Understanding College Financial Aid and Paying for College. Bill Smith
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1 Understanding College Financial Aid and Paying for College Bill Smith
2 College Costs, But it Pays College grads have 47% less unemployment than high school grads College grads earn 70% more than high school grads
3 Agenda Net price the real cost of college Types of financial aid Need-based aid The business of college Merit-based aid Paying for college Questions
4 My Vacation
5 When Brand Name = Cost Don t even ask! Way too much Still too high Now we re talking
6 Sticker Price, Gift Aid, Net Price Sticker (13-14) $22,938 $22,912 $50,295 $59,900 Average Gift Aid $ 6,454 $ 6,407 $18,057 $37,611 Average Net Price $16,484 $16,505 $32,238 $22,289 Good news real (net) price is less than sticker price But nobody is average what does it mean for you?
7 Your Real Cost the Net Price It doesn t matter what colleges charge Sticker price (published Cost of Attendance) What matters is what you pay The Net Price Net Price = COA minus gift aid: Grants & Scholarships
8 Types of Financial Aid Grants & Scholarships Free Money Work/Study Earned as you go Loans Must be repaid with interest Gift aid grants & scholarships reduces cost Self-help work/study & loans manages cost
9 Paying the Net Price Net Price paid from income earned over time Prior income Savings Current income Payment plans, cutting back, work/study, etc. Future income Student / parent loans
10 Gift Aid Need-based aid (grants) Family income & assets Apply with FAFSA & CSS Profile Merit-based aid (scholarships) Grades (GPA), test scores, class rank Subjective talent: music, art, athletic less common and less predictable
11 Need-Based Aid Need: potential eligibility for aid COA EFC = Need COA = Cost Of Attendance: EFC = Expected Family Contribution EFC is not what you will pay Tuition & Fees Room & Board Books & Supplies Transportation & Other College s idea of need probably isn t yours
12 Applying: FAFSA, Profile FAFSA required for need-based aid & Federal education loans at all colleges Profile required for college-funded aid at about 300 colleges, including many of the more selective colleges Apply online: FAFSA & Profile EFC calculated automatically and reported to you and college
13 Determining EFC Two EFC formulas FAFSA & Profile but same basic approach Parent(s) Student Income Parent Contribution from Income Student Contribution from Income Assets Parent Contribution from Assets Student Contribution from Assets Parent Contribution Student Contribution PC + SC = EFC
14 PC from Income Add: Taxable Income Add: Untaxed Income Less: Exclusions Less: Allowances Equals: Available Income FAFSA AGI Retirement contributions, Child support received, VA benefits, Workers comp, Disability Child support paid, Combat pay Taxes paid, Minimal living costs Assessed at 22-47%, Highest rate at about $32K Profile AGI FAFSA items plus: TANF, Untaxed social security, EIC, Business loss & depreciation, Flexible spending accounts Same as FAFSA FAFSA items plus: Medical expenses, Tuition for pre-college siblings Assessed similar to FAFSA but highest rate at higher income
15 PC from Assets Assets Counted Less: Allowances Equals: Available Assets Assets NOT Counted Notes FAFSA Cash & investments, Real estate except main home, Business if over 100 employees, Trusts, 529 plans Modest savings allowance Assessed at 12% of income assessment rate; maximum is 5.64% Personal property, Qualified retirement savings, Life insurance Student-owned 529s count as parent asset Profile FAFSA items plus: Businesses less than 100 employees, Home equity (value less debt), Assets in siblings' names Similar to FAFSA, modest allowance Similar to FAFSA Same as FAFSA Student-owned 529s usually count as parent asset, Asset values may be imputed
