1. College & Financial Fit Based on “Right College, Right Price” by Frank Palmasani

2. The Traditional Timeline Junior year- student starts thinking about what colleges attract their attention. Attends college fairs, online college searches, etc. – Traditional factors considered in choosing a college (entered into online college search database) Two-or four-year school, location, size, major, extra-curricular activities These search programs also can factor in price, but only the advertised or “sticker” price is featured. Fall of senior year- students start applying. January of senior year- students/parents file the FASFA. Financial aid award letters received in March/April.

3. Myths About Paying for College College tuition is so high and there are so few opportunities for financial help, that only wealthy families can afford college. There is enough financial aid that all qualified students can attend their college of choice. The best colleges are the most expensive. Your Expected Family Contribution (EFC) is what you have to pay for your student to go to college. Students can borrow an unlimited amount of money to use towards college tuition.

4. Myths About Paying for College The secret to receiving financial aid is to learn how to “hide” your savings. If you don’t claim your child on your tax return, your child can receive more financial aid. Students should find the college that most interests them before they think about financial aid. Lots of scholarship money goes unused every year, but it is very difficult to find this money. If you make too much money, don’t bother filing the FASFA.

5. But I Want My Child to Attend the Best School Possible… It is possible to attend a great school that fits your child financially, academically, and personally, without taking on unmanageable debt.

6. How Can We Assess Affordability? Utilize the Financial Fit program, www.collegecountdown.com. www.collegecountdown.com

7. Discussing Affordability More than 30% of students are borrowing well beyond the maximum amount offered through Direct Loans ($27,000). Based on a 6% interest rate and a ten-year monthly repayment plan: – $30,000 = $333 per month – $40,000 = $444 per month – $50,000 = $555 per month Students with unreasonable debt may find themselves having to put off purchasing a home or car, or marrying.

8. Discussing Affordability About 86% of college/university students commute to school; some live off campus, but many live at home. If using the Financial Fit program, share your affordability worksheet with your child. You can group colleges into three categories- colleges the child can attend with no debt, colleges the child can attend with reasonable debt, and colleges the child can attend only with excessive debt. Stories about other students, articles on the student debt crisis. 4/10 students begin their college education at a community college.

9. College Categories Flagship state schools (within your state) – Participates in DI athletics. Greater enrollment, more stringent admission requirements. Non-flagship state schools (within your state) – Many have admission requirements similar to flagship school, but some have lower admission standards. Fewer students. Flagship state schools (out of state) Non-flagship state schools (out of state) – Some attempt to attract students from out of state. Highly selective private schools – Most don’t give much money in merit awards, but some a high amount of assistance for families with need. Some attempt to meet 100% of assessed need. Midsize private schools – Often offer excellent merit scholarships & need-based grants Traditional private schools – Known to offer excellent merit scholarships. Community college and/or commuting options

10. Examples of Colleges in the Categories Flagship school (in state): University of Illinois Non-flagship school (in state): Northern IL University, IL State University Flagship school (out of state): Purdue University, Michigan State University Non-flagship school (out of state): University of Wisconsin- Plateville, Ohio State University Highly selective private school: Duke University, Pepperdine University Midsize private school: Loyola University, Lewis University Traditional private school: Calvin College, Olivet Nazarene University

11. Sticker Price vs. Net Price Net price official definition: Cost of Attendance-Grants and Scholarships=Net Price Net price practical definition: Cost of Attendance-Grants, Scholarships, Student Loans, and Campus Employment= Net Price Pay attention to how the net price is calculated on official financial aid award letters. Use net price calculators to figure out an estimated net price of a college.

12. After Affordability is Assessed… Narrow down the list of colleges after determining which categories are affordable. Consider which have an academic fit and a “feel” fit. Find private scholarships. Database on the counseling site on www.swchristian.org.www.swchristian.org On or after January 1 of senior year, file the FASFA. If there is a difference in the net price of two similar colleges, some schools can find additional scholarships to lower the net price. Show them the award letters your child has received & ask if there are additional programs that you may have missed.

13. Net Price Table School NameNet Price Estimate Flagship State Schools (In State) Non-Flagship State Schools (In state) Don’t count a category out until you choose at least 2-3 schools from each category and use the schools’ net price calculators. Once you figure out the categories that are not affordable, the student can focus applying to his/her favorite schools in the more affordable categories.

14. Quick tips The more selective a college is, the less scholarships they typically offer. BUT… highly selective colleges sometimes offer the “Harvard Plan” to students who are financially needy. Don’t rule out a college based on sticker price… traditional or midsize private colleges often offer a great deal in merit scholarships. Merit awards do exist for transfer students.

15. How to Narrow Down the List Consider academic fit, location. Ask for recommendations from college counselors. Attend the annual college fair at CCHS. Have students speak with college reps and ask them specifically about their program of interest. Go on campus visits. Ask to sit in on a class in a major of interest. Meet with a professor.

16. Scholarships Student’s ACT/SAT score & GPA are factors for academic scholarships. Athletic scholarships: Student must take specific classes in high school & have certain grades to be eligible to play at NCAA colleges. Ask about requirements for renewal. Search for private scholarships in this order: workplace, local, regional, national.

17. Help Your Child Maximize Benefits Make the student’s talents known- develop relationships with college admissions officers, create a resume. Bring copies to college fairs and on visits.

18. How to Save Money in College Graduate in 4 years. Or consider 3 years. Become a Resident Assistant. Rent or buy used textbooks. Consider the cost of graduate school. Think about post-graduation plans early on.

19. “Don’t believe that the only school worth attending is one that would not admit you. Recognize that your own motivation, ambition, and talents, will determine your success more than the college name on your diploma.” –Alan Krueger