Planning and Paying for College Grants, Scholarships, Loans and Other Money for College.
Planning and Paying for College
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Transcript of Planning and Paying for College
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It’s Never Too Early to Prepare for College
Tameka Williamson College Consultant
Amazon Best-Selling Author My Own College Coach
www.myowncollegecoach.com www.tamekawilliamson.com
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College Planning 101
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College Planning 101
Today’s Parent…… • Wait until their child is a HS
Junior/Senior to discuss college • Have zero or less than 5% of their income
in savings • Has more consumer debt than ever • Can’t afford one semester/yr of tuition • Thought they still had time to prepare • May have to sacrifice their home or
retirement to pay for college
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College Planning 101
SOURCE: The College Board, Trends in College Pricing 2013, Figure 5.
Inflation-Adjusted Published Tuition and Fees Relative to 1983-84, 1983-84 to 2013-14 (1983-84 = 100)
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College Planning 101
• Average Public University Costs: ~ $20K
• Average Private University Costs: ~ $40K
• Average Elite Private University Costs: ~ $55K
• 5 years can cost $100K - $280K (x’s # of kids)
• COA: Tuition, books, room and board, living expenses, etc.
• Cost increase 7-8% annually
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College Planning 101
• Why College
• How to get there?
• What Colleges look for?
• How to pay for it?
• When to start?
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Why College
• 66% of the 21st Century Jobs will require some type of education beyond H.S. • Types of Colleges/Universities
• Private/Public
• For Profit/Non-Profit
• Level of schools: • 4 Year College/University
• Community College
• Trade/Technical School
• Online Schools
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How to Get There
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How to Get There….
1. Graduate from H.S. or get GED
2. Pass ACT/SAT
3. Get Admitted to a College/University
4. Complete FAFSA
5. Pay for College/University
6. Graduate from College
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How To Get There
1. Start early
2. Plan & Prepare for it
3. Develop a team
4. Hire a professional college consultant
5. Network
6. Right positioning
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What Colleges Look For
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What Colleges Look For
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What Colleges Look For
School 2013 2012 2011
Amherst College 13.67% 11.92% 12.76%
Babson College 28.18% 29.0% 33.19%
Boston College 32% 28.82% 27.88%
Brown University 9.2% 9.60% 8.70%
Columbia University 6.89% 7.42% 6.93%
Cooper Union 7.27% 6.33% 7.22%
Cornell University 15.2% 16.19% 17.95%
Dartmouth College 10% 9.43% 9.73%
Duke University 11.6% 11.87% 12.59%
College Acceptance Rates In 2013, college acceptance rates dropped as low as 5.69% for the first time ever. Some of the most selective schools were Harvard University
(5.79%) in Cambridge, MA, Stanford University (5.69%) in Palo Alto, CA, Yale University (6.72%) in New Haven, CT, and Columbia University
(6.89%) in New York, NY.
University of Georgia: 53%
Georgia Institute of Technology: 39.37% overall; 53% early; 18% regular decision
Vanderbilt University: 11.97% overall; 21.6% early decision; 10.84% regular decision
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How to Pay for College
Submit a FAFSA
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How to Pay for College
Types of Aid • FREE Money
• Scholarships – merit and need • Grants • Work Study • Endowment Funds
• Savings/Investments • Loans
• Student Loans • Parent Loans • Private Loans • House Line of Equity
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How to Pay for College
Financial Aid Myths and Realities
• Make too much money - Myth
• My child is not Valedictorian - Myth
• We own a home - Both
• Aid is only for a special group - Myth
• It’s an easy process – Your Choice
• School officials can help - Partially
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How to Pay for College
SOURCE: The College Board, Trends in Student Aid 2013, Figure 2A.
Undergraduate Student Aid by Source and Type (in Billions), 2012-13
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How to Pay for College
SOURCE: The College Board, Trends in Student Aid 2013, Figure 2B.
Graduate Student Aid by Source and Type (in Billions), 2012-13
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How to Pay for College
SOURCE: The College Board, Trends in Student Aid 2013, Figure 9A
Percentage of Undergraduate Students Borrowing Federal Subsidized and Unsubsidized Loans, 2002-03, 2007-08, and 2012-13
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When to Start
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What You Want to SEE…
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What You Want to SEE…
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It’s Never Too Early to Prepare for College
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Thank You!!