Plan and Finance Your Family's College Dreams

by John Hupalo, Peter Mazareas

Overview

Peterson’s Plan and Finance Your Family's College Dreams 1st Edition

Planning and paying for a college education is a challenging task for most parents. It can be a stressful and costly process that requires both a well-planned academic and financial strategy. This guide offers just that!

Two of the nation's leading college planning and financing experts provide clear step-by-step guidance on how to successfully plan for, save, apply to, and finance a college education, including the benefits of a 529 plan

Authors John Hupalo and Peter Mazareas PhD have received outstanding

5 star reviews for this guide.

Some customer comments on the website include:

“This book is a must read for parents with children, of all ages, who plan to send their kids to college. In understandable terms, Hupalo and Mazareas, have demystified the college finance and admissions process with easy-to-follow steps to college finance self-sufficiency.”

AND

“As a financial advisor of 20 years, I found this book to be an ideal balance of easy to read, substantial range of information, and helpful at the same time. Well written! I intend to buy several to hand out to my clients who have children or grandchildren heading to college.”

Chapters include:

1. Saving for college. Start now!
2. 529 Plans - excellent savings vehicles
3. Financial aid primer - the basics
4. Scholarships - get free money!
5. Student loans - finding the right balance
6. Tax benefits - tax credits and deductions
7. College admissions - prepare, prepare, prepare
8. The application - pulling it all together
9. Financial aid - the second college application process

Product Details

ISBN-13:	9780768940800
Publisher:	Peterson's
Publication date:	05/18/2016
Pages:	312
Product dimensions:	6.00(w) x 8.90(h) x 0.80(d)

About the Author

John Hupalo is a nationally recognized expert in education loan finance and private credit student loans-having structured or securitized more than $50 billion of student loans, helping over 1 million students finance their educations. His career spans three decades with senior positions of a publicly traded education finance company and as Manager of a number of Education Loan Groups on Wall Street. In 2012, he co-founded Invite Education to empower families with better information, tools, and services to more effectively plan and pay for college.

John began his career in 1982 on the Washington staff of Congressman John Porter, a member of the Appropriations Subcommittee on Education and Labor. From 1987-2003, he was a member or Manager of Education Finance Groups at Manufacturers Hanover Securities Corporation, Salomon Smith Barney, PaineWebber/UBS, and Deutsche Bank (2010). In 2003, he joined First Marblehead Corp., where he participated in the IPO and served as Senior EVP and Chief Financial Officer. Mr. Hupalo received his B.A. with Honors from Boston University in 1982 and an MBA in Finance from NYU's Stern School of Business in 1987. He has testified before Congress, frequently speaks at industry conferences, and has had articles published in U.S. News & World Report, the Association of Finance Professional Exchange, and the Greentree Gazette.

Dr. Peter Mazareas is considered one of the nation's foremost experts on college planning and financing.
He is one of the founders of 529 Plans, having worked with Congress on legislation to enable the creation and implementation of 529 savings plans. Peter helped establish and was elected Chair of the two 529 Trade Associations-the College Savings Plan Network (CSPN) and the College Savings Foundation. As a consultant, he helped design, launch, and market several of the nation's largest 529 Programs. He is the former Executive Director of the Massachusetts Educational Financing Authority, where he implemented some of the nation's first college loan and 529 savings plans. He is featured at national conferences and has been quoted and interviewed in a variety of national publications and radio and TV shows, including The Wall Street Journal; USA Today; Kiplinger's; CNN; PBS; Bob Brinker; Money Magazine; Smart Money Magazine; and Investment News.

Dr. Mazareas has also served as Deputy Treasurer, Commonwealth of Massachusetts. He was a senior administrator and on the faculty at 3 universities, including as a full-time Professor of Business at Boston College's Carroll Graduate School of Management. He is a co-founder of Invite Education.

Dr. Mazareas received a B.A. from Harvard College and an M.B.A. and Ph.D. from the University of Chicago.

