Lynn O'Shaughnessy of TheCollegeSolution.com shares how to cut the price of college on her college blog, her book (The College Solution) and her online class for parent, independent counselors, financial professionals and high school counselors. You can reach her at Lynn@TheCollegeSolution.com.
7. EFC for Hypothetical Family
Parents
Contribution
for Students
Student’s
Contribution
Federal
Methodology
(FM) Results
Institutional
Methodology
(IM) Results
Total Estimated
IM Contribution
$5,128
$0 $1,800
$3,880
$5,128 $5,680
9. EFC for Hypothetical Family
Parents
Contribution
for Students
Student’s
Contribution
Institutional
Methodology
(IM) Results
Total Estimated
IM Contribution
$32,031
$100 $1,925
$25,880
$27,805
Federal
Methodology
(FM) Results
$32,131
10. Same Family with 2 in College
Parents
Contribution
for Students
Student’s
Contribution
Federal
Methodology
(FM) Results
Institutional
Methodology
(IM) Results
Total Estimated
IM Contribution
$17,263
$100 $1,925
$17,432
$17,363 $19,357
11. Federal Financial Aid
income qualifies for full
< $24,000
$5,645
grant
Pell Grant: Biggest Federal Grant
Low-middle income families eligible
12. Cal Grants
FAMILY SIZE INCOME CEILING
New Middle-Class Scholarship
$74,700
$76,500
$83,100
$89,100
$96,100
13. CA University Merit Aid
University Count of frosh merit Aid
UC Santa Cruz
UCSD
UCSB
UC Berkeley
UC Davis
UCLA
Cal Poly SLO
70 of 3,599 frosh
58 of 3,944 frosh
37 of 3,696 frosh
225 of 4,081 frosh
193 of 4,337 frosh
234 of 4,715 frosh
173 of 3,880 frosh
$10,817
$9,036
$7,936
$5,612
$5,496
$5,026
$1,785
14. Private Scholarships
Things to Know:
Financial aid trap for those who need $.
Scholarship search engines mediocre.
Local scholarships usually aren’t in databases.
18. Out-of-State Merit Aid
Schools that cut price for top non-residents:
University of
Washington
University of
Arizona
Arizona State
University
University of
Colorado
Indiana
University
University of
Michigan
University of
North Carolina
University of
Maryland
University of
Connecticut
University of
Vermont
Ohio State
University
University of
Missouri
19. Highest-Priced State Schools for
Non-Residents
University
Total Price
In-State
Students
Total Price
Out-of-State
Students
University of California-Santa Cruz
University of California-Berkeley
University of California-Merced
University of California-Santa Barbara
University of California-Los Angeles
University of California-Davis
University of California-Riverside
University of California-San Diego
University of California-San Irvine
$33,015
$32,632
$31,938
$31,691
$31,556
$31, 199
$30,335
$29,506
$29,425
$55,893
$55,510
$54,816
$54,569
$54,439
$54,077
$53,213
$52,384
$52,303
20. University
Total Price
In-State
Students
Total Price
Out-of-State
Students
University of Michigan-Ann Arbor
University of Virginia-Main Campus
University of Colorado Boulder
College of William and Mary
The University of Texas at Austin
University of Vermont
Miami University-Oxford
Pennsylvania State University-Main Campus
$25,204
$23,986
$27,236
$24,974
$24,714
$27,558
$30,536
$31,002
$50,352
$48,980
$48,414
$47,804
$47,426
$47,198
$45,708
$43,084
Highest-Priced State Schools for
Non-Residents
21. Cutting Out-of-State Tuition
Western Undergraduate Exchange
Alaska
Washington
Oregon
Nevada
California
Utah
Hawaii
Arizona Colorado
South Dakota
North Dakota
Wyoming
Montana
Idaho
22. WUE Examples
Western Washington University
University of New Mexico
Colorado State University
Montana State University
University of North Dakota
University of Utah
Southern Oregon University
University of Nevada
Northern Arizona University
Look for honors colleges at state schools
24. Stanford
% Aid Average Grant
Pomona
Harvey Mudd
USC
University of Redlands
Willamette University
Cal Arts
Cal Lutheran University
Point Loma Nazarene
100%
100%
100%
100%
90%
87%
74%
70%
$39,429
$37,639
$32,835
$27,217
$29,025
$24,876
$14,987
$20,870
West Coast Financial Aid Packages
65% $15,899
25. High Debt/High
Cost Schools
Percent of Need
Met
NYU
Drexel
Santa Clara University
Emerson
Texas Christian
Loyola Marymount
University of San Diego
Pace University
Fordham University
Chapman
59%
61%
73%
70%
70%
72%
72%
78%
74%
79%
26. Merit Award Examples
for Affluent
USC
Northeastern U.
