Secrets to Maximized Financial Aid Allen Leung & Winnie Shiao, Attorneys ANAHEIM CERRITOSIRVINE PASADENA SAN DIEGO WALNUT

Retirement Vs. College Costs UC Costs $30K per year Private Schools cost $60K/per year So 1 kid can costs $250K for 4 years How Can You Retire? Answer: Financial Aid Have Financial Aid ----  Save Your Retirement Personal Finance – For kids Law Office of Allen M. Leung Tax Attorney for College Financial Aid2

Consumer Reports Who Reads “Consumer Reports” to Buy a Car, Dish Washer, Computer, Etc? Shouldn’t We also do it for Education? Law Office of Allen M. Leung Tax Attorney for College Financial Aid3

Which of the Following Schools is Most Expensive for CA Students? 1) Univ of Texas – Austin; 2) Univ of Michigan; 3) UCLA; 4) UC- Berkeley Law Office of Allen M. Leung Tax Attorney for College Financial Aid

Smart Concepts #1 – DON’T Apply to out-of- state Public Schools Ex. U of Mich/ U of VA / U of Illinois / U of Texas Source of Money: Fed/State/School; YOU are paying $50K for other people’s tuition Law Office of Allen M. Leung Tax Attorney for College Financial Aid5

If you want to study Computer Science, Which of the following Schools Should you attend? 1) Carnegie (Ranked #1/ $0 FinAid) 2) Harvard (Ranked #17/$25K FinAid) 3) Rice (Ranked #20/$35K FinAid) 4) Princeton(Ranked #8/$30K FinAid) Law Office of Allen M. Leung Tax Attorney for College Financial Aid

Smart Concepts #3 – DON’T be misleading by College Ranking Kids change major all the time Fit school has better connection Law Office of Allen M. Leung Tax Attorney for College Financial Aid7

Smart Concepts #3 – Colleges Priced Like Airline Tickets! College are Businesses Look for Best Value- Ed Judo Best Education for Student- ED Judo Protect Parents’ retirement fund- Satisfy Students’ Career Goals-Ed Judo Law Office of Allen M. Leung Tax Attorney for College Financial Aid8

#4: Financial Aid integrate w/Admission Law Office of Allen M. Leung Tax Attorney for College Financial Aid9 You Must be Admitted in order to Receive Financial Aid!

Smart Concepts #5 – Higher Ranked Private Schools + Liberal Arts Has $Most Money$ HYPS – Look at Our “Scoreboard” Can Anyone Name the “Little Three” ? –Pomona/CMC/Colby Look for Hidden College Gems – See Our Book Ed. Judo Law Office of Allen M. Leung Tax Attorney for College Financial Aid10

Smart Concepts Our Book: Education Judo, by Allen Leung, on Amazon Details 68 Schools who are “Generous” and we detail strategy to get admitted Law Office of Allen M. Leung Tax Attorney for College Financial Aid11

Smart Concepts #6– Highly Ranked Lib Arts > UC Schools Better Education and maybe even Cheaper (according to our Book) Williams v. UC San Diego Amherst v. UC Irvine Avg Grant/Scholarship from Williams = ? (Please Guess) Law Office of Allen M. Leung Tax Attorney for College Financial Aid12

Smart Concepts #7– Math > Business for Major Why are so few Students study Math (about 1%) in College? Why so many want to Study Business Adm? Follow Sergei Brin (Google Founder): Math in college; Computer Science for Master Law Office of Allen M. Leung Tax Attorney for College Financial Aid13

Smart Concepts #8 – Top Schools NOT looking for “Well-Rounded” student They are looking for “Well-Rounded” Class; Law Office of Allen M. Leung Tax Attorney for College Financial Aid14

Smart Concepts #9 – Apply Early will HELP You for top Schools (HYPS) ED=binding? Harvard Early admit rate = 18%; What is the Regular Admit rate ? (Guess) Like a Hotel, top schools fills up their class (30-50%) during EARLY, and then becomes picky; If you want to get into top school, MUST apply Early Which school has higher ED rate? Our Bk has it Law Office of Allen M. Leung Tax Attorney for College Financial Aid15

