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How To Pay For College
$ The Financial Game for The Pie $ | Presentation
Page 4 |
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A Tale Of Two Families
By Hertz Liktha Dickens |
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| Income Of Parents & Student | $75,000 | $75,000 |
| Assets Of Parents & Student | $105,000 | $105,000 |
| # Of Family Members | 5 | 5 |
| Age Of Oldest Parent | 44 | 44 |
| College Of Choice | Intellect Tech | Intellect Tech |
| Expected Family contribution | $15,271 | $9,265 |
| Extra $ Family "A" Has To Pay | $6,006 | -- |
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| Two families, indentical in size, income and assets; both sending their child to the same college--both filed the FAFSA correctly and on time--why does one end up paying over $6000 more per year? Family "A" did no other college financial aid planning; while on the other hand Family "B" did!. |
| By applying knowledge of the Higher Education Act of Congress, your ingredients can be legally altered to lower your Expected Family Contribution . This is similar in concept to how a CPA or tax preparer can help you lower what you pay in taxes. |
| Besides getting your Expected Family Contribution lowered, you also benefit by knowing ahead of time approximately what you may be paying; so you can plan and budget accordingly. |
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File The FAP
FAFSA's Evil and Bigger Twin |
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Some private colleges and/or scholarships require the FAP (Financial Aid Profile. or College Scholarship Service Financial Aid Profile) in addition to the FAFSAYou have to first register for the FAP application, and pay about $5Then you file the FAP, and pay $18 to each college you are consideringThe FAP has to be consistent with the FAFSAIt is based on Institutional Methodology instead of Federal MethodologyThe FAP has additional questions beyond what the FAFSA asks, relating to income and assets, family status, business you own etc.- Additional form may be required if either parent ever divorced
- Additional form may be required if the family owns a business
- Additional form may be required if the family owns a farm
Some colleges require an early filing: November, or December of a students high school year (The Base Year) |
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| Please go to the next page, page 5, to see the Basic Ingredients Part II, the other key part to the recipe! |
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