Table of Contents

Foreword vii

The Challenge All Families Face viii

As Parents, We've Been There ix

Introduction xi

How This Book Will Help You xi

Part 1 Financing College xii

Part 2 Preparing for and Applying to College xiv

Part 3 Pulling It All Together xvii

Help Your Child Plan, Prepare, and Succeed xviii

Part 1 Financing College

Chapter 1 Saving for College-Start Now! 1

The Power of Compounding-Start Saving Today 3

Savings Vehicles: Your Mileage May Vary 7

Investment Choices: Cash Accounts, Debt, Equity, or Some of Each? 15

Chapter 1 Takeaways 23

Chapter 2 529 Plans-An Excellent College Savings Vehicle 25

The Uniqueness of Section 529 27

College Financing Crisis in the 1980s and 529 Plans 28

Section 529 Becomes Law in 1995 29

The College-Financing Crisis Continues 30

Section 529 Plans Today 33

Finding the Right 529 Plan for You 42

Constructing Your Family's Savings Plan 53

Section 529 Plans: Commonly Asked Questions 55

Chapter 2 Takeaways 64

Chapter 3 Financial Aid Primer-The Basics 65

Introduction to Financial Aid: Make Sure Your "Aid"' Is Actually Aid 65

Your Financial Aid Package 73

College Discretion in Adjusting the Aid Package 75

Education Benefits for Members of the Military 76

Chapter 3 Takeaways 78

Chapter 4 Scholarships-Get Free Money 79

Outside or Third-Party Scholarship Providers 79

Chapter 4 Takeaways 84

Chapter 5 Student Loans-Finding the Right Balance 85

Some Background Information 87

The Good, the Sad, and the Ugly of College Loans 88

Federal Loan Program Options 92

Smart Borrowing Best Practices for Parents and Students 103

Defaulting on Student Loans 105

Create Your Family's Loan Plan 106

Chapter 5 Takeaways: 112

Chapter 6 Tax Benefits for Higher Education-Tax Credits and Deductions 115

Tax Consequences of Scholarships 117

Chapter 6 Takeaways 118

Part 2 Preparing for and Applying to College

Chapter 7 The College Admissions Process-Prepare, Prepare, Prepare 121

Selecting Colleges 122

Early Planning Pays Off 123

How Colleges Evaluate Applicants 126

Chapter 7 Takeaways 150

Chapter 8 The College Application-Pulling It All Together 151

The College Essay or Personal Statement 157

Letters of Recommendation 160

The Application Is Reedy: What's Next? 163

The Interview 164

Decision Time-and What to Do 168

After the Decision: Plenty to Do 174

Chapter 8 Takeaways 177

Chapter 9 Financial Aid-The Second College Application Process 179

Don't Mess with Deadlines 179

File the Forms: The First Step on the Road to Receiving Need-Based Financial Aid 180

The Base Year is Very Important 184

Strategies to Maximize Financial Aid 185

Negotiating the Best Possible Financial Aid Package 188

Chapter 9 Takeaways 191

Chapter 10 Filing Financial Aid Forms-It's Worth the Effort 193

No FAFSA®: No Federal Aid For You 193

About the Federal FSA ID 196

Filing the FAFSA® 197

CSS/Financial Aid PROFILE® 198

Chapter 10 Takeaways 202

Part 3 Pulling It All Together

Chapter 11 Financial Literacy-For High School and College Students 205

Budgeting 206

Credit Scoring 209

College Loan Refinancing and Consolidation 219

Chapter 11 Takeaways 223

Chapter 12 Create a Family College Plan-You'll Be Glad You Did! 225

Here's What You Need to Do 225

Acknowledgements 261

Appendixes

Appendix A 529 Programs by State 265

Appendix B Invite Education: College Planning Center 273

What You Will Find atlnviteEducation.com. 273

Were About mvw.lnviteEducation.com 276

Index 279

Editorial Reviews

"Plan and Finance Your Family's College Dreams is a wonderfully comprehensive guide to college admissions and financial aid from two professionals who know this world inside and out. It is especially helpful in the long-range perspective, as the book offers guidance to parents who want to be certain that their children have the best opportunity to achieve their higher education goals."—William Fitzsimmons, Dean of Admissions & Financial Aid, Harvard College
---Sally Donahue, Griffin Director of Financial Aid, Harvard College

"Plan and Finance Your Family's College Dreams is chock full of comprehensive information, tips, and grade-specific direction and action items. This book is a great resource for parents interested in how best to save, pay, and successfully help their children prepare for and navigate the college admissions process. It's an easy read with practical answers to questions that cause families to be very anxious about their children's college prospects."—William D. Hansen, President & CEO, USA Funds
Former Deputy Secretary, U.S. Department of Education

"Plan and Finance Your Family's College Dreams is a well-written, comprehensive road map simplifying complex financial strategies to saving and paying for higher education. Build the best personal college savings plan, navigate student loans to your advantage, get admitted to the best university possible-it is all here, and more, in one volume. This is an essential reference for families of all income levels, with children of all ages, to secure a financially stress-free college experience. In my thirty years in the industry, I have never seen a better guide for financing and preparing for college. This book is a must have."—William W. Montjoy, Honorary Chairman and Senior Counsel, Global Education Group

"Hupalo and Mazareas pull together the complex financial and college planning issues facing families and make them easy to understand. Their explanation of why it is important to start saving early-even small amounts-is straightforward and compelling, as is the discussion of ways to save for college, including the benefits of 529 Plans. This step-by-step guide will greatly benefit both parents and students, with great practical advice for all situations. The focus on age-appropriate financial education for children of all ages is an added treat. This comprehensive resource demystifies the college planning and application process and shows that with planning and teamwork, families can make their college dreams come true."—Mary Morris, CEO, Virginia529
Chair, The College Savings Foundation

"Dr. Peter Mazareas and John Hupalo's book provides students, parents, and family members an excellent resource that is very thorough and easy to understand. Plan and Finance Your Family's College Dreams offers families the extensive (wide-ranging) information about the financial aid process and the guidance needed to establish effective savings and financing plans for a college education at any stage in the student's life."—Bernard (Bernie) Pekala, Director of Student Financial Strategies, Boston College

"This book is a must read for families and financial advisors focusing on paying and planning for college. As a founder and manager of an investment firm, I will recommend this book to my financial advisors and their clients. A truly comprehensive and valuable book and resource for all engaged in college planning."—Larry Glazer, Founder, Mayflower Advisors, LLC
Top 250 Wealth Advisors Award Recipient


"We all want our children to succeed in life. Education is one of the most important elements in the path to success. This step-by-step guide is an excellent resource to navigate this path."—Jack L. Kopnisky, President and CEO, Sterling National Bank

"Two things keep parents, students, and grads from properly and responsibly managing their debt: easy access and accurate information. John Hupalo and Dr. Peter Mazareas adroitly address both at a time when rumors of a crisis loom and young borrowers and their parents need to be more educated on financing, now more than ever before."—Vince Passione, CEO and Founder, LendKey Technologies

From the Publisher