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Scenarios

Scenarios. Can you help?. College OPTIONS Counselor Training October 25, 2012. How Does All This Work?. The Smith’s are a great loving family of 6 Jimmy is a high school senior (first of 4 kids) and a first generation college student with a 3.4 GPA

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Scenarios

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  1. Scenarios Can you help? College OPTIONS Counselor Training October 25, 2012

  2. How Does All This Work? • The Smith’s are a great loving family of 6 • Jimmy is a high school senior (first of 4 kids) and a first generation college student with a 3.4 GPA • Grandparents have a 529 set up for all grandchildren • The family does not know where to start: how to pick a college, how to pick a major, how to present a budget to grandparents, how to find scholarships… How does it all work? When do they do what? Help!! Scenario 1

  3. Student • 2.95 GPA (10 & 11) • Senior year GPA: 3.8 • 1st generation college student • $17,000 in savings • $4,000 annual income Parents • Both 50 years old • Married & together • $20,000 in savings • 1 other child, age 13 • $40,000 annual income Scenario 2 EFC: $5,365/$1,965

  4. Student • 2.5 GPA • No career direction • No savings • $3,000 annual income Parent • Single parent (divorced, shared custody) • $43,000 in savings & stocks • $23,000 indebt – very poor credit • 2 other children – Shared custody and 50/50 living • $62,000 annual income Scenario 3 EFC: $5,999/$0

  5. Things Aren’t What They Were... • Tom and Janet will show $115,000 as AGI on their 2012 taxes. However, they are in the middle of bankruptcy. • Tom lost his job in October. They will likely lose their house as well. • Daughter Karen has worked very hard in school. She has a 4.3 GPA and early acceptance to UC San Diego. • They’re worried her FAFSA won’t reflect her situation. • They were hoping for scholarships as well, but Karen’s EFC may disqualify her for scholarships. Scenario 4

  6. Student • 4.0 GPA • Average SAT scores • Wants to attend a UC or private university • $1,500 annual income Parent • Mom 42, Dad 49, own almond ranch (proprietorship) • $20,000 in savings & stocks • $210,000 in IRA account • $400,000 in farm equipment • Ranch value: $1.4 million • No other children • $35,000 annual income Scenario 5

  7. Down and Out • Rachel is a HS senior living at her best friend’s house. Her welcome is wearing thin. • Her stepfather has allegedly molested her since she was 10. Her mother is not speaking to her. • The only income she has is from a job that she has at a fast food restaurant. • Her grades are mostly C’s. • She wants to go to Shasta College, but has no idea how she can support herself while going to college. Scenario 6

  8. Student • Good grades • Strong SAT scores • Wants to attend a private university • No annual income • No assets Parents • Family of four • $62,000 income • $165,000 in liquid assets • $35,000 of other assets • Home mortgage of $153,000 Scenario 7 EFC: $14,359/$6,138

  9. A Smart Low Income Student • Sam is a HS senior • He has just received his CAR. He qualifies for both Cal grant A and B (barely). • He wants to go on to post-graduate school, but is very concerned since his family is very low income. He knows that his parents cannot help. Scenario 8

  10. Student • Good grades • Strong SAT scores • No annul income • No assets Parent • Single mom owns house free and clear • $35,000 income • $5,000 in assets • Wants to purchase investment rental property in Texas for $100,000, borrowing the full amount from her home equity. She will realize an additional $12,000 in income from her investment. Scenario 9 EFC: $1,954/$4,499

  11. Student • 3.6 GPA College Prep student • Low SAT scores • Motivation – wants to leave home • No career direction • Wants to attend a university by the ocean, loves surfing • No savings, loves expensive toys • $2,800 annual income Parents • Mom 52, Dad 51, both UC alumni • Motivation – student is expected to go to college • $2 million in savings & assets • No debt • 2 other children, 23 (out of college) and 14 • $180,000 annual income • Parents want student to attend a UC or private school Scenario 10 EFC: $166,141

  12. Partially Documented Student • 3.6 GPA (A-G good) • US Citizen, CA Resident • Wants to be a physician • Works at local restaurant • $4,200 income – afraid to file tax return Parents • Undocumented • Using bogus SS #s • No filing of income tax returns • Income is $31,000 Scenario 11

  13. Undocumented Student • 3.6 GPA (A-G good) • undocumented • Wants to be a physician • Works at local restaurant • Uses bogus SS #s Parents • Undocumented • Using bogus SS #s • No filing of income tax returns Scenario 12

  14. What’s True Now May Not Be true Next Year… • Lucy is 19 and a sophomore at Shasta College • She was married at 17 • She is currently separated, but is seeking a divorce • How does she file her dependency on FAFSA this year? • How will she file her FAFSA next year when she is divorced? Scenario 13

  15. Student • 3.9 GPA – Age 17 • College Prep, Honors, AP • Excellent SAT scores • Motivation is very high • 1st generation college • Wants to be a surgeon • $32,000 saved from grandparents’ UGMA • $1,200 annual income Parent • Single parent, 38 year old • Motivation is very high • No savings or assets • $4,500 in debt • No other children • $33,000 adjusted gross income Scenario 14 EFC: $7,979/$2,133

  16. Happy New Year…We Thought! • George and Mary are married and have a junior and a senior in high school. • They wanted to submit their FAFSA today, January 1st. • They just realized they forgot to include their 529 as an asset ($24,000). • They have $85,000 (including the 529) in mostly liquid assets, $23,000 over the asset ceiling for Cal Grant qualification. GPA and income requirements are fine. • What are their options…if any? Scenario 15

  17. Counselor Training Evaluation 10-25-12 Thank you for attending this presentation. We sincerely hope it was a help to you. So that we can continue to improve our effectiveness, please take a moment and give us your valuable assessment of this presentation. (Please circle one) 1=Unacceptable, 2=Poor, 3=Fair, 4=Good, 5=Excellent Effectiveness of Presenter’s knowledge of material 1 2 3 4 5 Clarity of material (Did you understand information?) 1 2 3 4 5 Value of information (Will you be able to easily use?) 1 2 3 4 5 How well did the presentation meet your expectations? 1 2 3 4 5 . Additional recommendations/comments__________________________________________________________ _________________________________________________________________________________________________ _________________________________________________________________________________________________ Name_______________________(optional) School or Organization_______________________ Rev 10-22-12

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