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WELCOMES Parents and Students. www.principianp.com. Principia NP’s Mission Statement:

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welcomes parents and students
WELCOMESParents and Students

www.principianp.com

Principia NP’s Mission Statement:

The primary mission of Principia NP is to educate parents and students about the financial aid and admissions process while helping the planet.

Fall 2004

welcome parents and students to the financial aid game
WELCOMEParents and Studentsto “The Financial Aid Game”

www.principianp.com

Principia NP’s Mission Statement:

The primary mission of Principia NP is to educate parents and students about the financial aid and admissions process while helping the planet.

presentation outline
Presentation Outline

www.principianp.com

  • The Good
  • The Bad
  • The Ugly
  • What is Financial Aid
  • The FAFSA Form & The CSS Profile Form
  • Award Letter
  • What will college really cost my family?
  • Will my family qualify for Aid?
  • What are my families options for paying for college
will i graduate in 4 years

www.principianp.com

Will I Graduate in 4 years??
  • Public School -20% graduate in 4 years.
  • Private School -50%.
  • 65% of all enrolled students are still in college after 4 Years
  • 50% Do Not Finish the same course of study that they Started
4years or 5

www.principianp.com

4Years or 5?
  • College’s require 124 to 128 Credits to graduate a 4 year institution
  • 12CR X 2 (Semester Per Yr) = 24 X 4 (Year in School) = 96 Credits
  • 15CR X 2 (Semester Per Yr) = 30 X 4 (Year in School) = 120 Credits

15CR (Each Semester 3 Yr) + 2 Summer & Winter = 126

90 Credits + 36 Credits

6 and 7 year plans also available

the bad
The Bad

www.principianp.com

The largest Graduation class in History

  • Over 3.5 Million High School Students 2011
  • Northeast has the highest SAT Average 530 Math 540 CR
  • On average students are applying to 7 to 10 College
      • Previous Average 5 to 6 colleges
  • The average debt of graduating students is $32,000
the bad1

www.principianp.com

The Bad

Average College Cost

• Public $12,000 to $25,000

  • Private $30,000 to $44,000
  • Elite $45,000 to $60,000
they have now crossed over 60 000

www.principianp.com

They have now crossed over $60,000
  • Columbia Univ. $61,385
  • Fordham $57,450
  • NYU $62,757
  • George W. Univ. $62,407
  • Sarah Lawrence $63,344

* Numbers account for tuition, room and board and misc cost

slide9

www.principianp.com

No need to panic

slide10

www.principianp.com

Understand the lingo

What Does Financial Aid Really Mean?

Gift Aid = FREE!!

Self Help = Loans and Work-study!!

slide11

www.principianp.com

How Financial Aid is Awarded

Financial Aid

Scholarships

Grants

Loans

Work-Study

are you financially fit or academically sound

www.principianp.com

Are you Financially Fit or Academically Sound

Where is your advantage

GPA & SAT

Family Finances

VS

merit aid

www.principianp.com

Merit Aid
  • Academic
    • GPA, Class Standing, SAT Score
  • Athletic
    • Scholarship or help with admission
  • Neglected Resources
    • College’s own money
institutional scholarships

www.principianp.com

Institutional Scholarships
  • Many institutions offering such awards:
  • Follow a simple rubric based

primarily on SAT or ACT scores

and secondarily on class

rank/ grade point average

  • Require earlier application deadlines

and supplemental materials for

consideration

Colleges want to attract the students who best represent their highest academic standard

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www.principianp.com

Some Institutions follow a straightforward rubric when awarding scholarships, based primarily on SAT or ACT scores, secondarily on class rank. Priority deadlines often apply.

CollegeScholarshipEntry CriteriaPriority DeadlineAmount

Iona College Presidential 1300 SAT, 29 ACT December 1st $27,650

Adelphi Univ. Dean’s 1050 to 1190 SAT Regular Admissions $8,000-$11,500

top ¼ of Class

U.R.I. Centennial 1200 SAT December 15th $2,000-$8,000

top 1/3 of class

FDU Dean’s 1060 SAT Regular Admissions $9,500

3.0 GPA

neglected resources

www.principianp.com

Neglected Resources
  • Restricted Endowment Funds
    • Available through the admissions office
    • Criteria set by Donor and committee
    • Sometimes require demonstrated need
  • Scholarships Vary
    • Leigh Marching Band $1,000 to $2,500
    • Princeton Steamboat $12,000
    • Antioch College in Yellow Springs, Ohio Free Tuition !!!!!!
    • North Carolina State University John Gatling Scholarship Full Cost
neglected resources1

www.principianp.com

Neglected Resources
  • Employer Sponsored Scholarships
    • Available to employees and dependents
    • Criteria include both merit and need
    • Employers include:

Dress Barn Abbott Laboratories

UPS GlaxoSmithKline

Kulite Semiconductor Toys “R” Us

Turner Construction Valley National Bank

Delta Dental Johnson & Johnson

McDonalds Check with your employer

understand the rules before you start playing the game

www.principianp.com

www.principianp.com

Understand the rules before you start playing the game
  • Some Schools give merit
  • Some give need
  • Some give both
  • COA & EFC
  • Profile vs Fafsa
  • The new Harvard Int.
how do i qualify

www.principianp.com

HOW DO I QUALIFY?