16 Student Contribution Income Assets Notes FAFSA All parent income items plus gifts and bills paid on student's behalf, after $6,400 allowance assessed at 50% All parent asset items except student-owned 529s (which count as parent asset), assessed at 20% Profile Same income items as FAFSA, assessed at parent(s)' marginal assessment rate All parent asset items except student-owned 529s (which usually count as parent asset), assessed at 25% Most colleges have minimum "summer earnings expectation" of about $2,000
17 Special Cases Multiple siblings in college: PC reduced and shared among siblings Special circumstances: College financial aid office may adjust EFC in hardship cases such as loss of job, unusual medical expenses Divorced/separated parents: FAFSA includes custodial parent only, plus that parent s spouse if applicable Profile looks at both biological/adoptive parents and each one s spouse if applicable
18 EFC and Need Based Aid COA EFC = Need = Eligibility, not aid College aid policies vary, range from none to full need based on FAFSA or Profile EFC Pell: Up to $5,775 if FAFSA EFC < 5,198 Maine: Up to $1,500 if FAFSA EFC < 5,000 and attending in Maine or at NEBHE college File the FAFSA as soon as possible after Jan 1 EFC estimator:
19 Myth #1: Debt Many people assume that debt will be factored into the EFC calculation Unsecured debt like credit card and education loans is never counted Debt is only counted if it directly secures an assessable asset Home mortgage debt counts only if the college uses the Profile
20 Myth #2: Savings Savings counted in EFC, so people think it doesn t pay to save Loans cost much more than saving 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Year 1 Year 2 Year 3 Year 4 After College Cost of saving $100,000 Cost of borrowing $100,000
21 The Business of College Students focus on acceptance rate the percentage of applicants who are admitted Colleges focus on yield rate the percentage of admitted students who enroll College Accept Harvard 6% Bowdoin 15% Colby 28% Boston Univ. 35% U Maine-Orono 83% USM 84% U New England 86% Yield 81% 49% 33% 21% 22% 23% 16% Colleges discount price with financial aid to compete for yield
22 Merit Aid Most prevalent at private colleges, more publics awarding merit now too Highest awards go to strongest students relative to the school s other applicants Highest merit aid at your safety schools Factors: HS GPA, class rank, test scores SAT for merit based on reading and math Subjective factors can play a part College aid policies vary, range from no merit to primarily merit
23 Gettysburg (PA) 45% admit, 32% yield $60,320 COA Merit Aid Examples Hampden-Sydney (VA) 47% admit, 19% yield $54,266 COA
24 Reading & Math Test Scores 75 th Percentile Merit Aid Examples Gettysburg Max $25, , 3.9 GPA 1370 Hampden-Sydney Max $20, , 3.8 GPA th Percentile Min $7, , 3.6 GPA 1200 Min $10, , 3.3 GPA 1005
25 Merit Aid Conclusions Generalization 75 th Percentile If a college uses merit aid the best chances for large awards are when you are above the college s 75 th percentile 25 th Percentile If a college uses merit aid the awards may phase out when you are around the college s 25 th percentile But colleges that compete for students may award merit aid to nearly everyone
