Maximize Financial Aid, Scholarships and Grants from Two College Planning "Insiders"

Our free workshop could make you 35K

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Thu, 18 Jun 2009 16:43:00 +0000

Are we full of b.s. when we tell ya that even "forgotten" middle class families can save $30,000 on college costs if they learn how financial aid "really" works?

3 spots left tonight:

www.CollegePlanningAdvice.com/events

Three questions you must ask!

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Tue, 16 Jun 2009 15:52:00 +0000

Here's a short, 3 minute (and change) video about the three questions you must ask every college years before you apply for financial aid. Check it out so you're not blindsided when it's too late!

Visit our website for more info on other questions you must ask re: financial aid, the FAFSA and other college planning topics! (If the link does not work, cut and paste this into your browser:
www.CollegePlanningAdvice.com)

- "College Pete" n Andy
College Planning Specialists of Florida
1825 Main Street
Weston, Florida 33326

www.CollegePlanningAdvice.com

*For more information on our free, community workshops, please visit:

www.CollegePlanningAdvice.com/events

Free Advice Turns $9,500 into $37,500

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Fri, 12 Jun 2009 23:44:00 +0000

Did you know that one little piece of free
advice turned $9,500 into $37,500?

A short while ago, a successful, well-
known Miami entrepreneur attended one
of "College Pete's" free community workshops on
college funding.

This woman, I'll call her Amy, listened
attentively and took notes. She learned
information such as:

* The three questions you must ask each
college years before you apply;

* The "double-secret" formula used by
the financial aid offices to determine how
much aid you'll receive; and

* What to do if you feel like you got stiffed
by the financial aid office.

Amy walked away from that workshop a
determined woman. Her daughter had received
a paltry $9,500 award from a prestigious
university in the Northeast, but felt she
deserved more - a whole lot more.

Amy took one simple strategy that Pete
shared at the workshop and tried to implement
it with the financial aid office at this university.

She recently emailed Pete the result:

A financial aid package worth $37,500!

I bet you're wondering what the "golden
nugget" from Pete's lips was, right?

He'll tell you at the next workshop. He's
holding two this month - one in Weston,
one in Miami.

If you're stressed about how the heck you'll
afford to pay for college, especially given
the latest news about tuition hikes, you should
register now before it's too late. Seats
tend to fill up quickly.

www.CollegePlanningAdvice.com/events

Amy felt that this tip literally changed her
daughter's life. Don't miss this opportunity to do
this for your son or daughter. Claim your seat
today.

For more information, visit our website,
www.CollegePlanningAdvice.com.

It's gonna cost me HOW MUCH????

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Thu, 11 Jun 2009 10:07:00 +0000

"College Pete" and I hear that question virtually
every time we give our community workshops
on college funding. Thanks to the latest news
from FAU and other colleges who have decided
to jack their tuition by 15% this year, practically
every parent of a college-bound child is
buzzing about college costs now. This is a good
thing.

See, most parents don't really focus on the
cost of college until their children's senior
year. This is a mistake.

Why?

You wouldn't shop for any other major
purchase without having some idea of the price
before-hand, would you? A car? A house? A
Jack LaLanne Power Juice-o-matic?

Do you think that college tuition is the only
cost you'll pay for your little Einstein?

You're dead wrong.

Tuition is only a fraction of the picture. A
small fraction at that, in some cases.

Kid's gotta eat, right? And live somewhere?
What about books, health insurance, auto
insurance, gas, even spending money for
"personal" expenses (some would call this
"beer money.")

And then there are the fees. Oy, those fees!

So you'd better get a handle on ALL of these
costs looooooong before your child even
thinks about applying.

Most colleges publish their "total cost of attendance"
for one year of college, per child, on their websites.
Typically, they also describe their financial aid
policies.

Do your research.

We hold free community workshops around
South Florida - Weston and Miami this
month; other locations include Pembroke
Pines, Davie, Coral Springs, Parkland, Boca
Raton and elsewhere. Sometimes we
even hold webinars.

Please click here to view our upcoming
schedule - we typically book up a few days
before each workshop so you should
pre-register before it's too late:

www.CollegePlanningAdvice.com/events.

Hope to see you there!

SAT myths

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Tue, 09 Jun 2009 20:09:00 +0000

Pete and I just recorded a free video, "8 SAT Myths." It will be available on our website, www.CollegePlanningAdvice.com in the next day or so. Please visit our site if you're interested in this, or other college planning (like financial aid!) topics!

- Andy

Florida's official tuition hike...and what do do about it

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Fri, 05 Jun 2009 11:20:00 +0000

It's gonna cost how much?

From the "Insult to Injury Department," Florida's state universities are going to cost more. A lot more.

Governor Charlie Crist signed into law a 15% tuition increase for all state universities, to compensate for a budget shortfall faced by the state university system. The same shortfall that forced classes and faculty, administrative layoffs, larger student-faculty ratios, lower professor salaries and frozen enrollment.

The annual 15% increase will continue until Florida’s tuition, currently the lowest in the nation, is on par with the national average. This will take years to achieve, if it ever is, so we can expect a 15% yearly increase for the foreseeable future.

Great. what about Bright Futures?

To make matters worse, the Bright Futures scholarship program will not cover the increase. Parents with high achieving kids will now have to fork over the difference created by the tuition hike.

At the same time, Stanley Tate, acknowledged as the "father" of Florida Pre-Paid College program (it's named after him), warned that the tuition increase will kill the pre-paid program, making college unaffordable for Florida’s families. He's spent a reported $500K in full page newspaper ads urging consituents to oppose the tuition hikes, but to no avail.

So what's the best way to deal with these official college cost increases? Through the financial aid system.

Strangely, more than 53% of eligible families never even apply for financial aid! Yes, you read that right - more than half of families that deserve financial aid never even bother to apply!

Why? Here's a clue, directly from the lips of Secretary of Education Arne Duncan (Harvard grad and Obama pickup hoops buddy): "You basically need a Ph.D to figure that thing out."

What's "Jump Shot Arne" talking about? The FAFSA - the federal form used to apply for aid. A lot of parents are intimidated by that form. It's long and complicated and full of landmines, so we understand.

But "College Pete" and I think there's one more, big reason why most eligible families don't bother to apply. It's because they think they won't qualify, because they're middle class families. That's just flat out wrong, but this letter is long enough already so we won't get into it.

Here's the bottom line - your "College Bailout" has been right under your nose the whole time - the Financial Aid system. Everyone should apply for financial aid. Period.

Best,

"College Pete" and Andy

P.S. We host free community workshops for parents of college-bound teens. If you’re stressed about how you’re going to cope with rising college costs, you owe it yourself to come. We'll go over the "secret formula" used by the FAFSA to determine how much aid you'll receive, and whether you can improve your odds. Register at:

www.collegeplanningadvice.com/events

P.P.S. Bring a friend if you like! Just forward this blog onto them.

7.5 Tips for Your Summer College Visits!

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Mon, 01 Jun 2009 17:50:00 +0000

"College Pete" here:

Many families like to use the summer months to visit colleges. While we recommend that students visit colleges during the school year when regular classes are in session, this is not always viable, and the free time offered by summer vacation is a strong temptation. Below are some tips to consider when visiting schools, whether you are planning to visit colleges this summer, or you’re scheduling a trip in the fall.

