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Making College Affordable Churchville-Chili High School October 5, 2016

Making College Affordable Churchville-Chili High School October 5, 2016. Rick Ross Andy Leardini Co-Founder Co-Founder 585.637.3164 rick@collegefinancinggroup.com. Mission Statement.

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Making College Affordable Churchville-Chili High School October 5, 2016

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  1. Making College AffordableChurchville-Chili High SchoolOctober 5, 2016 Rick Ross Andy Leardini Co-Founder Co-Founder 585.637.3164 rick@collegefinancinggroup.com

  2. Mission Statement College Financing Group manages the complete financial aid and assistance process for college bound students and families, saving time, money and stress throughout the academic year. Our goal is to be an independent and objective guide in simplifying the financial aid process while educating families on the ways to make college affordable.  College Financing Group strives to provide college bound families, service excellence with the most current industry information, college financial assistance and objective financing options enabling families to make the best financial decisions when paying for college. College Financing Group is an independent, fee based service and does not receive any monies from any financial institutions.

  3. Vassar College What do these colleges have in common?

  4. Rising Cost of College • 2012-13 Tuition & Fees + Room & Board Costs • 9 Colleges topped $60,000 • 2016-17 Tuition & Fees + Room & Board Costs • How many colleges topped $60,000? Over 50

  5. Current Market Trends • Rising Cost of College • Return on investment (ROI) • Undergraduate = High School Diploma • College Financial Aid Office • Processor vs. Counselor • Highly Regulated • Current Marketplace • As of July 1, 2010, all new Student Loans, PLUS loans made to parents, grad/professional students, and consolidation loans made to borrowers, can only be made under the William D. Ford Federal Direct Loan (Direct Loan) Program. • Retail Bank / Credit Union disconnect

  6. Discovery Many colleges to select from: 2 year, 4 year, Public, Private, In-State, Out-of-State Parents and students decision More Objective than Subjective decision Try your best to eliminate the emotion College is a business Learning from school’s website Admission requirements and deadlines, Student to Faculty ratio, Class size, College location, average financial aid package, merit scholarship offerings, resident life, college rank, job placement, chat rooms, virtual tours, etc.

  7. What is Merit Aid? Merit Scholarships College/University Funded Based on Academics/GPA not Economics Test Scores SAT/ACT Impact of Test Scores Increasing Test Scores in most cases increases Merit Aid

  8. What is Financial Aid? Scholarships and Grants Institutional and Private Federal – Need Based Pell Grant (Entitlement) SEOG (Limited Funds) State-Need Based Varies from State to State Loans Federal, Private and Institutional Loans for Students and Parents Work-Study / Student Employment Federal - Need Based Institutional

  9. Financial Aid Determination Cost of Attendance (COA) • Direct Costs + Indirect Costs = Cost of Attendance • Varies widely from college to college Expected Family Contribution (EFC) • Amount family can reasonably be expected to contribute • Remains the same regardless of college • Two components • Parent contribution • Student contribution • Calculated using data from a FAFSA and the federal formula • Calculated using data from CSS Profile and an institutional formula COA – EFC = FINANCIAL NEED

  10. Financial Aid Timeframe Financial Aid Applications (FAFSA/CSS Profile) – October 1st NEW START DATE for FAFSA Financial Aid Award Letters – March/April Financing Applications – June/July/August The financial aid process navigates itself… May 1st is decision date

  11. New from FAFSA • Beginning with the 2017-2018 FAFSA, income information will be submitted from the tax/calendar year one year earlier than has been used in the past. • For the 2017-2018 FAFSA, students and families will provide income information from calendar year 2015 and not from calendar year 2016. • Due to this, federal tax return filers will be able to electronically transfer their 2015 tax information directly into their FAFSA by using the IRS Data Retrieval Tool (DRT).

  12. Applications and Documents FAFSA (www.fafsa.ed.gov) Collects family personal and financial information used to calculate Expected Family Contribution (EFC) 2015 Federal tax information for Parent/Student NEW Earliest date to file is October 1st for the 2017-18 academic year NEW Meet the College Specific Deadlines Student/Parent can change information at any point FSA ID https://fsaid.ed.gov/ Both student and parent need a FSA ID Provides access to Federal Student Aid’s online systems and serves as your legal signature. State Aid Applications CSS Profile (College Board) and/or Institutional/College Application Special Circumstances/Conditions Document Financial Aid Award Letter Comparison Accept/Decline Awards Ask for more financial aid MPN – Master Promissory Note and Entrance Counseling Verification Process

  13. Options to Pay for College Scholarships, Grants, Work-Study • Institutional and Private • Federal and State- Need Based Savings • Money saved for college • Payment Plans Loans • Direct Loan (Subsidized/Unsubsidized), Parent Loan for Undergraduate Students (PLUS), Private/Alternative Loans • Home Equity, Cash-out Refinance Other Financing Options • 401K Loans, 529 Plans, Sell Investments, etc.

