planners procrastinators

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2014 2014 2014 2014- - -15 Winter Webinar Series 15 Winter Webinar Series 15 Winter Webinar Series 15 Winter Webinar Series Offered by GuidedPath We help you send more students to college. Can I Afford College? December 2014 www.guidedpath.net

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Page 1: Planners procrastinators

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

Page 2: Planners procrastinators

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

Page 3: Planners procrastinators

Focus On the Outcome of Education

Page 4: Planners procrastinators

• 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

Page 5: Planners procrastinators

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.

Page 6: Planners procrastinators

• 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

Page 7: Planners procrastinators

• 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

Page 8: Planners procrastinators

•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

Page 9: Planners procrastinators

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

Page 10: Planners procrastinators

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

Page 11: Planners procrastinators

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

Page 12: Planners procrastinators

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

Page 13: Planners procrastinators

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

Page 14: Planners procrastinators

• 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

Page 15: Planners procrastinators

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

Page 16: Planners procrastinators

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

Page 17: Planners procrastinators

• 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

Page 18: Planners procrastinators

• 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

Page 19: Planners procrastinators

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

Page 20: Planners procrastinators

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

Page 21: Planners procrastinators

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

Page 22: Planners procrastinators

-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:

Page 23: Planners procrastinators

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