26 Where Might You Get Merit Aid? Which colleges match your SATs e.g US News includes SAT info
27 Merit Aid Example: SAT = 1100 US News includes SAT info
28 Merit Info on College Navigator Gettysburg If institutional grants & scholarships percent is - Over 60-65% it s likely college uses merit aid - Over 80% it s highly likely college uses merit aid
29 Merit Info on College Navigator Hampden-Sydney
30 How Do Colleges Discount? Type (Private) Elite Near-elite Mid-market Other Endowment Very strong Strong Weak Minimal Admit Policy Need Blind Need Aware - - Aid Policy Full Need Full Need Gap Gap Need Grants Nearly Full Nearly Full Some Minimal Form Profile Profile FAFSA, Both FAFSA Early Decision Significant Significant Some N/A Selectivity Extreme High Mid Low Merit Aid Little/None Little Significant Almost all Examples Stanford Amherst Bowdoin Colby Bates Conn College Gettysburg HSC Wheelock Anna Maria Curry Defiance About colleges About 2,000 colleges
31 Net Price Calculators NPCs tell your personalized Cost of Attendance ( sticker price before financial aid), Gift Aid, and the Net Price All colleges must have an NPC, but not all are reliable Good & bad NPCs more questions means more reliable Find any NPC:
32 Net Price is COA (Cost of Attendance) minus Gift Aid COA is: Tuition & Fees Room & Board Books & Supplies Transportation & Other
33 Net Price Profile Hampden-Sydney Hampden-Sydney COA: $58K A to A A- to A 1300 B to B B- to B 1100 C <=1000 EFC: 65K Merit: $29K Net Price: $29K Merit: $24K Net Price: $34K Net Price: $39K Merit: $14K Net Price: $44K Merit: $9K Net Price: $49K EFC: 40K Merit: $29K Net Price: $29K Merit: $24K Net Price: $34K Net Price: $39K Merit: $14K Need: $3.3K Net Price: $41K Merit: $9K Need: $4.5K Net Price: $45K EFC: 25K Merit: $29K Need: $4.3K Net Price: $25K Merit: $24K Need: $4.5K Net Price: $30K Need: $8.4K Net Price: $31K Merit: $14K Need: $12.9K Net Price: $31K Merit: $9K Need: $14.8K Net Price: $34K EFC: 15K Merit: $29K Need: $4.5K Net Price: $25K Merit: $24K Need: $6K Net Price: $28K Need: $9K Net Price: $30K Merit: $14K Need: $13K Net Price: $31K Merit: $9K Need: $14.8K Net Price: $34K EFC: 7.5K Merit: $29K Need: $4.5K Net Price: $25K Merit: $24K Need: $6K Net Price: $28K Need: $9K Net Price: $30K Merit: $14K Need: $13K Net Price: $31K Merit: $9K Need: $14.8K Net Price: $34K EFC: 2.5K Merit: $29K Need: $7.61K Net Price: $22K Merit: $24K Need: $9.1K Net Price: $25K Need: $12.1K Net Price: $27K Merit: $14K Need: $16.1K Net Price: $28K Merit: $9K Need: $17.9K Net Price: $31K Hampden-Sydney Need policy Merit policy Mid 50% SAT Admission profile Grid estimates: Moderate Extensive Strong Possible Unlikely Merit aid, Need aid, Net price
34 Net Price Profile - Wheelock Wheelock COA: $51K A to A A- to A 1300 B to B B- to B 1100 C <=1000 EFC: 65K Net Price: $32K Net Price: $32K Net Price: $32K Net Price: $32K Merit: $15K Net Price: $36K EFC: 40K Net Price: $32K Net Price: $32K Net Price: $32K Net Price: $32K Merit: $15K Net Price: $36K EFC: 25K Need: $2K Net Price: $30K Need: $2K Net Price: $30K Need: $2K Net Price: $30K Need: $2K Net Price: $30K Merit: $15K Need: $2K Net Price: $34K EFC: 15K Need: $3K Net Price: $29K Need: $3K Net Price: $29K Need: $3K Net Price: $29K Need: $3K Net Price: $29K Merit: $15K Need: $3K Net Price: $33K EFC: 7.5K Need: $4K Net Price: $28K Need: $4K Net Price: $28K Need: $4K Net Price: $28K Need: $4K Net Price: $28K Merit: $15K Need: $6K Net Price: $30K EFC: 2.5K Need: $8.1K Net Price: $24K Need: $8.1K Net Price: $24K Need: $8.1K Net Price: $24K Need: $8.1K Net Price: $24K Merit: $15K Need: $10.1K Net Price: $26K Wheelock Need policy Merit policy Mid 50% SAT Admission profile Grid estimates: Moderate Extensive Strong Possible Unlikely Merit aid, Need aid, Net price
