College-Specific Plan Report
The process of selecting the right college is often a balancing act. As a parent, you undoubtedly want your child to attend a school that will not only fuel his or her career aspirations, but also nourish your child’s personal growth. Yet, family finances and financial aid offers also play a significant role in the decision-making process.
Your Guidance Office is here to help. Our experts understand the delicate balancing act between choosing the perfect college and choosing an affordable college. Our solution is to thoroughly analyze every aspect of college planning finances so that your child’s dream school is as affordable as possible.
Your Customized Financial Report
When your child has narrowed down the list of potential colleges, we’ll put together a customized financial report. Usually totaling about 35 pages, this is a college-specific plan report that explores all possible avenues for funding your child’s college education. It is produced in consultation with an external, licensed financial services professional who specializes in college planning.
Each college-specific plan report includes financial information and college planning strategies such as the following:
- Parent and student income
- Savings plans
- Live scoring
- Progress reports
- Scholarships
- Financial assets
- Tax credits
- Student loans
- Federal and state grants
- Institutional grants
When you receive the report, you will have a clear picture of exactly how affordable each school choice will be. This, along with other factors such as your student’s preferences, will play a significant role in the decision-making process.
Understanding Common College Financial Aid Terminology
Even if you’ve previously worked on college financial aid for yourself or your older children, it can be confusing to work through the terminology. Your college admissions coach at YGO will help you and your child understand the common sources of college funding. However, you may find the following glossary helpful as you read over your college-specific plan report.
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529 savings plans: Also known as qualified tuition programs (QTPs), these are state-sponsored investment plans that offer tax benefits. Funds directed to these savings plans can only be used for education expenses.
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Award letter: A notice you’ll receive from each college explaining the financial aid offered by that college.
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Cost of attendance (COA): The anticipated total expenses for attending a particular institution for one academic year (two semesters, full-time). It includes housing, food, transportation, textbooks, health insurance, and other costs as well as tuition.
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CSS/Financial Aid Profile®: The CSS Profile is a financial aid application used by hundreds of higher education institutions to assess financial need and award financial aid. It’s similar to the FAFSA.
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Disbursement: Describes the process by which financial aid funds are provided. Some may be disbursed to the student or to the college to be applied to the student’s account.
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Expected family contribution (EFC): This is the amount that the family is expected to pay toward the student’s education. It’s calculated based on family size, assets, and earnings—information provided on the FAFSA. The EFC formula is legally set-in-stone (not determined by individual colleges) and is used to assess financial aid.
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FAFSA: The Free Application for Federal Student Aid must be submitted every year that the student is an undergraduate. It is the key to unlocking significant college funding, including the Pell Grant.
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Federal Pell Grant: The Pell Grant is a subsidy provided by the U.S. government to undergraduates with financial need.
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Federal student loan: Federal funds that must be paid back, including the Federal Direct Subsidized Student Loan, the Federal Direct Unsubsidized Student Loan, and the Federal Direct Graduate PLUS Loan. These are loans that the student will eventually repay.
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Direct Parent PLUS Loan (PLUS): Federal This loan is available to parents of undergraduate students. The parents are responsible for repayment.
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Federal Supplemental Educational Opportunity Grant (FSEOG): Institutions can award this federal grant to qualified undergraduates with financial need. Priority is generally given to Pell Grant recipients.
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Federal Work-Study: Work-study programs are administered by individual institutions. College students can take qualified jobs on or off campus to help defray educational expenses. Students are responsible for finding their work-study jobs.
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Grant: Money that does not need to be repaid.
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Iraq and Afghanistan Service Grant (IASG): A student may be eligible for this grant if they are not eligible for a Pell Grant and their parent or legal guardian died after 9/11 as a result of military service in either Iraq or Afghanistan.
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Loan: Money that is borrowed and does need to be repaid with interest.
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Merit aid: Financial aid, such as scholarships, that is awarded based on the student’s accomplishments.
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Student Aid Report (SAR): You’ll receive this notice after submitting the FAFSA. It explains your expected family contribution (EFC) and eligibility for federal aid.
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Student loan forgiveness: Federal student loans may sometimes qualify for forgiveness, meaning that they do not need to be repaid in part or in whole. Strict eligibility criteria apply. For example, students who go on to become teachers may qualify if they teach full-time for five consecutive academic years in a low-income school.
If you have any questions about your child’s financial aid offers, help is never far away. Your YGO coach will be happy to assist you. If you aren’t yet working with us, we invite you to schedule a free, no-obligation Student Enrollment interview to assess whether Your Guidance Office could be a good fit for your family. Contact us today to get started.
