college planning keys

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Making College Affordable Strategies & Tactics www.strategiesforcollege.com Copyright © 2011Strategies For College, Inc. All rights reserved. Sponsored by Kilton Public Library December 5, 2011

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What parents need to know about planning for college.

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Page 1: College Planning Keys

Making College AffordableStrategies & Tactics

www.strategiesforcollege.comCopyright © 2011Strategies For College, Inc. All rights reserved.

Sponsored byKilton Public Library

December 5, 2011

Page 2: College Planning Keys

Objective Assessment of Applicant Profile

& Competitive Position

Objective Assessment of Applicant Profile

& Competitive Position

Well Thought OutFinancial Strategy

For Each College Year

Well Thought OutFinancial Strategy

For Each College Year

Family & StudentPriorities Addressed

“Best Fit”

Family & StudentPriorities Addressed

“Best Fit”Win - Win Win - Win

Strategies For College, Inc.“Integrated College Planning”

Strategies For College, Inc.“Integrated College Planning”

The Prime Objective

Affordability + Getting In + Fitting In = WIN

Page 3: College Planning Keys

“The Base Year”Example: Class of 2013

• 1/1/2011 – 12/31/2011

• Sophomore into Junior year

“Set Up Year”Finalize Planning by

10/31/2011Timer starts on 1/1/2012

• 1/1/2012 – 12/31/2012

• Junior into Senior year

“Base Year”The timer is ON

• 1/1/2013– able to file for financial aid

• 8/20/2013 – student enrolls

Student Enters College

3

Page 4: College Planning Keys

How The Money WorksFederal Money, College Money, Your Money

Workable Family Contribution

WFCRange of AffordabilityNo Debt vs. Max Debt

Multi-Year Strategy

Workable Family Contribution

WFCRange of AffordabilityNo Debt vs. Max Debt

Multi-Year Strategy

Expected Family Contribution

EFCCalculate & Optimize

FM & IM

Accurate Forecast

Expected Family Contribution

EFCCalculate & Optimize

FM & IM

Accurate Forecast

Rules of The SystemRules of The System

COMPAREEFC vs. WFC

Establish Financial Strategy For Each Year of College

Are There Boundary Conditions for College Search?

Establish Financial Strategy For Each Year of College

Are There Boundary Conditions for College Search?

Step 1: The Money FactorStep 1: The Money Factor

Your RulesYour Rules

Page 5: College Planning Keys

Financial Need: DEFINITION

TOTAL COST OF ATTENDANCEMINUS EXPECTED FAMILY

CONTRIBUTION= FINANCIAL NEED

Need: Maximum eligibility for need based financial aid.

Page 6: College Planning Keys

Expected Family Contribution (EFC)

Parent IncomeMax assessment = 47%AFTER ALLOWANCES

Student IncomeFM assessment: 50%after first $6,000IM assessment: $1,800 min, then parent rate.

Parent AssetsMax Assessment: 5.65%AFTER ALLOWANCES

Student AssetsFM assessment: 20%IM assessment: 25%

Parent Contribution + Student Contribution =

Expected Family Contribution

Page 7: College Planning Keys
Page 8: College Planning Keys

FM = Federal MethodologyIM = Institutional Methodology

Page 9: College Planning Keys

FM vs. IM – Computational Differences

Page 10: College Planning Keys

Cost of Attendance

EFC *

Financial Need**

Average % of need met with grant aid***

50% 60% 80%

Estimated Grant Aid $7,500 $15,000 $32,000

Estimated GAP $7,500 $ 10,000 $8,000

Potential Net Cost of College $17,500 $20,000 $18,000

$25,000 $35,000 $50,000

$10,000 $10,000 $10,000

$15,000 $25,000 $40,000

Sticker Prices Are DeceivingDetermine Your “Net Price”

* Remember, you need to determine whether college uses IM or FM ** Maximum eligibility for need based financial aid.

** For discussion. Does not reflect any particular institution’s statistics.

Page 11: College Planning Keys

Applicant Profile & Competitive Position

Establish Quantitative Applicant Profile

Calculate College GPA Assess Curriculum StrengthHonors, AP, IB, SpecialEvaluate Standardized TestingWhat’s the Best Option? ACT ? SAT? SAT II? Optional?

