Determining Which Colleges on Your List are a "Financial Fit"
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Beginning
The process begins with me sending you an Excel file with two worksheets for you to complete. Family Academic Goals Worksheet The first one is asking for information regarding your family, student, academic information, the colleges you will be applying to, top three choices of majors, interest in either community college or graduate school, and if you will be applying to any college either early action or early decision. Family Financial Status Worksheet The second one will be asking for financial information. Beginning with your tax return information, assets, liabilities, additional resources to pay for college, and additional items required to estimate the amount of your financial aid. Once you return the completed file, I will contact you to schedule a meeting. 
Then I get to work...
Before our meeting, I will prepare a customized worksheet for up to eight of the colleges your student is interested in attending. The worksheet will include the net price (cost) after grants and scholarships that your family will pay for each school for both one & five years, estimated annual increase in cost, if CSS financial aid form is required, 4-year graduation rates, percentage of students who receive merit aid, the average amount these students receive, acceptance rates, and the medium GPA, SAT, & Act scores. There is an additional charge for more than eight colleges. I will also prepare a customized worksheet including a schedule of your net worth, your resources to pay for college, and your draft college budget. Family Meeting
At our meeting, I will start by giving you an overview of financial aid and paying for college. We will review the information for the eight colleges you have chosen. We will then discuss your specific situation and I will answer your questions. I will also explain other areas of interest to your family:
I will review with you a schedule of your net worth, your resources to pay for college, and your draft simplified college budget. I will explain how to prepare your family’s college budget so that you will know the maximum amount you can afford to pay for college for your student and any siblings. If necessary, I will give you detailed annual budget and cash flow worksheets to help you determine your current annual cash flow. We will discuss planning opportunities based on your facts, ways to reduce the cost of college, how to look for scholarships, the financial resources available to you to pay for college, and the many options available to pay for the remaining cost of college.
I will also assist in determining which colleges on your list are a "financial" fit. This service costs between $500 and $600 based on the time incurred. Optional Service: Year-by-Year College Budgeting, including Siblings
After the family has agreed to their college budget amount, including siblings, I can assist them in preparing a budget for each year of college. This will incorporate planning ideas to maximize your resources and choices of debt. This additional service costs $275. |
Tim Lenahan, C.P.A., M.S.
College Financial Counselor |
