Testing - ACT/SAT/End of Course Exams What Would You Do, If You Knew You Couldnt Fail? October 13, 2012.

Testing - ACT/SAT/End of Course Exams

What Would You Do, If You Knew You Couldn’t Fail?

October 13 , 2012

EP21 Monthly Features10 Things Follow Up (You Tube) (6 min)Websites of the month: (9 min)

http://onlineuniversitydata.com/2010/25-excellent-college-scholarship-search-engines/

http://www.scholarships.com/financial-aid/college-scholarships/success-stories/ (if they can do it…)

http://www.cafecollege.org/homehttp://www.gentx.org

Gates Millenium Video w/our teens in it! (5 min)http://www.saisd.net/main/index.php?option=com_conten

t&view=article&id=2465:convocation2012videos&catid=35:video-library

EP21 Monthly Features (cont.)Scholarships of the Month (15 min) – degree in many areas!

USDA – Mardi Gras mentality!San Antonio Livestock Exposition (I am your lawyer…:-)

Article of the month (7 min)Racial breakdown of scholarships (Texas Lawsuit)http://www.good.is/posts/debunking-the-myth-that-minoritie

s-receive-more-college-scholarships

Rumor: Bill Gates only cares for minorities??? Xerox (5 min)http://careers.microsoft.com/careers/en/us/internships-schol

arships.aspxhttp://www.itcareerfinder.com/it-training-funding-options/it-

scholarships/xerox-technical-minority-scholarship.htmlScholarship

Search E-Book Tip of the Month (5 min)Magic Words: Audience Request (7 min)

USDA http://www.usda.gov/wps/portal/usda/usdahome?contentid

=scholarship_programs.xml&contentidonly=true http://www.nrcs.usda.gov/wps/portal/nrcs/detail/national/ca

reers/student/?&cid=nrcsdev11_001022

San Antonio Livestock Exposition scholarship (Rodeo story – I’m your lawyer!) http://www.sarodeo.com/gallery/sale-scholarships-livestock http://www.utsa.edu/scholarships/salemajorlist.html

SAT/ACT (15 min) http://www.testinfo.net/sat/sat-tips.htm#overall http://www.testinfo.net/act/act-tips.htm#overall www.number2.com http://www.tea.state.tx.us/index4_wide.aspx?id=2147506337

EP21 Website Sources

Attend College For Free (5 min) http://finance.yahoo.com/video/ways-attend-college-free-113000660.ht

ml

Google Search (“Free College Tuition Texas”) (3 min) http://lindalorelle.squarespace.com/storage/college_university-informat

ion/CollegesOffering_FREE_Tuition_and_Fees_UPDATED_Sept_20101-2.pdf

EP21 Timeline (+ online site) Review (6 min)http://video.msnbc.msn.com/nightly-news/

46828327#46828327

EP21 Website Sources

10 Things You Gotta Know about Paying for College

EP 21

The Process The Long Plan StrategyThe Short Plan Strategy

The Free MoneyThe Loans

The State SystemThe Other Aid

The OfferThe Long Haul

The Secrets

By Brandon Rogers

Sep Workshop

The Process1000’s competing for same $Need – difference between COA and EFCEFC Calculation TablesNeed-based vs Non-Need-based AidFinancial Aid LimitsResume & Cover Letter

The ProcessDiff methods used to calculate your EFCDemystifying FAFSA

“As of Today”35% vs 6% (% of assets used in FAFSA formula)# of Students in SchoolDeadlines are single biggest reason $ is limited/lost

The Profile (more detailed than FAFSA)1040A or 1040EZ vs the 1040 Long

The Long Plan Strategy3 Years & Out (Do things that need to be done)Most scholarships won years out - not during Sr. year

Why invest? Why plant? Why study? Why prepare? More kids in school decreases EFCRetirement – too many parents not ready> $60,000 (probably no Pell for 96%)Back to the Future?

529 Plan: College Savings Plan vs Prepaid TuitionCoverdell (Pros & Cons)

Buying a home & home equity

The Short Plan StrategyMinimize income/assets the year before starting college

Postpone bonus until January after base year< $50K (simplified need test ignores assets, such as assets,

cash and savings on hand…only for public schools)Hope Credit and Lifelong Learning Credit ($1500 & $2000)

(See IRS Form 8863 or www.irs.com)

Income Brackets (Parent vs Teen) – IRS vs Dept of Educ Opposite: Teen income is assessed more harshly (Parents should

never put assets in the teen’s name during the base year)

10 Ways to Reduce Year Income

The Short Plan StrategyIncome protection

Student vs Parents 22% < Max rate for parents < 47% (Protected up to $29,000) Student protection stops at $2,380 (50% rate above that) Better off not working during base year if income < $2,380???