1. Do your homework before you go. Use tools like DISCOVER (something I use in my practice when I work with students) to research the school, and visit the school’s website. Make sure the school offers the major of study that interests you, as well as any other programs that you desire in a college. These may include music, athletics, drama, political organizations, etc.

2. Make an appointment to take the tour. On certain days of the week the tour may not be offered, especially during the summer. The tour may take you to parts of the school that you may otherwise overlook, so you won’t want to miss it. You’ll also learn about the school’s history.

3. Be your own tour guide. Once the tour is over take some time to walk around yourself, perhaps without your parents (you’ll meet them later). If you can, drop into a class or two, especially in an area of academic interest.

4. Get a soda or coffee in one of the student lounges. Ask students questions about the school, what they like and dislike. Students love to talk about their school, and there is no better source of information than current students.

5. Check out the library, computer lab, gym, and laundry. Even though this isn’t directly related to what you’ll be studying and your major, you’ll be spending plenty of time at all of these areas, so be sure to take a look at them as well.

6. Visit the career counseling center. The tour probably will not take you here. You’ll want to know what resources are available to current students, as well as graduates, upon graduation. What kinds of employers recruit on campus? What sorts of internship opportunities are available to students?

7. Schedule appointments with “highly relevant” individuals. You’ll need to do this in advance. These individuals include the orchestra director if you play music, an engineering department chair if you are interested in engineering, a drama department chair if you are an aspiring thespian or an athletic coach if you are an athlete. These folks may assist you in the admissions process by influencing the committee on your behalf. Be sure to get their contact info and send a follow up letter thanking them for their time.

7.5 Enjoy your trip! Have fun -don't stress - chill!

P.S. Want more info on college-related stuff, like financial aid? Visit our site, www.CollegePlanningAdvice.com!

Requiem for the "forgotten" middle class

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Tue, 12 May 2009 10:22:00 +0000

Have you been paying attention to the debate over
the future of Bright Futures? (Bright Futures is the
Florida's state-funded, merit-based scholarship
program.)

State analysts have been warning us year after year
about how unaffordable the program has become;
now, with the economy in shambles, the debate has
reached a shrill crescendo.

How will it change? Probably by making the standards
higher to earn (a recent study shows that (95% of
all incoming UF freshman qualified). And almost
certainly by exempting some tuition costs - in other
words, some of the rising cost of attending college
here in Florida will not be covered by Bright Futures.

But check this out quote from former chancellor
Charlie Reed, "one of the dumbest policies I know,
to give rich people financial aid to go to the state
schools..."

What prompted this outburst? A survey showing
that the median annual income of students'
families was $100,000 and that almost 25% of
UF earned more than $150,000 per year.

I don't know about you, but most people I know
earning income in that range do not consider
themselves "rich." In fact, a lot of parents that
College Pete and I consult, whose earnings are in this
neighborhood, feel downright poor when
contemplating sending one or more children to
college with costs between $17,000-$55,000 per
year, per child!

Talk about the "forgotten" middle class!

Also, ex-chancellor Reed seems to be ignoring the
legislative intent, or purpose of Bright Futures- to
encourage the best students to stay in Florida and
thus contribute to our economy. Reed's looking
at Bright Futures as a social engineering tool, not
a merit-based one.

If you're a middle class, or even upper middle class
parent struggling with how you'll ever be able to
afford college education for your children, my
advice is to consider schools outside of the state
of Florida in addition to our state universities.

Why? Because many "high sticker price", private,
out of state schools offer extremely generous
financial aid packages to parents earning six-figure
incomes.

My other piece of advice is to do your research
early; i.e. second half of your student's sophomore
year or junior year at the latest. You don't want
to be blind-sided by learning how much college
really costs when it's too late to do anything about
it.

Knowledge is your best defense. One way to
arm yourself is to attend on of our upcoming
free community workshops,

"Financial Aid's Dirty Little Secrets Revealed!"

We cover:

* How even Millionaires can save $30,000 on
college costs;

* The single biggest mistake made by "Forgotten
Middle Class Parents" when applying for financial
aid;

* "Closely-guarded" college funding loopholes; and

* A heck of a lot more.

www.CollegePlanningAdvice.com/events

Register now while this is still fresh on your mind -
don't put it off any longer.

The Kids Aren't Alright

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Mon, 27 Apr 2009 17:50:00 +0000

According to a recent Sun-Sentinel article, college students are racking up credit card debt to pay for their education. 30% charge their tuition compared to 24% in 2004. 92% of undergrads charged textbooks, school supplies and other educational expenses compared to 85% in 2004.

Marie O'Malley, director of consumer research for Sallie Mae, thinks families are underestimating college costs and opting for more expensive credit card debt in lieu of applying for cheaper financial aid.

"Too many students are at risk of overpaying for college by pulling out credit cards...instead of using less-expensive financial aid..." said O'Malley.

Duh! Sound familiar?

"College Pete" and I have been warning about this, broken record-style, for years. Why don't parents apply for financial aid? Put another way, why do 53% of all eligible families not bother to apply?

One reason is intimidation. You "need a PhD" to figure out the FAFSA, according to Secretary of Education Arne Duncan. The forms are annoying and a pain the in the rump, with multiple land-mines to stumble on and blow up all chances of aid.

Another reason is that parents put off their college planning until it's too late. The best time to start the college planning process is the second half of sophomore year, junior year at the latest.

What are the consequences to your children if you don't take this seriously?

One FAU graduate who maxed out his credit cards to pay for college fretted, "I wonder if I'll ever be able to get a home...with the debt I have now and the marks against my credit."

On a personal level, I’m extremely sympathetic to this student as I racked up $100,000 in debts between undergraduate and law school. My wife and I have four children and have sworn a blood oath to never put them through what I had to endure. That’s why I’m in the college planning business.

So learn about the financial aid process while there is still time to do something about it!

Andrew Lockwood, J.D., and Peter “College Pete” Ratzan, M.B.A., co-authors of the book, Never Pay Retail for College, conduct free college funding workshops throughout South Florida. Topics include: How even millionaires can save 20% off the cost of college; Think you make too much money to qualify for financial aid? You're probably wrong, dead wrong! And, Can you legally "position" yourself to receive more financial aid? More information is available at: www.CollegePlanningAdvice.com/events.

Parents of College-Bound Children - Are you holding up your end of the bargain?

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Mon, 13 Apr 2009 16:20:00 +0000

If you have a high school senior, this can be a stressful time of year. By now, most seniors have heard from most of the colleges they've applied to about whether or not they got 'in.'

But now, more than ever, another letter is being eagerly anticipated - the award letter from the financial aid office.

If you didn't plan, these award letters can be crushing, when a student learns that she can't go to her top choice college – after working her tail off for years, loading up her schedule with AP's, club memberships and extra-curriculars.

She held up her end of the bargain, but mom and dad didn't - they didn't look into what college really costs and how they'd afford it.

Those that planned are being rewarded this year. Yes, the economy has caused some colleges to be a little stingy with aid, but overall, this has been a very strong year for financial aid packages.

If you've got a college-bound sophomore or junior, the time is NOW to get serious about how to pay for college.

You wouldn't buy a car without knowing the sticker price, why go "shopping" for college without understanding the costs and looking into how to cut those expenses.

Record numbers have applied for aid this year; next year it might be even worse – more families chasing fewer financial aid dollars.

