Plan and Finance Your Family's College Dreams: A Parent's Step-By-Step Guide from Pre-K to Senior Year

Plan and Finance Your Family's College Dreams: A Parent's Step-By-Step Guide from Pre-K to Senior Year

by John Hupalo, Peter Mazareas

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Overview

Plan and Finance Your Family's College Dreams: A Parent's Step-By-Step Guide from Pre-K to Senior Year by John Hupalo, Peter Mazareas

Planning and paying for a college education is a daunting task for most parents. It is a stressful and costly process that needs a well-thought-out 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 save, plan for, apply to, and finance a college education.

Product Details

ISBN-13: 9780768940800
Publisher: Peterson's
Publication date: 06/14/2016
Pages: 312
Sales rank: 801,819
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

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