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Conquering College Costs

Join expert Frank Palmasani in a seminar and program to reduce college debt. Learn about pricing levels and discover ways to find affordable college options. Reduce sticker prices with financial aid options, scholarships, and grants. Determine the right college fit and borrowing limits. Use the financial fit program to assess affordability and make informed decisions. Follow the execution phase steps to secure financial aid, compare costs, and make a final college choice without excessive debt. Connect with Frank Palmasani on Twitter for more tips and guidance.

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Conquering College Costs

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  1. Conquering College Costs Frank Palmasani Author, “Right College, Right Price” Creator, financial fit program

  2. Problem/ College Debt • Student Debt average > $30,000 • Parent Loan average > $35,000 • Over 1 trillion dollars college debt

  3. Our Goal- Pay for College without excessive debt • This Seminar and the Financial Fit program • Learn every way families can get prices reduced • Learn how to find affordable college options

  4. Three Levels of Pricing • Sticker Price – listed charges • Net Price – from net price calculator • Out of pocket cost – after award letters received

  5. Sticker Price Reduction • Direct Student Loan – file the FAFSA • ($5500, $6500, $7500, $7500, $4000) • Campus employment – file the FAFSA • (varies from college to college, use $2500 as estimate)

  6. Sticker Price Reduction • Pell Grant - low EFC • MAP Grant - low EFC, attend school in Illinois • College Grant - lower EFC than Sticker Price • Academic Scholarship – test score, GPA

  7. Sticker Price Reduction • Athletic Scholarships • Talent Scholarships (resume and relationship) • Competitive Academic Scholarships • Legacy or Sibling Scholarship • Independent Scholarships (local, regional, national) • ROTC/Military • College to high school relationship scholarship • State Residency Options • Tuition Exchanges

  8. Finding The Right College Fit

  9. Finding Financial Fits, Financial Reaches, Financial Back-ups • Determine Reasonable College Borrowing • Learn How to Assess your Affordability Threshold • Learn College Categories • Acquire the three key data elements (EFC, test score, GPA); use net price calculators

  10. College Categories • Flagship State Schools • Non-flagship State Schools • Highly Selective Privates • Mid-size Privates • Traditional Privates • Commuting and Community Colleges (the back-ups)

  11. Handout • Using financial fit program, family: • Assesses what they can afford without excessive debt • Uses FAFSA4caster to learn EFC • Uses financial fit search to find financial reaches, fits, and back-ups

  12. Execution Phase • Complete the FAFSA after October 1 • Complete the CSS Profile (if appropriate) • List all colleges where student has interest • Appeal if appropriate • Complete verification process • Await award letters • Compare each college’s out of pocket cost

  13. Execution Phase • Determine merits of conversation with number one college choice • Make final college decision (May 1) • Research parent loan options (if needed) • Have student hunt for campus job (summer) • Have student take online loan class • Have student sign promissory note • Establish payment plan with college

  14. Connecting with Frank Palmasani Follow me via twitter @collegefitfrank

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