Here are some questions to ask each college you are considering:

· What percentage of "Need" do you meet?

Most financial aid is based on "Need," calculated by the Federal Financial Aid formulas. The greater your Need, the more aid you should receive. However, the percentage of Need met by each university varies greatly. The schools with the biggest endowments typically are the most generous.

· How is Need met?

Financial Aid packages include free money – grants and scholarships - that does not have to be repaid, and loans, which require repayment.

Typically, the colleges with the largest endowments award a greater percentage of free money than loans. You’ll want this information before you apply.

· What are your deadlines?

Some colleges have early deadlines. You want to be among the first application, since money can be doled out first-come, first-served. Last month, we had a student who was offered a $1,000 "Early FAFSA" scholarship simply because we got his forms a few weeks early!

Of course, there are many other factors that go into your college plan - this is just the tip of the iceberg.

If you are the parent of a high school sophomore or junior, it’s time to make college planning a top priority. Before you know it, it will be April of your student’s senior year and you’ll be hoping for good news to arrive in your mailbox!

Andrew Lockwood and Peter "College Pete" Ratzan co-authored the book, Never Pay Retail for College. His firm sponsors free community workshops on college funding. Visit www.CollegePlanningAdvice.com for more information.

The Death of Bright Futures

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Fri, 27 Mar 2009 11:11:00 +0000

Big article on the front page of the Sun-Sentinel
yesterday - "Bright Futures May Grow Dimmer."

This is another in a spate of recent coverage
about proposed tuition hikes that are before
the State Legislature right now.

Scott Travis, the reporter, suggests that Bright Futures
scholarships, which cover 100% and 75%
of tuition and fees (depending on the grades
and test scores of the student), might cover
far less in the future if the bill passes.

For example, a student who qualifies for
the Academic Scholar, or 100% award, might
have to fork over $4,269, or 44%, of the anti-
pated fees in 2016, according to one expert's
analysis.

So what was once a 100% full ride could turn
into only 56%!

So what is a parent of a college-bound child
to do? Apply for financial aid!

But for some parents, that's easier said than
done. A recent College Board study estimated
that 53% of eligible families don't bother to
apply for aid.

Why?

Probably because they think they make too
much money to qualify. That's silly -
everyone should apply for aid - even families
making "nice," six-figure incomes.

Or maybe the forms themselves are too
intimidating for parents - Secretary of Education
Arne Duncan was quoted recently as saying
that "You basically need a PhD" figure out the
FAFSA.

More people are chasing financial aid dollars
this year - USA Today reported that 81% of
parents said financial aid would be "extremely"
or "very" necessary.

You need to arm yourself with the latest
tested and proven tactics to make sure you are
getting the maximum amount of financial aid
that you're entitled to.

An easy first step and overview - attend one of our
upcoming, free community workshops on college
funding.

www.CollegePlanningAdvice.com/events

Topics include:

* What your Florida Pre-paid and Bright Futures will
"really" pay for;

* How families who earn "nice," six-figure incomes
and even millionaires can save $30,000 off the
cost of college;

* What can you do qualify for more aid;

* Why the advice of your CPA, money manager or
other "advisor" may actually COST you thousands
of dollars in lost financial aid; and

* The "Double-Secret" formula used by college
financial aid offices to determine how much
aid you'll receive, to the dollar!

www.CollegePlanningAdvice.com/events

Best
- Andy

Andrew Lockwood, J.D.
College Planning Specialists of Florida, Inc.
1825 Main Street
Weston, Florida 33326

www.CollegePlanningAdvice.com

Dirty, deceptive and surprising student lending!

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Tue, 09 Dec 2008 17:39:00 +0000

I bet you'll be surprised about how studentloans REALLY work. Here's what I mean.
On Monday, NY Attorney General Andrew Cuomo announced a settlement with the College Board over its former loan practices.

That's right, that's the same College Board that tortures high schoolers with the SAT, the CSS/Profile financial aid form and other familiar items. Apparently the Board was making money from sources otherthan test registration fees, like lending to students.

Attorney General Cuomo had a problem with the way in which the College Board was conducting this business.

Mario's Number One Son found that the College Board gave discounts to certain colleges, breaks related to prices paid by the financialaid offices for software and other services.

How did these colleges earn this special pricing from the College Board? By placing College Board loansin their list of recommended, or "preferred" lenders.

In other words, the College Board was alleged to have"bribed" (my word, not Cuomo's) these colleges into advertising the student loans offered by the College Board.

"Loans are hard enough to come by these days; thelast thing we need are deceitful arrangements likethis one that stand squarely in the way of students and parents getting the facts," said Cuomo.

And I bet you thought the company that issues the SAT was a non-profit or educational institution, right?

Nope, they're in business like everyone else involved in higher education. They're out to make a buck.

Not that there is anything wrong with that, of course. College Pete and I make a nice living advising parents of college-bound kids how to slash their college expenses. Everyone is entitled to make a few dollars (no matter who is President)!

The real issue is the deceptive manner in which the College Board, and the colleges themselves, allegedly made their money (they admitted no wrongdoing, not surprisingly).

When you go to apply to college, understand the main point made by this blog - that college is a BUSINESS.

This knowledge should effect almost everything you do regarding your student's college education, including where you apply for admission, how you apply for financial aid, how you apply for other scholarships and how you negotiate a financial aid award letter, among others.

If you don't understand this, you're setting yourself up to over-pay needlessly for your student's college education. You could be forcing your son or daughterto attend a "cheaper," less-desireable college than if you paid attention to the business of college.

This is exactly what we talk about in our free community workshops, "How to Pay for College Without GoingBroke or Raiding (what's left of) Your Retirement Savings."

Tonight's is sold out but we have a few more in Miami,Weston, Boca Raton and Parkland in the next 7 days.After that, it's too late - we shut down for the year.

The workshop is for parents of college-bound students. If you have a college-bound Senior, you're on life support if you haven't done anything to prepare for college costs. If you have a Junior, know that this is the most critical year for college funding purposes. If you have a Sophomore, everything he or she does now leads up to Junior year, the most important year of high school.

If you have a friend who's struggling with howto pay for college, send them a link to this post and tell them about our workshops in Miami, Boca,Weston or Parkland, too! They'll like this email better than a lump of coal in their stocking, promise!

Registration info is at:
http://www.CollegePlanningAdvice.com/events

The Surprising Reason High Income Earners Receive Thousands in College Financial Aid!

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Wed, 15 Oct 2008 13:36:00 +0000

You will not believe this email, but bear with me.
"College Pete" and I constantly talk about howeven millionaires should apply for college financial aid, even if they think they won't qualify.

Before I get to the story I read today, let me give you a little background on college admissions. Background that you'll never hear anywhere else.

Are you familiar with US News and World Report? This magazine is at the top of the heap when it comes to ranking colleges and universities.

Many admissions heads obsess over their rankings, particularly the colleges in the fourth, third andeven second tiers, trying to figure out how to move up in rankings. Better rankings equals more applicants, more enrolled and the ability tocharge higher tuition and fees.

Like it or not, that's the way it is.

Many ambitious, upwardly-mobile colleges will do all sorts of things to improve their standing with US News. Some offer "bribes" to good students by way of merit scholarships to pry them away from Ivy League or other highly competive schools. This funding is doled out withoutregard to the family's financial picture. And it's heaped upon students with grades and scores that are not"Ivy-caliber", too!