Smart Concepts #10 – Does Applying for Financial Aid Help or Hurt Admissions? “Need- Blind” vs. “Need Sensitive” “Remember – If you Qualify for FinAid and NOT apply, will HURT you Law Office of Allen M. Leung Tax Attorney for College Financial Aid16

Common Questions #1- I have a house and/or rental homes, am I qualified? Law Office of Allen M. Leung Tax Attorney for College Financial Aid17

Common Questions #2- I own a business, am I qualified? Law Office of Allen M. Leung Tax Attorney for College Financial Aid18

Common Questions #3- Does all schools provide SAME money? No. With UC’s -  different; Private School = all different; Which school is More “Generous” – See Our Book (“Education Judo”) on Amazon” Law Office of Allen M. Leung Tax Attorney for College Financial Aid19

Common Questions #4- My 1 st kid is in UC, and did NOT receive money, what should I do for 2d kid? Answer: do NOT apply to UC Private School = more money Law Office of Allen M. Leung Tax Attorney for College Financial Aid20

Different Income Levels Parent’s Annual Income $90,000$90,000 ~ $180,000 More than $180,000 Cost of College $55,000 Strategy: UC + Pvt Top Pvt School (ex Yale) USC/CMC/Olin; Merit- Based Possible need- based financial aid $40,000Up to $30,000 Up to $25,000 Law Offices of Allen M. Leung Tax Attorney for College Financial Aid 21 PaylessCollege.com

Cal Grants Who Wants to Know How to Obtain Per Year  $13,000 4 Year  $50,000 Deadline = March 2 (Also GPA Verification Form) Law Office of Allen M. Leung Tax Attorney for College Financial Aid22

Cal Grant Income Ceiling Family SizeIncome Ceiling (AGI) 2 People$72,000 3 People$73,800 4 People$80,200 5 People$85,900 6 or more $92,700 Law Office of Allen M. Leung Tax Attorney for College Financial Aid23 Un-Tax Income= add back to AGI (have to look at W2 & Tax Return)

Cal Grant Assets Ceiling Law Office of Allen M. Leung Tax Attorney for College Financial Aid24 Dependent Students$62,000 Independent Students$29,500

Formula Law Office of Allen M. Leung Tax Attorney for College Financial Aid25 COA--EFC=Financial Aid Based on the following factors : TuitionIncome (AGI)Grants RoomAssetsWork-Study Board# in HouseholdLoan Supply# Kids in College COA= Cost of Attendance EFC= Expected Family Contribution Financial aid= tuition discount Income= Tax Return (un-tax income will be added back) Assets= home equity + investment equity+ business value+ saving+ stock (mutual fund)+529+UGMA (UTMA) COA= Cost of Attendance EFC= Expected Family Contribution Financial aid= tuition discount Income= Tax Return (un-tax income will be added back) Assets= home equity + investment equity+ business value+ saving+ stock (mutual fund)+529+UGMA (UTMA) Parents’ Income= 20%Parents’ Assets= 5.6% Kid’s Income and Assets= 33% Parents’ Income= 20%Parents’ Assets= 5.6% Kid’s Income and Assets= 33%

How do you apply & Get $$? Info provided must be 100% consistent with each other Law Office of Allen M. Leung Tax Attorney for College Financial Aid 26 FAFSA College own form CSS Stock/mutual fund Primary residence equity? Investment Real Estate Life Style-car model Retirement act, 401K Life insurance (CSV)

UC- 4 years graduation rate UCLA = 67 % UC- Berkeley = 66% UCSD = 56 % UCI = 57 % Law Office of Allen M. Leung Tax Attorney for College Financial Aid27