COST OF ATTENDANCE (COA)

MINUS

EXPECTED FAMILY CONTRIBUTION (EFC)

FINANCIAL NEED

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www.principianp.com

WHAT COMPRISES COA?

  • TUITION AND FEES
  • ROOM AND BOARD
  • PERSONAL EXPENSES
  • BOOKS, SUPPLIES, COMPUTER
  • TRANSPORTATION
  • LOAN FEES
which form do i fill out

www.principianp.com

Which Form Do I fill Out?

FAFSA FORM

CSS PROFILE

VS

starting the process

www.principianp.com

Starting the process
  • Important Things to know
  • Federal Methodology is the formula created by Congress to determine the EFC.
  • Primary Residence and Retirement Accounts are not assessed
  • Used by all public & Private colleges
  • Information Collected on FAFSA Form

Start after Jan. 1

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www.principianp.com

Online or Paper form

What is your best bet

  • Application Fees
  • Reliability
  • Making deadlines
  • Making it easy
  • Paper forms are becoming extinct

WWW.FAFSA.GOV

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www.principianp.com

Online or Paper form

What is your best bet

  • Application Fees
  • Reliability
  • Making deadlines
  • Making it easy
  • Paper forms are becoming extinct

IRS Data Retrieval

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www.principianp.com

Online or Paper form

What is your best bet

  • Application Fees
  • Reliability
  • Making deadlines
  • Making it easy
  • Paper forms are becoming extinct

IRS Data Retrieval

slide26

www.principianp.com

Online or Paper form

What is your best bet

  • Application Fees
  • Reliability
  • Making deadlines
  • Making it easy
  • Paper forms are becoming extinct

IRS Data Retrieval

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ww.principianp.com

Get Your PIN

Research The Schools and Programs

  • There are more than 3800 colleges & Universities
  • Double Check Majors
  • Check out deadlines
  • Merit Scholarship Deadlines
  • Retention Rate
  • SAT Requirements
  • Financial aid and scholarships available

WWW.PIN.GOV

fafsa counts

www.principianp.com

Fafsa Counts
  • Cash, Savings, Checking
  • Stocks and Bonds
  • Mutual Funds
  • 529 Plans
  • Second Homes
  • Child Support
  • Untaxed Income
  • Retirement Contributions
for business owners

www.principianp.com

For Business Owners:
  • The value of a business is not assessed if that business employs fewer than 100 employees.
  • Corporate tax returns may be requested and income may be imputed as personal income.
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www.principianp.com

Expected Family Contribution (EFC)

Parent’s Formula

Parents' Income - A Living Allowance (family size)- Taxes x 22% to 47% = Parents’ Contribution from Income

Parents’ Assets - Asset Protection Allowance (age based) x 5.6% = Parents’ Contribution from Assets

Student’s Formula

Students’ Income - Income Taxes - Standard Deduction of $3,500 X 50% = Students’ Contribution from Income

Students’ Assets - no deductions X 20% = Students’ Contribution from Assets

fafsa part ii

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Fafsa Part II

Important New Requirement

State of New Jersey’s New Financial Aid Requirements

hesaa requirements

www.principianp.com

Hesaa Requirements
  • Drivers License
  • Student’s Social Security Benefits
  • Student’s
  • Student’s Earned Income Credit
  • Parent’s Social Security Benefits
  • Parent’s Earned Income Credit
starting the process1

www.principianp.com

Starting the process
  • Important Things to know
  • Institutional Methodology is the formula created by Private Colleges to determine the EFC.
  • Primary Residence and Retirement Accounts are assessed
  • Used by Private and Elite Colleges
  • Information Collected by CSS Profile

*START DEPENDS*

profile counts

www.principianp.com

Profile Counts
  • Cash, Savings, Checking
  • Stocks and Bonds
  • Mutual Funds
  • 529 Plans
  • Second Homes
  • Child Support
  • Non-Custodial Parents Information
  • Home and Car Value
  • Untaxed Income
  • Retirement Accounts
for divorced or remarried parents

www.principianp.com

For Divorced or Remarried Parents:
  • FAFSA does not consider the income and assets of the non-custodial parent in determining aid.
  • If the custodial parent has remarried, the spouse is considered a parent, and that person’s income and assets are counted.
the financial aid initiative

www.principianp.com

The “Financial Aid Initiative”