Now check out what Baylor University did. Apparently,the SAT's of last year's incoming freshman classwas worse than that of the previous year. This would look bad in US News.
So Baylor did something creative to counter their impending drop in the rankings. They bribed their accepted, incomingfreshmen to re-take the SAT!

Yes, you read that right! Baylor offered a $300 book credit to any freshman who sat for the SAT again. And, if the student increased his or her score by 50 points, therewas another grand in it for them. About 177 qualified for even more scholarship funding.

Of course, Baylor denies that they created their SAT contest because of the US News rankings.

My point is the college financial aid game works in ways that non-insiders can't possibly understand. Even parents who make "deep" six figure, or higher, incomes can save thousands off college costs, if they know the rules ofthe game.

So take away two points from this post - do your research about what schools over this kind of aid (and what their standards are) and do NOT blow off applying for financial aid if you think you earn too much money, because you never know!

Best,

- Andy

P.S. Want more info on "How to Pay for College WithoutGoing Broke or Raiding What's Left of Your RetirementPortfolio?" We've got three more college funding workshops this month and they're than 77% booked up.

I ran last night's at Nova Southeastern and I counted only three available seats. Thank god we had 6 no-show families!"College Pete" is running one at the Posnack JCC in Davie, 6:15 and there are still 8 available slots. Then I'm doing workshops on Thursday night, 8:00 pm at the Weston Y and Saturday, 10:15 am at The Sagemont School, Upper Campus.

P.P.S. You can check availability and locations at:
http://www.CollegePlanningAdvice.com/events
or call 954.659.1234 ext. 201.

Andrew Lockwood, J.D.
College Planning Specialists of Florida, Inc.1825 Main SteetWeston, FL 33326
http://www.collegeplanningadvice.com/
954.659.1234
Co-author, "Never Pay Retail for College,"
Co-host, "The College Planning Power Hour"WFTL Sports, 1400 AM, ESPN Radio

10 College Funding Mistakes to Avoid

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Thu, 09 Oct 2008 14:27:00 +0000

Top 10 College Funding Mistakes Made By Parents of College-Bound Teens

By Andrew Lockwood, J.D., CollegePlanningAdvice.com

If you have a child applying to college, this is an exciting and stressful time for both of you. One of the most worrisome issues facing parents today is how to pay for a four year college or university. Fortunately, there is more than $137 Billion available from the Federal Government, the states, colleges and universities, private foundations and other organizations. Your challenge is to figure out how to access these funds.

Many families fail to take advantage of the numerous financial aid and other college cost cutting opportunities available. For the uninformed, ill-prepared family, the unfortunate results can range from being forced to take out high fee, high rate college loans, tapping equity built up in their homes or dipping into retirement savings. But with diligent research, you can significantly minimize or flat-out eliminate these undesirable outcomes.

To help navigate the overly complicated regulations of the Department of Education, I offer
“College Pete and Andy’s 10 College Funding Mistakes to Avoid.”

Mistake #1: Most middle and upper-middle class parents assume they won't be eligible for financial aid because they own a home and make more than $100,000, $150,000 or more per year.

Mistake #2: Focusing time and energy on a private scholarship search instead of spending time trying to qualify for “need-based” financial aid.

Mistake #3 - Assuming only minority students, athletes, and academically gifted students receive financial aid.

Mistake #4 – Applying to a college without regard to how their child’s high school record compares to the statistics of the existing student body of that college.

Mistake #5 – Blindly assuming that all colleges and universities have similar amounts of resources and will award the same scholarships, grants and other aid across the board.

Mistake #6 - Not understanding the difference between "included assets" and "exempt assets" for purposes of filling out financial aid forms.

Mistake #7 - Believing that it doesn't matter where they keep their money; it's all counted in the same way.

Mistake #8 – Believing their CPA or tax preparer is qualified to fill out financial aid forms.

Mistake #9 - Waiting until January, or worse, after January, of their child's senior year of high school to start working on your college financial aid planning.

Mistake #10 – Relying on their child’s college advisor, guidance counselor or BRACE Advisor for help with the financial aid process instead of consulting a specialist.

Andrew Lockwood is the co-founder of Weston-based College Planning Specialists of Florida. He and his partner, Peter “College Pete” Ratzan, co-authored the recently-released college funding book, Never Pay Retail for College. Lockwood and Ratzan conduct free college funding workshops, ”How to Pay for College Without Going Broke or Raiding Your Retirement Portfolio” throughout South Florida. For dates, times, locations and seating availability, visit www.CollegePlanningAdvice.com or call 954.659.1234 ext. 299.

What to do after you've submitted your financial aid application

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Mon, 22 Sep 2008 18:17:00 +0000

"College Pete" here -

I had a student call me the other day, wondering how we might be able to assist her in finding a student loan to pay for her current tuition bill. This student attends a local private university, and fortunately for her she’s in her last year in college. Her EFC is under $2,000, and her FAFSA was filed way back in March.

The school had asked for Verification of her financial aid application. All this means is that the Financial Aid Office wants to actually see your tax returns for the Base Income Year (the year prior to high school graduation), as well as confirm your family information. She delayed in providing this info to the school by at least several weeks, and now, with her first tuition payment due within 30 days, the school’s financial aid office is saying that they are still processing her application and will notify her “soon” of her final award. Meanwhile, if she doesn’t pay her bill on time she will face a late penalty.

A few lessons from this situation:

1. If your EFC is below $4,000 you should fully expect that the school will ask for Verification. According to Sallie Mae, 30% of all FAFSA applications are randomly verified, but the rate for submissions with EFCs below $4,000 is dramatically higher. If you wish to receive any federal financial aid (i.e. grants, free money and even federal loans), verification must first be completed. Ignore the financial aid office’s requests at your own peril. This student should be eligible for a Pell Grant of as much as $4,000 per year or more. That’s money left on the table because she delayed in providing the verification forms to the school. And Pell Grant money is First In, First Out, so any delay endangers her likelihood for an award.

2. Financial aid goes to the student/family who continues to follow up on the application. Once the application is submitted, the family must contact the financial aid office to make sure they have everything they need. Financial Aid Officers deal with a ton of paperwork; you don’t want your file buried at the bottom of the pile.

3. Private student lenders continue to ditch the market, making it harder to find a student loan from a bank. Loans are still available from companies like Chase and Wells Fargo, but even these banks require more stringent credit ratings to get the best rates (5%), along with a co-sign.

By ignoring the Verification request from the financial aid office, this student has taken the process down to the wire, and as a result she may forfeit her Pell Grant. Her eventual financial aid package will likely include a loan, but it may not be processed in time to avoid the late penalty.

So make sure you submit your financial aid application early (FAFSA for 2009-10 opens on January 2) to qualify for maximum aid, be prepared for Verification because it might happen, and be sure to Bird-Dog your application once it has been submitted.

- Peter "College Pete" Ratzan

www.CollegePlanningAdvice.com

When the so-called "experts" like Kiplingers steer you wrong

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Tue, 03 Jun 2008 00:35:00 +0000

I'm extremely irritated so I'll be quick with this post.

I see why so many parents never even bother
to apply for financial aid! 53% of all eligible families never even
bother to apply, according to the College Board.

Why? They're being told
that they make too much money by the so-called
experts - this is why I call 'em "schmexperts"!