Harvey Mudd College
Tulane University
Smith College
Beloit College
Chapman U.
$20,752
$18,338
$8,275
$22,360
$16,176
$17,592
$18,894
27. University of Northwestern
Johns Hopkins University
Duke University
University of Notre Dame
Boston College
Wellesley College
University of Chicago
Schools Offering
Small Merit Scholarships
include:
28. Schools that don't aid wealthy students
rank highest
These Schools Enjoy High College Rankings
Swarthmore
Reed
Dartmouth
Haverford
Williams
Harvard
Pomona
Cal Tech
Penn
Wellesley
Princeton
Brown
29. Where the Values Are
Interior West, Midwest, South, Mid-Atlantic
35. Net Price Calculator
Net price calculators provide a
personal estimate of what a family
will pay for one year in college.
COST OF SCHOOL
- SCHOLARSHIPS/GRANTS
NET PRICE
Where to Find Net Price
Calculators?
Every school must offer a net price
calculator for freshmen on its website.
Easiest way to find a calculator is through
Google
36. What Calculators Can Leave Out
Calculators using federal
template can be misleading.
Calculators don’t include
merit scholarships.
These calculators depend
on old cost data.
39. Use Net Price Calculators to Measure
Different Impacts on Awards
40. Will Your Investments Hurt
Financial Aid Chances?
Savings Rarely Hurts
Aid Chances.
Percentage of aid applicants who possess
enough assets to impact financial aid.
A large percentage of wealth not counted.7%
43. PROFILE Formula
PROFILE ask for
Adjusted net worth of business or
farm
Home equity
Financials from
non-custodial parent
44. What All Aid Formulas
Care About
Taxable Investments
Child Assets
College Accounts
45. Age of older parent
as of 12/31/2013
Two
parents
One
parent
44 $35,400 $10,300
45
46
47
48
49
50
51
$36,200 $10,600
$37,100 $10,800
$38,000 $11,100
$39,000 $11,300
$39,900 $11,600
$40,900 $11,900
$42,100 $12,200
Education Savings & Asset
Protection Allowance
52
53
$43,100 $12,500
$44,200 $12,800
54 $45,500 $13,100
46. Age of older parent
as of 12/31/2013
Two
parents
One
parent
55 $46,800 $13,400
56
57
58
59
60
61
62
$47,900 $13,700
$49,300 $14,100
$50,800 $14,400
$52,200 $14,800
$53,500 $15,100
$55,000 $15,600
$56,900 $16,000
Education Savings & Asset
Protection Allowance
63
64
$58,500 $16,400
$60,100 $16,900
65 or over $61,800 $17,400
47. Asset Case Study
Families receive
an asset allowance
55-yr-old parent’s
asset allowance:
$46,800
Family saves
$100,000 in 529
account
Calculations
$100,000 – $46,800 = $53,200
$53,200 X 5.64% = $3,000 (represents EFC increase)
48. Biggest Influencers of Fin Aid
Parent non-retirement assets
Income from tax return
Children’s assets and income
(UGMA/UTMA, Grandparent donations)
Number of children in college
49. Custodial Accounts
If aid is a possibility, consider moving UGMA/UTMA money
to custodial 529 account.
52. Federal College
Loans
Types of loans:
Direct Student Parent PLUS
Interest rate: 3.4%
$5,500 Frosh
$6,500 Sophomore
$7,500 Jr/Sr.
6.4% interest
4.2% fee of loan amt.
53. Private Student
Loans
For parents with high
credit ratings!