Enhanced Eligibility

Eliminated Loans

  • Harvard U.
  • Yale U.
  • Brown U.
  • Princeton
  • Amherst College
  • Cornell U.
  • Dartmouth U.
  • Duke U.
  • M.I.T.
  • U. of Chicago
  • U. Of Penn.
  • Williams College
harvard university

www.principianp.com

Harvard University

The “Zero to 10%” Standard:

Zero to $60,000: Families pay nothing

$60k to $120k: Phase-in to 10%

$120k to 180k: 10% of income

180k and above special circumstances apply

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Yale University OLD vs. new comparison

slide39

www.principianp.com

Two in College

One Student Two Students

COA $35,000 $70,000

EFC $20,000 $20,000

Expected Family Contribution is divided by the number of students

frequent filing errors

www.principianp.com

Frequent Filing Errors
  • Parent and student Social Security Numbers
  • Divorced/remarried parental information
  • Untaxed income
  • U.S. income taxes paid
  • Household size
  • Number of household members in college
  • Real estate and investment net worth
have these on hand

www.principianp.com

Have these on hand!
  • U.S. income tax return (IRS Form 1040, 1040A or 1040EZ)
  • W-2 forms and other records of earnings
  • Current bank statements
  • Records of untaxed income
  • Business and farm records
  • Records of stocks, bonds and other investments
  • Student’s driver’s license and social security number
and then

School sends financial aid package award letter to the student.

Student reviews and returns award letter, indicating preferred lender (if needed) and any necessary changes.

www.principianp.com

And then. . .
the award letter

www.principianp.com

The Award Letter

What is on the Award Letter

  • The Cost of Attendance
  • The EFC
  • Estimated Financial Aid
  • Scholarships
  • Grants
  • Loans
  • Work-Study
let s make a deal

www.principianp.com

www.principianp.com

Let’s Make a Deal
  • You can ask for more
    • Always ask for more
    • Use similar colleges
    • Be pro-active but not rude

If you don’t ask you will never know

meeting a student s financial need

www.principianp.com

Meeting a Student’s Financial Need
  • Choose your college wisely, because:
    • Not all will meet 100% of need
  • Private colleges generally:
    • Meet a higher percentage of need
    • Award a higher percentage of gift aid
  • Many students can attend a private college for the same cost as a public university!
private vs public

www.principianp.com

Private VS. Public

Montclair State University

Cost of Attendance $27,493

Expect Family Contribution $10,000

Financial Need $17,493

Avg. Percent of

Need Met 63% ($11,021)

Unmet Need 36% $6,472

Avg. Scholarship

And Grant Given 37% $4,049

Actual cost

Gift Aid - COA = $20556

CornellUniversity

Cost of Attendance $55,374

Expect Family Contribution $10,000

Financial Need $45,374

Avg. Percent of

Need Met 100% ($45,374)

Unmet Need 0% $0

Avg. Scholarship

And Grant Given 100% $45,374

Actual cost

COA – Gift Aid = $10,000

slide47

www.principianp.com

Loans

Direct Loans

- Subsidized

- Unsubsidized

Perkins Loans

- Need based loan

PLUS Loans

-Parent Loans

Fall 2004

slide48

www.principianp.com

Loans Part II

NJ Class

Sallie Mae

Wells Fargo

Citi Bank

Chase

PNC

Fall 2004

the green initiative

www.principianp.com

The Green Initiative
  • Principia NP is fully funded and supported by the Green Initiative. The Green Initiative is an e-waste recycling program created by the founder of Principia NP to make it possible for all parents, students, and guidance officers to receive college funding and admissions assistance without charge or obligation.
the green scholarships

www.principianp.com

The Green Scholarships

E-Waste Includes:

  • Computers
  • Laptop Computers
  • PDA’s
  • Sports equipment
  • T-I Calculators
  • Stereo equipment
  • Printers
  • Business &
  • Office Equipment
  • DVD Players
  • Toner (full or empty)
  • Cameras

*We do pick up materials at offices.

the green scholarships1

www.principianp.com

The Green Scholarships

E-Waste Includes:

  • Computers
  • Laptop Computers
  • PDA’s
  • Sports equipment
  • T-I Calculators
  • Stereo equipment
  • Printers
  • Business &
  • Office Equipment
  • DVD Players
  • Toner (full or empty)
  • Cameras

*We do pick up materials at offices.

additional information

www.principianp.com

Additional Information
  • Financial Aid:
  • www.fafsa.ed.gov
  • www.collegeboard.com
  • www.studentaid.ed.gov
  • www.hesaa.org
  • Scholarship Searches:
  • www.fastweb.com
  • www.finaid.com
know your advantages

www.principianp.com

Know Your Advantages
www principianp com info@principianp com ezamora78@yahoo com phone 908 400 1363
www.principianp.cominfo@principianp.comezamora78@yahoo.comPhone 908-400-1363

www.principianp.com

Principia NP’s Mission Statement:

The primary mission of Principia NP is to educate parents and students about the financial aid and admissions process while helping the planet.

Fall 2004