Check out this clip. Some well-intentioned "friend"
of mine sent me a video from Kiplingers about
college financial aid.

This woman, Janet Bodnar, does a decent job
explaining why you may want to save in your
name, not your child's, but then she lets loose a
colossal, "gi-normous" 100% false statement:

If you make a lot of money, like more than a
hundred grand, you probably won't qualify for
aid!

Sweet mother of all things holy! How ridiculous is
she?

This video appeared in an article on MSN.com.
The article talks about how Harvard and Yale
are giving away money for parents making up
to 180K and 200K, respectively!!!

Hello?

This is what College Pete and I are talking about
when we tell you, don't listen to the
"schmexperts," listen to US. Our advice is
frequently 180 degrees opposite to your
typical trusted advisors, CPAs, guidance
counselors, BRACE Advisors, and now,
Kiplingers!

Our advice: EVERYONE should apply for
financial aid! Case in point - you can go to
Harvard (a $50,000 per year school,) for
$18,000!

OK, I'm done with my rant.

Later.

- Andy

P.S. If you want to watch this video, here's
the link to Weston's article:

http://articles.moneycentral.msn.com/CollegeAndFamily/CutCollegeCosts/GraduateFromHarvardDebtFree.aspx

(You may have to cut/paste all of the code intoyour browser - sometimes these links don't work.)

P.P.S. I don't want you to think that I have anything against Liz Pulliam Weston. I happen to think she's a solid journalist and find her columns to be on point, without exception.

College Pete on AP exam tips

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Mon, 14 Apr 2008 14:41:00 +0000

May is approaching, and that can mean only one thing.

Horse racing? NBA Playoffs? Mother’s Day? The answer is "yes" to each of those, but this piece will discuss something equally, if not more thrilling - AP Exams!

I’m not much of a horse guy although I do try and catch the Derby and Preakness each year. As for the NBA, the Heat’s playoff hopes departed long ago, around the same time Santa did, and besides the games begin way too late in the evening. As for Mother’s Day, it’s one of the most important calendar events, especially for Hallmark. Seriously, treat your Mom well (and your wife!), especially on Mother’s Day.

Why do I bring up all these distractions when our focus is on AP exams? Because it’s symbolic of the mentality that many students apply to the AP season and AP courses in general. An AP course is an opportunity for a student to not only boost his or her weighted GPA with a strong grade, but it’s also a way to earn college credit if (big IF) by scoring a 3, 4 or 5 on the AP exam in May.

Some students work hard all year long in an AP course and make all kinds of excuses to avoid taking the AP exam. Bad move! Admissions committees don’t like to see that. Other students don’t properly prepare for the exam because they’re distracted by other events like those mentioned above, not to mention Prom, end of school, spring football, cheerleader tryouts, senioritis, etc. If you’re a solid performer day-to-day in your AP class, you should be expected to earn a good grade on the exam. But this does not happen automatically. Instead it requires preparation.

Many AP teachers offer prep classes on weekends about one month prior to the exam date. Don’t miss these classes! If your teacher doesn’t do this, ask him to reconsider.

Andy and I always harp on families of college-bound kids to research how generous they are with their financial aid. You can save money through AP credits, too!

When selecting colleges and universities, be sure to research how they treat AP credits. Many schools will award actual credits toward graduation depending on your score, whereas others will allow the student to place out of entry-level courses. If it’s the former, then you can lower your total cost of attendance with a strong AP score. Some schools will only accept scores of 4 or 5, whereas others will accept a 3. This information is readily available on each school’s website.

Students should take advantage of the AP Program and its benefits. It pains me to see a student with excellent grades but no AP courses on his transcript. College admissions offices will view this student as an underachiever, one who does not rise to the challenge. On the flip side, some students overburden themselves with too many AP courses than they can handle, resulting in poor performance. Sometimes the school guidance offices encourage students to load up on APs, since AP enrollment looks good for the school. Earning a ‘C’ in an AP course is NOT like earning an ‘B’ in a regular course, even if the impact on your GPA is the same. If you cannot earn a ‘B’ or ‘A’ in an AP course, then you should not enroll in that class.

Final word: for those students taking AP exams in May, good luck! And just remember, no matter how well you do, your mother will still love you, so treat her well come Mother’s Day.

-Pete

P.S. We've got three workshops on "The Dirty Little Secrets About College Financial Aid" this week - Wednesday the 16th, Thursday the 17th and Saturday the 19th. The workshops are 100% free and teach you how to lower your out of pocket cost of college by thousands, if not tens of thousands of dollars per year! They are free but limited by room size, so register today online: http://www.CollegePlanningAdvice.com!

- Peter "College Pete" Ratzan

It's money time for incoming college frosh

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Fri, 11 Apr 2008 10:38:00 +0000

In financial aid, spring is "show me the money" season. College financial aid offices mail their award letters this time every year. If you're the parent of a college-bound student, try to fast forward two or three years to think about when you'll be in these shoes.

For incoming freshmen, the award letters can be the deciding factor in terms of where they end up in college. then, deposits are due by May 1. (For returning upperclassmen, this is the time to see how this year's award stacks up against last years, but I'm going to focus on incoming freshmen in this blog. )

So now is the time to analyze the offers. Be careful, particularly when it comes to "renewability." In other words, if you're awarded a grant or scholarship for your first year of college, understand what it takes (the minimum GPA) to receive that scholarship your sophomore, junior and senior years.

If you're offered loans, pay careful attention to the terms of each loan. Although reading these disclosures are not exactly riveting, it's important to understand exactly how the loan works - the rate, when can it adjust, how much it can adjust, is there any forgiveness or deferral option, etc.

Avoid unpleasant surprises by preparing years ahead of time. The best time to start your college planning is sophomore year of high school! Yes, sophomore year. This way, you'll be happy when you open your letters come spring of your senior year!

We offer free workshops that teach you "How to Pay for College Without Going Broke." Check out our dates/times/locations on our website:

www.CollegePlanningAdvice.com

Can you still get into a Florida public university?

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Wed, 02 Apr 2008 22:12:00 +0000

"College Pete" forwarded an alarming story to me a few hours ago. Even though both of us are out of town, the story was so important that I wanted to pass it onto you.

It appeared in today's Miami Herald. The header - "Budget cuts lock more out of state universities."

The story profiles some outstanding South Florida's college-bound students who cannot beg, borrow or steal their way into a state college, thanks to budget cuts and enrollment freezes! Kids with excellent grades (top 5% in the class) and leadership positions (class president, yearbook editor) cannot get into to "safety" schools anymore! Another student (3.4 GPA, varsity baseball captain, newspaper editor-in-chief) cannot get into University of South Florida.

The article is posted below.

So if your child is a high school junior or even a 10th grader, don’t wait another second and register for one of our workshops at http://www.collegeplanningadvice.com/wkshpsched.htm.

* The Five Greatest Myths About How the Financial Aid Process REALLY Works;

* Three Critical Questions You Must Ask Each College Before You Even Think About Applying;

* How much money your neighbors ACTUALLY have saved up for college and where you stand; and

* The "dirty little secret" about Florida Pre-paid and Bright futures.

Here's the article.

Top Florida high school students once considered Florida International University a ''safe'' fallback for those rejected by more-elite colleges like the University of Florida. Now that a budget crisis has forced drastic cuts at all 11 state universities, that's no longer the case.
Freshman enrollment is capped at the previous year's level for the first time in recent memory. Admission standards are rising, and many students find themselves squeezed out of a system they had long taken for granted.