Requires cosigners
Variable & fixed rates
No consumer protections
Check credit unions
Credit Union Student Choice
1
2
3
4
5
57. Check Four-Year Grad Rate
University
UCLA
UniversityRate Rate
UC Berkeley
67%
56%
UC Irvine 58%
52.5%
UCSD
UC Santa Barbara
UC Davis
UC Santa Cruz
UC Riverside
66%
50%
49%
39%
Sonoma State
San Jose State U
26.5%
14%
Cal State Long Beach 12%
15.5%
San Francisco State
Cal State Fullerton
Cal Poly Pomona
Cal Poly SLO
San Diego State
8%
19.5%
26%
30%
58. Check Four-Year Grad Rate
University
U. of Notre Dame
UniversityRate Rate
Princeton University
90%
80%
Northwestern U. 86%
79%
Occidental College
New York University
U. Of Colorado
90%
41%
USC
U. of Michigan
72%
56%
University of Denver 56%
50%
U. Of San Francisco
Chapman University
U. of Oregon
72%
44%
62. What if Test Scores
So-So?
1/3 of top 100 liberal arts
colleges test optional:
Pitzer College
Lewis & Clark College
Bard College
Smith College
Lawrence U.
Dickinson College
Mount Holyoke College
Test-Optional Schools: FairTest.org
64. Attending School Far from Home
BROADEN YOUR HORIZON!
84% California
58% Missouri
67% Illinois
43% Massachusetts
55% Pennsylvania
74% Florida
87% Texas
Of students attend college
500 miles or more from home14%
65. Use Talents as Leverage
ACTING, ART, LEADERSHIP, SINGING, VOLUNTEERING
66. Identify Talent Scholarships
at MeritAid.com:
Honors Scholarship
Music Scholarship
Presidential Scholarship
Robbins Eagle Scout/
Gold Award Scholarship
Scholarships for National Merit
Scholar Designees
Science Scholarship
$14,000
$3,000 - $5,000
$18,000
$3,000
$20,000
$3,000
67. Elite Schools:
Class Rank
Elite schools look for students in
top 10% of their class because
U.S. News cares.
High schools that don’t rank doesn’t
deter admission offices.
68. Use Gender as Leverage
Women represent 57% of college students
Girls have advantage at
science/tech schools, boys at LAC’s
MIT accepts 9% Male and
22% Female applications.
69. A Gender Advantage
Factor
Overall
Vassar College Skidmore College
Women
Men
33% of 7,908 42% of 5,702 (applicants were admitted)
(applicants were admitted)
(applicants were admitted)
38% of 3,813
50% of 1,88933% of 2,475
18% of 5,433
70. Engineering School Acceptances
Increasing Engineering Options:
3-2 Engineering Programs
Liberal Arts College
+
Engineering School at University
Feeder Schools:
Columbia University
Washington University
Engineering School Acceptances
School Men Women
Olin College
Harvey Mudd
Cal Tech
Carnegie Mellon
RPI
Lehigh U.
19.5% 74.5%
17% 48%
9% 23%
28% 34%
38% 44%
36% 40%
73. Show Demonstrated
Interest
Growing number of schools say
demonstrated interest is important
How to show interest:
Ask for materials.
Visit school.
Email admission officer.
Join college chats.
Visit school’s Facebook.
1
2
3
4
5
75. Number of
players
Track
scholarship
Men’s football Woman’s track
Average
value
1,000,000
<29,000 9,888
$13,000 $8,100
603,000
2% Chance of scholarship
Another money source: Division III
Jocks have 40% greater chance of admission at Ivy League
77. Ivy League Worship
Students who apply to, and are
accepted by, elite schools are likely to
be high-achievers. High-achieving
students are likely to have high
earnings regardless
Alan B. Krueger, Princeton economist,
Co-author of Ivy League studiesss
of where they go to school.
78. Latest Harvard Law Class
Augustana College
Baruch College-CUNY
Biola University
Bethel University
Boise State University
Cal Poly SLO
Centre College
Clark Atlanta University
Clemson University
Embry-Riddle Aeronautical U.
Florida Institute of Technology
Hofstra University
Oregon State U.
Oral Roberts University
Morehead State U.
Point Loma Nazarene
Wofford College
Washburn University
80. Looking for Schools
CollegeResults.org
COLLEGEdata.com
Center for College Affordability
& Productivity
Do-It-Yourself College Rankings
College Navigator
College Reality Check
CollegeXpress
The College Finder (book)
PossibilityU.com
CollegeAppMap.org
89. Community Colleges
Study for English and Math
placement tests!
3 out of 10 Californians (ages 18-24)
are attending community colleges.
25% of all community college
students are enrolled in California.
60% of Cal State grads transferred
from community college.
30% of U of California grads
transferred from community college.