Secret to Success: Liberal Arts Law Office of Allen M. Leung Tax Attorney for College Financial Aid28 Liberal Art CollegeUniversity Small class (=focused)Big lecture room Professor teachingTA can’t speak English Higher GradeLower Grade Graduate in 4 yearsTake 5~ 6 years Higher % get in graduate school Kids feel lost Ex: Reed rank #4 for entering PhD. program

The Best Graduation Rates Williams College (MA) 93% Princeton University (NJ) 90% Yale University (CT) 90% University of Notre Dame (IN) 90% Bowdoin College (ME) 89% Pomona College (CA) 89% Davidson College (NC) 89% Duke University (NC) 89% Carleton College (MN) 89% Law Office of Allen M. Leung Tax Attorney for College Financial Aid29

Law Office of Allen M. Leung Tax Attorney for College Financial Aid30 Boston College (MA) 88% Harvard University 88% Vassar College (NY) 88% Wesleyan University (CT) 88% Georgetown University 88% Bucknell University (PA) 88% Haverford College (PA) 88% University of Pennsylvania 88% Washington and Lee U. (VA) 88% Northwestern University (IL) 87% University of Chicago (IL) 86% Bates College (ME) 86% Claremont McKenna College (CA) 86%

Which of the Following Schools Has the Highest Mid-Career Salary? 1) Northwestern; 2) Johns Hopkins; 3) Washington U – St. Louis; 4) Bucknell Law Office of Allen M. Leung Tax Attorney for College Financial Aid

Use Talents as Leverage Law Office of Allen M. Leung Tax Attorney for College Financial Aid32

Top Schools Strategy School Strategy HarvardRun 40 Yds in 4.5 Sec MITFemale Athlete USCMath Major UpennMath or Physics Major Law Offices of Allen M. Leung Tax Attorney for College Financial Aid PaylessCollege.com

Essay as Leverage If you are not an athlete, or don’t have special Talents, ESSAY can get you in; Pomona Dean – “First thing I look at is Essay; Must be Philosophical, NOT Story-telling; Must have a Title/Theme; Must have your “Inner Voice” Ex: Curly Hair / Leaving a Village / Curiosity Without Borders/ Poems Law Office of Allen M. Leung Tax Attorney for College Financial Aid34

Special Program as Leverage Low Income = “Plus”; QuestBridge Scholarship Program Easier to get in top schools; Law Office of Allen M. Leung Tax Attorney for College Financial Aid35

Use Gender as Leverage Girls represent 57% of college students Male from CA advantages Female from CA advantages Example: MIT East Coast Liberal Art College All Girl School or Science/Engr. Acceptance rate: Male: 9% Female: 23% Law Offices of Allen M. Leung Tax Attorney for College Financial Aid PaylessCollege.com

Use Geography as leverage [East Coast Schools Loves CA students] Law Office of Allen M. Leung Tax Attorney for College Financial Aid37 Texas87% California86% Florida74% Massachusetts43%

Use Financial Aid Appeal as Leverage Must be in Writing; We are Lawyers, who is good in Writing Example: 1 letter = $10,000 more from school Law Office of Allen M. Leung Tax Attorney for College Financial Aid38

Financial Aid Timeline Grade Reminder 9 ~ 10 Grade Tax Planning 11 th Grade“Base Tax Year” 12th Grade (Nov 15) Early Applications 12th Grade (Jan 1) FAFSAS Starts 12th Grade (April) Choose among offers & Appeal if Necessary Law Offices of Allen M. Leung Tax Attorney for College Financial Aid PaylessCollege.com

Our Scoreboard HS Class of 2012 Law Office of Allen M. Leung 40 RankSchool Grant/Yr4 Yr Total 1Williams $52,500$210,000 2Colby $50,500$202,000 3USC $48,875$195,500 4Northwestern $47,870$191,400 5Scripps $47,550$190,200 6Bryn Mawr $46,850$187,400 7Harvard $44,550$178,200 8Claremont $42,750$171,000 9Princeton $37,550$150,200 10Stanford $37,500$150,00

Need More Info? Click on Videos: Law Office of Allen M. Leung Tax Attorney for College Financial Aid41