanImportance of a Four Year PlanImportance of a Four Year PlanImportance of a Four Year PlanImportance of a Four Year PlanImportance of a Four Year PlanImportance of a Four Year Plan
Presented by College Affordability
Creating a Four Year PlanCreating a Four Year PlanCreating a Four Year PlanCreating a Four Year PlanCreating a Four Year PlanCreating a Four Year PlanCreating a Four Year PlanCreating a Four Year Plan
Presented by College Affordability
Gives you the ability to compare financial value
Application Method impact on Financial AidApplication Method impact on Financial AidApplication Method impact on Financial AidApplication Method impact on Financial AidApplication Method impact on Financial AidApplication Method impact on Financial AidApplication Method impact on Financial AidApplication Method impact on Financial Aid
Presented by College Affordability
• EarlyEarlyEarlyEarly DecisionDecisionDecisionDecision
• EarlyEarlyEarlyEarly ActionActionActionAction
• RegularRegularRegularRegular DecisionDecisionDecisionDecision
• WaitWaitWaitWait ListedListedListedListed
• Every family should submit itEvery family should submit itEvery family should submit itEvery family should submit it
• Child will qualify for a Direct LoanChild will qualify for a Direct LoanChild will qualify for a Direct LoanChild will qualify for a Direct Loan
• Can be intimidating & frustratingCan be intimidating & frustratingCan be intimidating & frustratingCan be intimidating & frustrating
• Available Jan 1 each yearAvailable Jan 1 each yearAvailable Jan 1 each yearAvailable Jan 1 each year
• Data quality versus early entry Data quality versus early entry Data quality versus early entry Data quality versus early entry
FAFSA Submission & VerificationFAFSA Submission & VerificationFAFSA Submission & VerificationFAFSA Submission & VerificationFAFSA Submission & VerificationFAFSA Submission & VerificationFAFSA Submission & VerificationFAFSA Submission & Verification
Presented by College Affordability
• Establish pin for student and parentEstablish pin for student and parentEstablish pin for student and parentEstablish pin for student and parent
• Jan Jan Jan Jan –––– get organized & submit estimateget organized & submit estimateget organized & submit estimateget organized & submit estimate
• Feb Feb Feb Feb –––– Taxes completed & correct FAFSATaxes completed & correct FAFSATaxes completed & correct FAFSATaxes completed & correct FAFSA
• Mar Mar Mar Mar –––– Awards sent to admitted studentsAwards sent to admitted studentsAwards sent to admitted studentsAwards sent to admitted students
• Apr Apr Apr Apr –––– Analysis, decision & depositAnalysis, decision & depositAnalysis, decision & depositAnalysis, decision & deposit
• May/Jun May/Jun May/Jun May/Jun –––– College verification processCollege verification processCollege verification processCollege verification process
Recommended FAFSA Recommended FAFSA Recommended FAFSA Recommended FAFSA Recommended FAFSA Recommended FAFSA Recommended FAFSA Recommended FAFSA
Submission TimingSubmission TimingSubmission TimingSubmission TimingSubmission TimingSubmission TimingSubmission TimingSubmission Timing
Presented by College Affordability
Creating a Financial Aid StrategyCreating a Financial Aid StrategyCreating a Financial Aid StrategyCreating a Financial Aid StrategyCreating a Financial Aid StrategyCreating a Financial Aid StrategyCreating a Financial Aid StrategyCreating a Financial Aid Strategy
Presented by College Affordability
• Understand the details of your Expected Understand the details of your Expected Understand the details of your Expected Understand the details of your Expected
Family Contribution (EFC)Family Contribution (EFC)Family Contribution (EFC)Family Contribution (EFC)
• Focus on OutcomeFocus on OutcomeFocus on OutcomeFocus on Outcome
• Be an Be an Be an Be an informed informed informed informed consumerconsumerconsumerconsumer
• Goal is to lower your out of pocket cost of Goal is to lower your out of pocket cost of Goal is to lower your out of pocket cost of Goal is to lower your out of pocket cost of
educationeducationeducationeducation
More InformationMore InformationMore InformationMore InformationMore InformationMore InformationMore InformationMore Information
Guided Path EFC PLUS 15% Discount Code:Guided Path EFC PLUS 15% Discount Code:Guided Path EFC PLUS 15% Discount Code:Guided Path EFC PLUS 15% Discount Code:
GuidedPathGuidedPathGuidedPathGuidedPath
New approach to paying for collegeNew approach to paying for collegeNew approach to paying for collegeNew approach to paying for college
• First comprehensive financial aid solutionFirst comprehensive financial aid solutionFirst comprehensive financial aid solutionFirst comprehensive financial aid solution
• FourFourFourFour----year cash flowyear cash flowyear cash flowyear cash flow
• Projection of graduation debtProjection of graduation debtProjection of graduation debtProjection of graduation debt
• EFC position analysisEFC position analysisEFC position analysisEFC position analysis
• Student loan repayment & forgivenessStudent loan repayment & forgivenessStudent loan repayment & forgivenessStudent loan repayment & forgiveness
• Evolves with the student & familyEvolves with the student & familyEvolves with the student & familyEvolves with the student & family
QuestionsQuestionsQuestionsQuestionsQuestionsQuestionsQuestionsQuestions
Fred AmreinFred AmreinFred AmreinFred Amrein
MBA, ChFCMBA, ChFCMBA, ChFCMBA, ChFC
610 789 1255610 789 1255610 789 1255610 789 1255
www.CollegeAffordability.comwww.CollegeAffordability.comwww.CollegeAffordability.comwww.CollegeAffordability.com
Guided Path EFC PLUS 15% Discount Code:Guided Path EFC PLUS 15% Discount Code:Guided Path EFC PLUS 15% Discount Code:Guided Path EFC PLUS 15% Discount Code:
GuidedPathGuidedPathGuidedPathGuidedPath
-Advisors
--Parents
-Students
Use to learnUse to learnUse to learnUse to learn
-FAFSA EFC
-Private schools
-EFC
College Affordability Shaper
www.guidedpath.net/demo
GuidedPath offers online EFC calculator and strategies for:GuidedPath offers online EFC calculator and strategies for:GuidedPath offers online EFC calculator and strategies for:GuidedPath offers online EFC calculator and strategies for:
Registration open now for 2014 Winter Webinar series:Registration open now for 2014 Winter Webinar series:Registration open now for 2014 Winter Webinar series:Registration open now for 2014 Winter Webinar series:
Appropriate for parents, students and advisorsAppropriate for parents, students and advisorsAppropriate for parents, students and advisorsAppropriate for parents, students and advisors
-College Affordability Case Studies to Inspire You | Jan. 14
-Tackling the Basics of Financial Aid (in a game format) | Jan. 28
-Helping Families Conquer College Costs | Feb. 4
Register online at http://guidedpath.net/professional-development/
Can I Afford College? webinars