35 Net Price Profile - Bowdoin Bowdoin COA: $63K A to A A- to A 1300 B to B B- to B 1100 C <=1000 EFC: 65K Net Price: $63K Net Price: $63K Net Price: $63K Net Price: $63K Net Price: $63K EFC: 40K Need: $21K Net Price: $42K Need: $21K Net Price: $42K Need: $21K Net Price: $42K Need: $21K Net Price: $42K Need: $21K Net Price: $42K EFC: 25K Need: $36K Net Price: $27K Need: $36K Net Price: $27K Need: $36K Net Price: $27K Need: $36K Net Price: $27K Need: $36K Net Price: $27K EFC: 15K Need: $46K Net Price: $17K Need: $46K Net Price: $17K Need: $46K Net Price: $17K Need: $46K Net Price: $17K Need: $46K Net Price: $17K EFC: 7.5K Need: $54K Net Price: $9K Need: $54K Net Price: $9K Need: $54K Net Price: $9K Need: $54K Net Price: $9K Need: $54K Net Price: $9K EFC: 2.5K Need: $58K Net Price: $6K Need: $58K Net Price: $6K Need: $58K Net Price: $6K Need: $58K Net Price: $6K Need: $58K Net Price: $6K Bowdoin Need policy Merit policy Mid 50% SAT Admission profile Grid estimates: Extensive None Strong Possible Unlikely Merit aid, Need aid, Net price
36 Net Price Profile - UMO UMO COA: $23K A to A A- to A 1300 B to B B- to B 1100 C <=1000 EFC: 65K Merit: $8K Net Price: $15K Merit: $8K Net Price: $15K Merit: $4K Net Price: $19K Merit: $1K Net Price: $22K Net Price: $23K EFC: 40K Merit: $8K Net Price: $15K Merit: $8K Net Price: $15K Merit: $4K Net Price: $19K Merit: $1K Net Price: $22K Net Price: $23K EFC: 25K Merit: $8K Net Price: $15K Merit: $8K Net Price: $15K Merit: $4K Net Price: $19K Merit: $1K Net Price: $22K Net Price: $23K EFC: 15K Merit: $8K Net Price: $15K Merit: $8K Net Price: $15K Merit: $4K Net Price: $19K Merit: $1K Need: $.1K Net Price: $22K Net Price: $23K EFC: 7.5K Merit: $8K Need: $1.1K Net Price: $14K Merit: $8K Need: $1.1K Net Price: $14K Merit: $4K Need: $2.2K Net Price: $17K Merit: $1K Need: $3.2K Net Price: $19K Need: $3.4K Net Price: $20K EFC: 2.5K Merit: $8K Need: $4.1K Net Price: $11K Merit: $8K Need: $4.1K Net Price: $11K Merit: $4K Need: $5.4K Net Price: $14K Merit: $1K Need: $6.4K Net Price: $16K Need: $6.8K Net Price: $16K UMO Need policy Merit policy Mid 50% SAT Admission profile Grid estimates: Limited Moderate Strong Possible Unlikely Merit aid, Need aid, Net price
37 Net Price Profile USM (commuting) USM (at home) COA: $15K A to A A- to A 1300 B to B B- to B 1100 C <=1000 EFC: 65K Merit: $4K Net Price: $11K Merit: $4K Net Price: $11K Merit: $2.5K Net Price: $13K Merit: $2.5K Net Price: $13K Merit: $1K Net Price: $14K EFC: 40K Merit: $4K Net Price: $11K Merit: $4K Net Price: $11K Merit: $2.5K Net Price: $13K Merit: $2.5K Net Price: $13K Merit: $1K Net Price: $14K EFC: 25K Merit: $4K Net Price: $11K Merit: $4K Net Price: $11K Merit: $2.5K Net Price: $13K Merit: $2.5K Net Price: $13K Merit: $1K Net Price: $14K EFC: 15K Merit: $4K Net Price: $11K Merit: $4K Net Price: $11K Merit: $2.5K Net Price: $13K Merit: $2.5K Net Price: $13K Merit: $1K Net Price: $14K EFC: 7.5K Merit: $4K Net Price: $11K Merit: $4K Net Price: $11K Merit: $2.5K Net Price: $13K Merit: $2.5K Net Price: $13K Merit: $1K Need: $1.4K Net Price: $13K EFC: 2.5K Merit: $4K Need: $4.2K Net Price: $7K Merit: $4K Need: $4.2K Net Price: $7K Merit: $2.5K Need: $4.6K Net Price: $8K Merit: $2.5K Need: $4.6K Net Price: $8K Merit: $1K Need: $7.4K Net Price: $7K USM Need policy Merit policy Mid 50% SAT Admission profile Grid estimates: Limited Moderate Strong Possible Unlikely Merit aid, Need aid, Net price