Consider high school senior Ashley Casal, 18: class president at Miami Beach Senior High; yearbook editor; community volunteer; likely top 5 percent of her graduating class. Not enough to get her into FIU.

''I was really disappointed,'' Casal said. ``It's been really hard this year. Everybody has been feeling it.''

University-bound high school students like Casal know the routine: Take college-level classes, do your service hours, round out the package with an interesting hobby and a compelling essay. Not long ago, a Florida kid with all of the above and decent test scores could count on getting into a state school.

Not anymore.

''They're doing everything they're being told they need to do,'' said Cindy Woodring, continuing education advisor at Coral Springs High. ``They're either deferred or denied college acceptance.''
Carolyn Roberts, chairwoman of the Florida Board of Governors, said today's high school juniors and seniors will be most affected by the cutbacks.

''Students not only are prevented from attending the universities from which they are qualified to attend, it also means that if they are accepted, they are sitting in classes that are very crowded and dealing with advisors who are overworked,'' Roberts said.
FIU President Modesto ''Mitch'' Maidique said making it harder for Florida students to get into state colleges will hurt the state's ability to compete globally.

''We're taking a step backward,'' Maidique said, ``because if you reduce the number of folks who go into the pipeline, you reduce the number of students exiting the pipeline.''
For today's high school juniors and seniors -- and the school advisors who help them plan their path into higher education -- there are fewer certainties when it comes to getting into a Florida university.

''It's their party,'' said Pam Kirtman, the continuing education advisor at Nova High in Davie. ``They can invite who they want.''

The only sure bet, Kirtman said, is a community college.

For a student who dreamed of growing up to be a Gator or a Seminole, community college can be a tough sell. Still, it's an option advisors more often pitch lately because students who earn an associate's degree from a community college are guaranteed admission to a state university -- though not necessarily the university of their choice -- to finish their four-year degree.
That's a strategy Vanessa Jaramillo, a senior at Beach High, is considering. Denied acceptance at FIU, she is hoping to spend some time at Miami Dade College and then transfer to either FIU or the University of Miami.

''It's definitely been stressful,'' said Jaramillo, an honors student who also serves as class secretary. ``I felt really bad for some kids. They were really having a rough time.''
Enrollment continues to rise at both Miami Dade College and Broward Community College. Both expect capped university enrollments to send even more recent high school graduates their way in the fall.

While community colleges will keep their doors open, they, too, are in a budget crunch. Students are encouraged to register as early as possible to get the classes they need.
BCC spokeswoman Jillian Printz said the college is ``looking very carefully at how we expand sections, how we use space, how we use our facilities to serve enrollment growth.''
Victoria Hernandez, MDC's director of governmental affairs, said the college may not be able to offer enough classes to meet demand.

''At some point, we have to ask: What is the breaking point for Miami Dade College?'' she said. ``As it is, our classes are full.''

Sonja Miller, the College Assistance Program advisor at Miami Norland Senior High, said besides urging students to consider community college, she also is encouraging them to explore colleges and universities in other states. In some instances, the out-of-state alternatives are cheaper than their Florida counterparts, she said.

''There are students who want to stay in Florida but can't,'' she said. ``Our children are literally being forced out of the state.''

Miami Norland scholar-athlete Michael Allen applied to three colleges last semester -- two in-state and one in Washington, D.C.

Allen, who has a 3.4 GPA, is taking three advanced placement classes this year. He's is captain of the varsity baseball team and editor-in-chief of the student newspaper.

But Allen did not get into the University of South Florida. He hadn't heard back from Florida Atlantic University and Howard University, and he plans to apply to Florida A&M University.
''We hear it all the time: The number of applicants is going up, especially in the major schools,'' Allen said.

Although high school seniors are the ones dealing with last-minute decisions and rejection letters, juniors are worrying too.

''It's really hard,'' said Anais Alfonso, 17, of Hollywood. The Nova High junior, who is considering a career in nursing, said she has stopped thinking in terms of where she wants to go. Now, she's looking for schools that will admit her with at least a half scholarship.
Nova High school senior Zachary Rosen, who lives in Miramar and will attend Florida Gulf Coast University in Fort Myers, advised juniors to start their application process as early as possible.

''It could be too late for them,'' said Zachary, 18, pointing out that students need to work on their academics well before junior year. ``I would be talking to the freshmen.''
Kirtman, the Nova High advisor, said she urges parents not to attach their egos to where their kids go to college, and assures kids that there are many places where they can flourish.

''I make it really, really clear to them that their success in life and their happiness as a person isn't hinged on where they go to college,'' she said.

College Pete and I talk about this stuff 4-5 times per month...see, we weren't making it up!!!! Wake up and smell the coffee - stop blowing off your college planning!

http://www.collegeplanningadvice.com/wkshpsched.htm

The Surprising Way an Acceptance to a Top College Can Shatter Your Student’s Dreams

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Wed, 26 Mar 2008 12:11:00 +0000

Here’s an all-too-common scenario for parents of college-bound students this time of year, both here in Broward County, Florida and across the country.

Q: I'm a senior and accepted to Columbia University. I just received my financial aid award but we were offered only a high fee, high rate loan that we can’t afford. Why?

A: Each spring, we receive distress calls from parents, heartbroken by their child’s acceptance into her dream school! The student has performed admirably: achieved high grades in challenging classes; extra-curricular activities; mastered the SAT and submitted college applications well before deadlines.

The good news is acceptance into a top choice college. But elation turns to depression when the financial aid award arrives – five weeks before the school requires a commitment and a scant five months before college starts. In this case, the entire award was a Parent Loan for Undergraduate Students (PLUS) loan.

The family in this example did not understand the Department of Education’s eligibility rules for financial aid. More importantly, they failed to position their finances to maximize their eligibility.

I could tell from the award letter that this family’s Expected Family Contribution (EFC) was too high. The EFC is generated when you fill out your financial aid forms (the FAFSA and the CSS Profile, typically.) This unfortunate “award" is typical for families whose EFC's are higher than the cost of attendance for a highly-selective school. The most frustrating thing was that this situation could have been easily avoided.

How? By planning ahead so that you’re not blind-sided like the family in this example. Calculate your EFC by sophomore or junior year at the latest. This way you can implement a financial plan to pay for every college on your student's list before the applications are even submitted. Although your initial EFC will often be an impossibly high number, do not despair – your EFC is controllable. The lower your EFC, the more aid you’ll receive. Schools like Columbia will fall within your reach.

The other half of the equation is understanding that some schools, particularly private, selective schools, have more money to offer than others. They award differently – some give more grants than loans. Finally, you should be aware that almost all schools reward grants and scholarships on “need,” not based on academic achievement (merit). This is critical information you must have before submitting your applications.

Understand that college financial planning is equally critical as admissions counseling and SAT preparation. After all, what good is it to bust your behind to get into the best college you can, only to learn that you go because you can’t afford it?

Andrew Lockwood, J.D. is co-owner of College Planning Specialists in Weston. His firm offers free workshops on topics such as “5 Myths About Qualifying for Financial Aid” and “The Dirty Little Secret (More Dirty Than Eliot Spitzer’s!) About Florida Pre-Paid Plans and Bright Futures” He hosts the “College Planning Power Hour” radio show Sundays, 10:00-11:00 AM on WFTL Sports, ESPN Radio, 1400 AM (online at http://www.collegeplanningradio.com/). More information is available at http://www.collegeplanningadvice.com/.