Establish Quantitative Applicant Profile

Calculate College GPA Assess Curriculum StrengthHonors, AP, IB, SpecialEvaluate Standardized TestingWhat’s the Best Option? ACT ? SAT? SAT II? Optional?

Modify With Qualitative Factors

Extra Curricular ActivitiesLeadershipWork ExperienceTeacher RecommendationsDemonstrated InterestEssays

Modify With Qualitative Factors

Extra Curricular ActivitiesLeadershipWork ExperienceTeacher RecommendationsDemonstrated InterestEssays

Calculate CAP Index(College Admissions Profile)

Calculate CAP Index(College Admissions Profile)

Step Two: Competitive PositionStep Two: Competitive Position

Page 12: College Planning Keys
Page 13: College Planning Keys
Page 14: College Planning Keys

Model College Search – Screen 1

Page 15: College Planning Keys

Model College Search – Screen 2

Page 16: College Planning Keys

Model College Search – Screen 3

Page 17: College Planning Keys

Enrollment ManagementWhy The Top Quartile Is The Place To Be

• Optimizes enrollment through segmenting and price sensitivities.

• Shapes enrollment by allowing the college to selectively increase specific groups of students through the use of targeted aid and merit discounts.

• Maximizes net revenue by allowing the college to control its financial aid budget and net revenue outcomes.

Page 18: College Planning Keys

Enrollment Management & Financial Aid LeveragingThis is how it begins: Each admitted student is “equal” financially.

Can afford 75% – 100% COA

Can afford 50% - 75% COA

Can afford 25%-50% COA

Can afford 10% - 25% of COA

Top 25%

2nd 25%

3rd 25%

4th 25%

Student

rank inadmitt

edstuden

tpool

Ability to Pay: College’s assessment of FAFSA and/or CSS Profile

A B C D

4

3

2

1

Page 19: College Planning Keys

Enrollment Management & Financial Aid LeveragingThis is how it ends: College awards money to those it finds most desirable.

Can afford 75% – 100% COA

Can afford 50% - 75% COA

Can afford 25%-50% COA

Can afford 10% - 25% of COA

Top 25% Merit $$$$(If available)

Grant $$$$ Grant $$$$ Grant $$$$

2nd 25% Merit $$(If available)

Grant $$ Grant $$ Grant $$

3rd 25% Full Pay(Merit??)

Gapped - Gapped + Gapped +

4th 25% Full Pay Gapped - Gapped + Gapped +

Student

rank inadmitt

edstuden

tpool

Ability to Pay: College’s assessment of FAFSA and/or CSS Profile

A B C D

4

3

2

1

Page 20: College Planning Keys

Discuss, Qualify & Quantify College Search Criteria

Best Fit Best Fit

Parent “Must Haves”Costs, Job Placement,4 Yr Grad Rate, etc.SAGE Rewards

Parent “Must Haves”Costs, Job Placement,4 Yr Grad Rate, etc.SAGE Rewards

Students PersonalityCharacteristics vs.College’s Personality

Students PersonalityCharacteristics vs.College’s Personality

Agree UponCollege Search Criteria

&Family/Student Priorities

Agree UponCollege Search Criteria

&Family/Student Priorities

Step Three: College Search CriteriaStep Three: College Search Criteria

Student “Must Haves”Size, Setting, LocationMajors, ECAs, Travel, Food, Dorms, etc.

Student “Must Haves”Size, Setting, LocationMajors, ECAs, Travel, Food, Dorms, etc.

Page 21: College Planning Keys

Objective Assessment of Applicant Profile

& Competitive Position

Objective Assessment of Applicant Profile

& Competitive Position

Well Thought OutFinancial Strategy

For Each College Year

Well Thought OutFinancial Strategy

For Each College Year

Family & StudentPriorities Addressed

“Best Fit”

Family & StudentPriorities Addressed

“Best Fit”Win - Win Win - Win

Fully Integrated ApproachFully Integrated Approach

Page 22: College Planning Keys

22

Page 23: College Planning Keys
Page 24: College Planning Keys

The BeginningNow you know!

Strategies For College, Inc.Creators of College Search GamePLAN

www.strategiesforcollege.com

TODD FOTHERGILL55 Apple Blossom Dr

West Lebanon, NH 03784(603) 298-9832 NH

SPECIAL REPORT“College Planning Milestones & Guidance Notes”

Email: [email protected]