Income Penalty Exceptions Work Study (say yes!) AmeriCorps

Asset Allowance Parents $ < $40K is protected; Parent $ > $40K taxed at 12% Student’s contribution is 35% of total assets ($ increases as Senior) Spend your assets (things you need) before completing FAFSA

The Short Plan StrategyAsset Allowance (cont.)

Gift Postponements until Senior year or given to parentsLiabilities not counted like assets against EFC

(pay down consumer debt w/check from grandma)Dependency vs Independency…not easyResidency (cheaper in state); EFC can be lowered if out of

state school is selected – but tuition is higher (choices)Can move to states and work 1-yr for residency (varies)

Panic Plan (2 yr)

The Free MoneyPell has NO deadline (Gov’t)SEOG - good BUT NOT guaranteed (Campus-based)State Grants are out there…but you have to go get it!Scholarships (All Types) – FastWeb.com….Number2.comService Awards & FellowshipsHidden Free $

Tuition WaiversHousing AllowancesLoan ForgivenessTaxation

The Loans (10 Types)Perkins LoanSubsidized Stafford LoanUnsubsidized Stafford LoanPLUS LoanAlternative (or Private)

Loan

Consolidated LoansEmergency LoansForgivable LoansHome Equity LoansState Program Loans

The State SystemApply EarlyOut of State is ExpensiveResidency & Tuition ReciprocityOther State Assistance (i.e., Tuition Rebate for Texas)

The Other AidWork StudyCoopWaiversFrom Fee to Free (i.e., application, housing, etc.)InternshipsCity YearCLEP

The Offer (ways to get more)Beat the DeadlinesChoose Help WiselyAce the FormsCheck the Student Aid Report for AccuracyAppeal (Professional Judgement)Understand the Letter(s)Know the Ratio (scholarship vs loans)NegotiateShop AroundChoose School

The Long HaulFAFSA has to be done annuallyExtra MoneyCut Big Cost (Buy 3/1 Free; Alumni benefit)Cut Small Cost (Credit Cards; Phones, etc.)Keep Up w/School WorkKeep Looking for $Expand your Horizon (Study Abroad, Spring Break, etc.)Get your Game on Annually

The SecretsGet started in college early (AP, Summer classes, 2+2)Combine Undergrad and Grad School (buy 4, get 1 free)10 good lending institutions (free info)Summer Secrets (i.e. U of H, Prairie View Summer pgms)Satisfactory Academic Progress (SAP)www.teachforamerica.com

DestinyWatch your thoughts, they become your wordsWatch your words, they become actionsWatch your actions, they become habitsWatch your habits, they become your characterWatch your character, for it determines your destiny

EFC Calculation Tables One in College

Family Size 5 4 3

Income

$20,000 0 0 0

$40,000 $1,200 $2,000 $3,000

$60,000 $6,100 $7,800 $9,700

$80,000 $14,400 $16,000 $18,000

$100,000 $23,200 $25,000 $27,000

EFC Calculation Tables Two in College

Family Size 5 4 3

Income

$20,000 0 0 0

$40,000 $800 $1,200 $1,700

$60,000 $3,500 $4,400 $5,400

$80,000 $7,700 $8,600 $9,600

$100,000 $12,000 $13,000 $14,000

Financial Aid Annual LimitsPell Grant: $4,050SEOG: $4,000Perkins Loan: $4,000PLUS Loan: Up to COA,

minus other aidWork-Study: Usually a

maximum of 20 hours/week

Stafford Loans:Fr Yr: $2,625So Yr: $3,500Jr/Sr Yr: $5,500

Additional Unsubsidized Stafford LoanFr/So Yr: $4,000Jr/Sr Yr: $5,000

Postpone a year-end bonus to the next yearTake an unpaid leave of absenceMaximize contributions to retirement plansTry to have overtime payments deferred to the next yearDon’t earn more than $2,380 if you’re a studentDelay accepting large cash gifts (Senior Year)Accelerate income, if possible, to the year before base yrSell off losing investmentsDon’t sell off real estate or stocks during the base yearPay down consumer debt

10 Ways to Reduce Year Income

10 Things About 529

10 Good Things About 529

10 Bad Things About 529

10 Things About the Coverdell ESA