The True Cost of College According to Two New Yorkers

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Sat, 15 Mar 2008 23:28:00 +0000

Here's an article from two writers with the NY Daily News. Pay attention to the numbers they cite for "other," miscelleneous costs. For Florida costs, these numbers are essentially the same.

After you read the piece and you're still looking for answers about how to pay for college without going broke, I suggest you attend our next free workshop on college planning. Call our office or check our website for information.

***********************************
Saturday, March 15, 2008
What does college really cost?
By George Chin and Alice Murphey
Monday, March 10th 2008, 4:00 AM

You've read the eye-popping numbers about the cost of college: up to $50,000 a year for tuition, students graduating with six-figure debts.

What does college really cost?
The short answer is it depends on three key factors: where you go, how careful you budget and how much financial aid you receive.

The latest annual survey from the College Board, which tracks higher education trends, puts the average cost of a year of private college at $32,307 for 2007-08. But that's the national average for a particular type of college.

These are the more expensive, high-reputation private schools and out-of-state public universities, where you'll have to pay to live in a dorm or off-campus.
There are far less expensive choices, such as the City University of New York's four-year and community colleges, where you'll likely live at home while studying. CUNY's Peter F. Vallone Academic Scholarships can defray the costs further, awarding up to $1,250 to students with at least a B average enrolling from any New York City high school. Students accepted into CUNY's William E. Macaulay Honors College on the Upper West Side get free tuition, a $7,500 academic stipend and a laptop.

Whatever school you choose, remember: When you are figuring out what college will cost, look beyond admissions materials, which may only list tuition, fees, and room and board.
College students do not live by tuition alone. There are textbooks to pay for, not to mention transportation, coffee, phone calls, laundry, etc. It adds up. How much? We estimate a minimum of $4,000 a year. Generally, to calculate your yearly tab if you live at home, add $5,500 to $6,000 to tuition and fees. If you live away at school, tack at least $11,000.

Be sure to read the colleges' financial aid materials or Web sites when breaking down the cost of attendance. Colleges figure those costs when deciding whether to award you financial aid, including not only tuition, fees, and room and board, but allowances for books, supplies, transportation to classes, extracurricular activities and personal costs.

According to the College Board, expect to pay, on average, $921 to $988 for books and supplies; $6,875 to $8,595 for room and board (in a dorm or off campus); $768 to $1,284 for transportation, and $1,311 to $2,138 for miscellaneous expenses - depending on the type of institution.

It's hardly chump change, but you will still need to budget carefully. If you don't want maxed-out credit card bills slapping you during finals, spend smartly.
By now you've probably filed your Free Application for Federal Student Aid and have your estimated family contribution. You have an idea of college costs. Family contribution and cost are the key factors in a college's calculation of aid. The mathematical formula is simple: Cost - estimated family contribution = need.

The college financial aid office's role is to tap into the many forms, programs and sources to help you meet that need. We refer to that process as packaging. It results in a financial aid award letter outlining what you can expect.

In the coming weeks, we'll explain how to evaluate these aid packages to see which realistically match your family's ability to pay for your higher education.

Your Money columnists George Chin and Alice Murphey are the former and current directors of financial aid for the City University of New York. They've each advised students about managing college costs for more than 30 years.In figuring costs, look far beyond tuition and room and board.

*****************************************
Check out our free workshops that give you ideas you can use right away to maximize the financial aid you'll receive - there's more than 130 Billion of Federal Aid available for your college-bound student...learn how to get your fair share! Call our office at 954.659.1234 or visit our website, www.CollegePlanningAdvice.com.

Avoiding Unpleasant Surprises During College Financial Aid Award Season

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Thu, 13 Mar 2008 12:40:00 +0000

This time of year, college-bound students start receiving financial aid award letters from the schools they have applied to. Here’s a typical question asked of us during our free workshops in “financial aid award season:”

Q. We're confused about our son's financial aid award from (Extremely Competitive) University . Our Expected Family Contribution (EFC) is $15,000, but the cost of college around $44,000. The financial aid office offered us only loans. What happened?

A. Here's how the system works: Most financial aid is based on “Need,” calculated as follows: COA-EFC = Need. (COA stands for cost of attendance: tuition, room, board and other incidentals). So the lower your EFC, the higher your Need. The higher your Need, the more aid you receive. But hang on – there are plently of nuances behind this simple formula.

Less than 3 percent of colleges meet 100 percent of Need. Here in Florida, the range is from 30% to approximately 85% of need. The elite, private schools tend to be the most generous, since they have the largest endowments.

But it’s not just the raw percentage of Need that is important; it’s critical to understand how Need is met – what percentage is “free” aid – grants vs. how much is“self-help” - loans and work-study. This mixture varies tremendously among the schools. Some offer 100% grants - Harvard and other Ivy’s,notably; others 85% free, 15% loans. A good ratio here in Florida is 60% free; 40% loans.

So it’s confusing when considering a private school that meets less than 100% of Need: If the COA is $50,000 and EFC is $20,000 - Need is $30,000 (COA-EFC). Many families mistakenly expect an award of $30,000. But if school meets, on average, only 80% of the Need ($24,000), the remaining 20% or $6,000 is additional money the family must cough up. So this family's "adjusted" EFC becomes $24,000.

I realize that this stuff is hard to understand at first blush. Most likely, you’ve never had this explained to you. That’s why we run free college planning workshops several times per month.

But here’s an important point to take away from this post: it’s critical where you apply to college. Some schools have more attractive financial aid packages than others. That’s why we recommend that you start the planning process in Sophomore year of high school; Junior year at the latest. Start by calculating your EFC, and understand that there are legal, ethical and moral ways to lower that number so you maximize your financial aid award letter. Start your planning early so you’re pleased, not depressed, when you receive your award letters.

Andrew Lockwood, J.D. is co-owner of College Planning Specialists in Weston. He co-hosts “The College Planning Power Hour” each Sunday morning, 10:00-10:00 am, WFTL Sports 1400 AM, ESPN Radio. His firm offers free workshops on topics such as “5 Myths About Qualifying for Financial Aid” and “3 Critical Questions You Must Ask The Financial Aid Office Before You Apply:” More information is available at www.CollegePlanningAdvice.com.

College Pete and Andy Debut College Planning Radio Show!

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Sat, 08 Mar 2008 12:02:00 +0000

This just in -

College Pete and I have launched our radio show, "The College Planning Power Hour." We cover all sorts of 'insider' information about college financial aid, student loans and how to find grants, scholarships and other free money for college. We also cover the greatest myths about college financial aid, including the false belief that families with high, six figure incomes cannot qualify for financial aid!

We'll also feature the "S.A.T. Word of the Day" with our resident "S.A.T Godfather," Michael El-Deiry. Each week the Godfather will enlighten our vocabulary with a fresh S.A.T. vocabulary word and try to stump us.

Since we're on ESPN Radio, we'll also come up with college sports related trivia and other stuff. For example, next week is "Selection Sunday" for the NCAA men's basketball tournament. We'll be joined by Andy Katz, ESPN college basketball reporter who will go over his picks for "March Madness." Then, we'll share OUR picks for the schools invited to the "big dance" (based on how generous each college is with financial aid.) Fun!!!