38 Match Student-College Profiles Finding financial fit means matching the student s need- and merit-profiles with colleges awarding policies for need-based grants and merit-based scholarships This example shows a student with a need-profile resulting in EFC of 15K and merit-profile based on B- to B grades and 1100 SAT (reading & math) Hampden-Sydney Wheelock UMO Bowdoin USM COA: $58K Merit: $14K Need: $13K Net Price: $31K COA: $51K Need: $3K Net Price: $29K COA: $23K Merit: $1K Need: $0.1K Net Price: $22K COA: $63K Need: $46K Net Price: $17K COA: $15K Merit: $2.5K Net Price: $13K
39 Cost of Degree Model First year net price is $34,865 Cost of degree will be four years Questions to ask: How much will costs increase? Is aid automatically renewable? We ll assume: Costs increase 2% per year Aid is renewable & constant for 4 years Savings: $2,000 for student & $25,000 for parents
40 Total Cost of a Degree Cost of a College Degree Year 1 Year 2 Year 3 Year 4 Total Line ScholarFITS LLC 16 Total to be paid (lines ) 34,865 35,795 36,743 37, , Paid from student savings 18 Paid from parent savings, 529 plan 19 Parent home equity loan (possibly, if Profile college) 20 Student Work/Study award 21 Paid from other student income 22 Paid from parent income, payment plans 23 Student Loans (Cannot exceed line 11 minus line 20) 24 Parent Ed Loans (Cannot exceed line 11 minus lines 20+23) 25 Parent Other Loans 2, ,065 5, ,800 1,800 1,800 1,800 2,000 2,000 2,000 2,000 4,500 4,500 4,500 4,500 5,500 6,500 7,500 7, ,060 20,943 21,910 2,000 25, ,200 8,000 18,000 27,000 57, Remaining amount to be paid (should be zero) In this example student debt is $27,000 and parent debt is $58,000
41 Debt: When to Borrow? Debt is a tool to consume before you pay Like most tools, helpful when used properly but dangerous if misused Borrow when the product will last longer than the loan AND When you can reasonably expect to repay the debt
42 What Will Federal Loans Cost? Student loans: 4.66% interest, 10 year term Parent loans: 7.21% interest, 10 year term Monthly payment Annual payment Per $1,000 of debt $10.44 (student) $ (student) Per $1,000 of debt $11.72 (parent) $ (parent) Student: $27,000 $282 $3,383 Parent: $58,000 $680 $8,157
43 What Debt Is Reasonable? Rule of thumb: Payments for education debt shouldn t exceed about 10% to 15% of gross income Student Parent(s) Amount of debt $27,000 $58,000 Annual payment $3,383 $8,157 Income/year: 15% $22,553 per year $54,380 per year Income/year: 10% $33,830 per year $81,570 per year
44 Free Money: Up to $600 from FAME NextGen 529 accounts: extgen_new_look/grants_maine_residents.aspx $200 Initial Matching Grant (IMG) For accounts opened after 2010 for beneficiaries not previously named as beneficiary of a NextGen account or received Alfond Challenge Grant $300 NextStep Matching Grant (NMG) New deposits to any account matched at 50% up to $300 grant for $600 total deposit (excluding IMG) $100 Automated Funding Grant (AFG) One time, after 6 automatic contributions
45 Pilot Program for Seniors Free financial aid counseling for Class of 2016 Limited space priority for early sign-ups Estimates for: Your cost after financial aid at several colleges Identify colleges where you may qualify for aid Total cost of degree Sources of payment, and estimated loans Income guideline after college to repay debt More info:
46 Links to Resources
47 Questions?
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