  14. Loans Direct Subsidized Loan In Student’s Name Need Based Loan Interest is paid for by the government while the student is attending school for at least 6 credit hours 6 month Grace Period, Repayment Term 10 to 30 years Interest Rate for the 2016-2017 year is 3.76% Fixed (Rate changes annually) Direct Unsubsidized Loan In Student’s Name Not based on need Interest is not paid for the student while attending school 6 month Grace Period, Repayment Term 10 to 30 years Interest Rate for the 2016-2017 year is 3.76% Fixed (Rate changes annually) Annual Loan Limit (Freshmen) of combined Subsidized and Unsubsidized Loan: $5,500

  15. Loans Direct PLUS Loan In Parent’s Name Can borrow up to the Cost of Attendance Principal can be deferred Repayment Term 10 to 30 years Interest Rate for the 2016-2017 year is 6.31% Fixed (Rate changes annually) Private/Alternative Loan In Student’s Name with a Co-Signer Can borrow up to the Cost of Attendance Principal can be deferred Repayment Term 10 to 30 years Interest rates vary by lender. Rates are variable/fixed.

  16. Chili College 4 year, Private College, NY Cost of Attendance Tuition and Fees: $ 25,700 Room & Board: $ 10,250 Books & Supplies: $ 1,100 Transportation & Personal: $ 1,450 Total Cost: $38,500

  17. Chili College Example #1Example #2Example #3 Living on Campus Commuting 2 years to CC Attend CCC for 2 years for 4 years Living on Campus 2 years Commuting 2 years to CC COA: $38,500COA: $38,500 – R&B = $28,250CCC- PAID COA: $38,500 – R&B = $28,250 On-CampusCommuterCommuter Grant: $3,000 Grant: $3,000 Grant: $3,000 Scholarships: $10,000 Scholarships: $10,000 Scholarships: $10,000 Direct Loan: $5,500 Direct Loan: $5,500 Direct Loan: $7,500 PLUS: $20,000(4) PLUS: $9,750/8,750 PLUS: $7,750(2) On-Campus COA: $38,500 Grant: $3,000 Scholarships: $10,000 Direct Loan: $7,500 PLUS: $18,000 (2) Assumptions: Parents and Students have not saved for college.

  18. Chili College Example #1: TOTAL COST: $145,043 • Direct Loan: $27,000 @ 4.50% for 10 years • PLUS: $80,000 @ 7.00% for 10 years • Direct Loan COST: $33,579 Monthly Payment: $280 • PLUS COST: $111,464 Monthly Payment: $929 Example #2: TOTAL COST: $109,514 • Direct Loan: $27,000 @ 4.50% for 10 years • PLUS: $54,500 @ 7.00% for 10 years • Direct Loan COST: $33,579 Monthly Payment: $280 • PLUS COST: $75,935 Monthly Payment: $633 Example #3: TOTAL COST: $40,251 • Direct Loan: $15,000 @ 4.50% for 10 years • PLUS: $15,500 @ 7.00% for 10 years • Direct Loan COST: $18,655 Monthly Payment: $155 • PLUS COST: $21,596 Monthly Payment: $180

  19. Resume Rick Ross 888 College Drive, Rochester, NY 14420 888-234-3907 rick@collegefinancinggroup.com OBJECTIVE: To obtain a position in the corporate marketplace that effectively utilizes my creativity and relationship management skills. EDUCATION: Chili College College of Business and Economics Major: Accounting Graduated May, 2016 GPA: 3.75 ACTIVITIES & HONORS: Dean’s List (2012 -2016) Business and Finance Club, Member and Vice-President (2011-2014) Coach, Hockey League, Under 10 boys Travel Team (2012-2013) Chili Boys & Girls Club Mentor (2011 - 2012) Average Salary: $40,000

  20. Questions? Rick Ross Co-Founder 585-637-3164 rick@collegefinancinggroup.com Andy Leardini Co-Founder andy@collegefinancinggroup.com www.collegefinancinggroup.com

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