We air each Sunday, 10-11:00 am on WFTL, 1400AM - ESPN Radio. You can listen online at: www.CollegePlanningRadio.com.

There is $130 Billion Available For Financial Aid, But...

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Sat, 01 Mar 2008 20:45:00 +0000

Here's an article that appeared recently the school paper of Palo Alto. It details that, although there is a huuuuuuuge amount of financial aid out there ($130 Billion), receiving it is more competitive than ever.

When you're done with the article, mosey on over to www.CollegePlanningAdvice, which has important information you can use to see how you can get the inside track on qualifying for your share.

Here's the piece:

College tuition prices out of controlIncreasing college tuition places more stress on college bound students

Posted Mon Jan. 28, 12:42:16 PST 2008By Kevin Harvey of The Campanile
As most Palo Alto High School students know by now, the competition involved with college admissions is enormous and steadily increasing. Of the 2008 national graduating class of 3.2 million students, about 30 percent will attend a college or university, the largest number in United States history.

Many students resort to the help of private college counselors for guidance, reassurance and such preparation as aid in essay and application writing.

Last year, over 120,000 high school seniors applied to colleges and universities with the help of a private counselor. This increasing competition allows colleges and universities to raise their tuition and application prices.

As the competition and tuition prices continue to increase, the number of students who are able to attend colleges and universities will decrease. However, according to The College Board, there is more than $130 billion available for financial aid this coming year.

Despite this, financial aid will continue to be increasingly difficult to receive because of the increasing number of eligible applicants.

Private colleges and universities are being run like corporations, striving to gain profit and forgetting about providing their services for a reasonable fee. Universities are raising their tuition prices because they can, due to demand.

The price of tuition among private universities increased by 6.3 percent this year, while public colleges increased tuition by a drastic 6.6 percent, according to The College Board.
Moreover, The College Board recently announced that it will no longer support the Federal Family Education Loan Program, one of the largest student loan providers in the nation. After Oct. 15, the College Board refused applications.

According to The College Board, students should expect to pay between $95 and $1,404 more
for tuition this year than last year, depending on the type of college or university.

In 1990, the tuition price for an undergraduate student living on the campus of Stanford University was $14,280 per year. The tuition price increased about 300 percent to an astonishing $44,267 for the 2008 academic year.

Many people assume that this is because Stanford is expanding their facilities and needs to increase tuition prices to compensate.

These assumptions are incorrect. Almost all universities in the United States pay their expenses, including their staff members' salaries, with the fees they charge for application papers. The fee that they charge attending students for tuition is almost entirely for profit.

However, many universities, such as the University of Michigan at Ann Arbor, are trying to prevent undergraduate tuition prices from increasing. But graduate school tuition prices have heavily increased to compensate for the profit lost through keeping the undergraduate tuition relatively low.

As tuition prices increase rapidly, many students apply for financial aid, but most students who apply for aid do not end up receiving it. This problem is most common among middle class families because their income is not low enough to make them completely dependent on financial aid, but not high enough to prevent them from struggling with payments and tuition costs.

If colleges and universities lowered their tuition costs, they would allow more students that were

previously dependent on financial aid to attend.
This would raise profit margins because universities would have more students attending who pay lower tuition costs.

This story originally appeared in The Campanile on January 28, 2008.

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Want inside information on financial aid and "How to Pay for College Without Going Broke?" Visit www.CollegePlanningAdvice.com.

College Planning Interns BANNED at State-Sponsored Financial Aid Event

info@collegeplanningadvice.com ("College Pete" 'n Andy - Bloggers) — Tue, 26 Feb 2008 18:58:00 +0000

College Planning Interns BANNED at State-Sponsored Financial Aid Event – Event Officials Threaten, Intimidate Interns, Rip Literature, Call Police

Here's a press release we just issued about the outrageous events this weekend.

For Immediate Release
Weston, Florida, February 23, 2008 – Officials at “Countdown to College,” a state-sponsored financial aid event, muzzled a local college planning firm that attempted to shed light on the sponsors behind the event.This weekend, the state of Florida featured the “Countdown," a series of financial aid form assistance workshops ostensibly designed to help parents of college-bound teens fill out the Free Application for Financial Aid (FAFSA). Unbeknownst to the attendees, however, the events were underwritten by student loan companies. When student interns hired by CollegePlanningAdvice.com, a Weston-based college planning firm, showed up at the event to distribute information urging families to consider other sources of college funding – including free, need-based grants and scholarships - they were met by angry, outraged organizers. Event officials moved swiftly to intimidate the teenaged interns with threats of calling the police, tearing up their flyers and banning them from the parking lot.

“This event was held in a public forum. These cowardly officials shamelessly violated the interns’ rights to free speech under the 1st amendment!” said Andrew Lockwood, J.D., co-owner of CollegePlanningAdvice.com. ”But the true victims were the families who were coerced into applying for high fee, high debt student loans when unknown alternatives were available.”
Lockwood and Peter Ratzan, M.B.A. co-owners of CollegePlanningAdvice.com, were shocked once they learned that event which was sponsored by USA Funds -- a student loan guarantor—and Citicorp - a student lender - would steer cash-strapped and uninformed families to risky, high cost and unsubsidized private student loans without offering an alternative solution to their college funding crisis.

"There are better, even free ways to pay for college, if you know the "rules of the game" about how federal grants are given, and to whom. There's more than 80 Billion dollars of need-based aid available through the financial aid system,” said Razan. “Andy and I were shocked to learn that we would not be allowed to present that information to the families at the Countdown. Wouldn’t you think that this would be information that they’d want to know?”“We just wanted to make sure that parents found out that there was a legitimate alternative to burdening their children with deceptive, low "teaser" rate payments that, after they adjust, create late payments, non-payments, defaults and ruin your student's credit rating for the indeterminate future" said Lockwood.

“Unfortunately, here’s what happened instead,” said Ratzan: "The parents filled out their FAFSA. Then, they pushed a button and learned what their Expected Family Contribution (EFC) is. This is a critical number - it’s the dollar amount that parents are expected to pay according to the FAFSA."

"For most parents, the EFC is not pretty,” said Lockwood. “The EFC is usually several thousand dollars per year, per child. Parents freak out. Then, at the ‘Countdown,’ vulnerable parents rushed to apply for high fee, high rate student loans, solely because they did not see any alternative to incurring this debt! For these student lenders, signing borrowers was like shooting fish in a barrel, but with a machine gun!” said Lockwood.“The key to avoiding being pigeon-holed like this is to start the college planning process by sophomore or junior year. This is one area where procrastination can cost you literally thousands of dollars of lost aid and high interest payments,” said Ratzan.

Lockwood and Ratzan offer free college planning workshops that encourage parents to reduce or flat-out eliminate high fee, high interest rate debt. Details are available at: http://collegeplanningadvice.comLockwood and Ratzan co-host “The College Planning Power Hour” radio show, Sundays, 10:00-11:00 AM on ESPN Radio AM 1400, starting March 2, 2008. Their firm, CollegePlanningAdvice.com is located in Weston, Florida and helps parents “Pay for College Without Going Broke.”

For more information and/or an entertaining interview, please contact Andrew Lockwood, J.D. at 954.659.1234 or info@collegeplanningadvice.com