It's Just 3 Simple Steps to determine if the colleges on your list are "Financial Fits"

Step 1

I begin by  sending the family a file with two worksheets to complete.   The family will answer questions regarding the details of their family situation:

• Family and student finances
• Academic background of your student
• Colleges the student is interested in applying to
• Additional items required to estimate your financial aid and the family's college budget
  

Step 2

Before our meeting, I will determine estimates of how much need-based and merit-based (based on academics and talents) aid your family will receive for up to eight colleges your student is interested in attending.  If it is determined that the family does not qualify for any need-based financial aid, I will add some colleges that offer merit-based awards.

I then prepare a customized worksheet which will include the estimated net price (cost) 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.  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. 

Step 3

I will meet with your family and begin by giving you an overview of financial aid and paying for college.  We will then review the customized worksheet 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 the family.
 
I will then review with you customized worksheets including a schedule of your net worth, your resources to pay for college, and your draft simplified college budget.  I will explain how to begin 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.   I will also help them develop strategies to pay for college which incorporate the rules for:

• Financial aid
• 529 plans
• Loans
• Gift Tax
  
• Education tax benefits

 
We will then determine which of the colleges on your student’s list are “financial” fits.

CLICK HERE FOR A More IN-DEPTH LOOK AT MY PROCESS

Tim Lenahan, C.P.A., M.S.
College Financial Counselor