<p>When scholar-athletes present info mid-summer looking forward to officials...
what should we have together for the FinAid offices to have those Fin-Aid pre-reads done at about the same time?</p>
<p>Previous year tax returns (both you and student). Best estimates for current year income, all savings and investments. Schools using the CSS profile may also want to know home value / equity.</p>
<p>A few tips about pre reads. The most important is understand what the financial aid office is really evaluating. The more you understand about the process, the fewer unpleasant surprises await you.</p>
<p>I will give specific examples. </p>
<p>Yale very difficult to deal with. Yale insisted on using the wrong year to render its pre-read (e.g., our son is a 2010 hs grad. Yale used our 2008 tax returns to give us a pre-read instead of 2009 (projected) numbers. [When you think about it, it was a useless exercise designed to either frustrate you or lull you into a false sense of security. Why? Because the ultimate financial aid for S would have been based upon 2009 financials.] )</p>
<p>Yales Financial Aid office seemed totally out of step with the athletic recruiting process. After we received our pre-read (which included submitting actual 08 numbers and projected 09 numbers [but 09 was nearing the end so we had really accurate 09 numbers], we could not understand how the financial aid number could be so much lower than the Yale calculator had indicated. As we peeled the layers off the onion (not an easy task with Yale), we realized that the 08 numbers were used (and if anyone remembers, the recession really bit in 09). When we asked them to use our 09 numbers, Yale was
extremely patronizing you really dont know what the last months of the year will bring, we know your income better than you do, were some of the responses. We asked the coach to intervene (because we were getting pressure from another Ivy to make a decision and the financial aid might be the tie breaker] and he did. We spoke to the FA officer who informed us that Yale took your 09 numbers and ADDED 25% to your income (again, because they know better than you did about your income and assets). When we insisted that they use our 09 numbers (without any patronizing changes from Yale) they came up with a number that was so much lower than the competing Ivy (and that IVY had received the exact same numbers) that the decision was an easy one for S.</p>
<p>Princeton what a pleasant experience. P used our 09 numbers (they did tell us that Ps financial aid was indeed contingent upon those numbers being correct [but were all adults and understood that]). They gave us a number in writing. Our ultimate return matched that number. The financial aid which appeared in the acceptance package matched the original FA. We were happy.</p>
<p>The moral of this story really understand the FA process. Do not be afraid to ask questions of the FA officer in charge of your package. Know what year they are basing a pre-read. Know if they added income (because they may know better). Know your numbers (income and assets) for the tax year the school will use to evaluate your FA needs. Above all, use the correct numbers if you underestimate your income or assets only you are to blame for a nasty surprise. Insist on getting a pre-read in writing which is concrete (e.g., Ps pre-read included our income and assets numbers). Understand how to evaluate your assets (Ivys for example do not include your home equity or the value of a small business; they do include all the ROTH money your S/D has accumulated); fair market value of commercial real estate has one value, but a forced 30 day sale of the same asset has another value, etc., etc. You can do some financial planning which can greatly impact your eligibility; conversely you can do some things which will really reduce your eligibility (unknowingly).</p>
<p>Knowledge of the process is the key.</p>
<p>Thank you. I have found some of the FAFSA etc confusing…
The calculator on Princeton’s site is very helpful as to their schools policies.
Small businesses/sole proprietor etc also rate differently…who owns assets etc.</p>
<p>We have to get our act together as our student graduates in 2011…so the 2009 returns and 2010 estimates will be important. We did look ahead in 2009 when making some business decisions. Our business accountant found the FAFSA form and what it calls things/how it defines stuff a bit unreliable–and since there is a “wrok aournd” due to some calculation errors…that stupdi thing worries me!</p>
<p>Is the CSS Profile more forgiving? </p>
<p>When does the Fin-Aid office do the pre-read for the recruited athlete? I am assuming we have to have our act together by the end of summer so when official visits roll around, this info is ready? True?</p>
<p>The timing of the financial stuff is sort of up to you. During our trips, we ran into parents who had the pre-read in hand by the time of the official visit. We ran into others who turned it in during the OV. We do not like sharing information with anyone more than the bare minimum so we waited until after the visit before looking into FA. If S did not like the school, that was that. S narrowed his choice to two schools and we turned in the info within a couple of weeks of his last visit. The rest of the story is laid out above.</p>
<p>The downside of our approach is the earlier you get the stuff in, the earlier you can start the LL process. (I think October 1 is the earliest you can get the LL.) The later in the season the more athletes (from all sports, not just yours) are getting their stuff in and the process takes longer (read that more nerve wracking) than the coach (and you) want.</p>
<p>As an additional point, S was getting lots of pressure to make a decision from the coaches from the beginning of the OV and continuing thereafter. He was able to fend off the coaches (read that “buy time”) until he completed his OVs at all the schools by telling them Mom and Dad were really trying to get the financial stuff in order, but it was taking Mom and Dad a long time (he did his OVs over four consecutive weekends). I think that the ability to fend off the coaches may depend upon lots of factors and our case may not be the norm – but it worked for S.</p>
<p>But, if your S/D is ready to make a decision, then be quick to learn what is the FA situtation.</p>
<p>In our case, the LL took 5 weeks (we got the stuff in in the middle of October). If we had acted sooner, the LL process would have been quicker.</p>
<p>By “stuff” I mean previous year tax return plus accurate estimates of current year (again, I cannot emphasize enough that the more accurate you are, the less wiggle room there is later for a lower offer) in the form the schools wanted. We did the “real forms” earlier this year.</p>
<p>The "stuff’ was pretty simple.</p>
<p>Thanks.
I reminded my spouse we need to have this “stuff” together sooner than later this yr…</p>
<p>We routinely file an extention—with both personal and business filings etc–lots of paper…
That said we keep great records–everything digitally–and pullling reports isn’t too bad.
2008 was an unusally “low” yr and that should be an issue if they are going to look at 2009 and the estimates for 2010…</p>
<p>I want to be able to have the paper together to go for the OV season when/if that comes to pass…</p>
<p>One coach asked our student to be sure to be on top of things as soon as school finishes this yr…and to get the recommendations started etc…</p>
<p>and yet the hs counselor was like “DON’T ask for recs until the fall” which is too late! sigh</p>
<p>We asked for pre-reads from schools before agreeing to any official visits. The quality of the FA package was a top priority for us, so we didn’t want our D to waste any of her 5 official visits on a school which we wouldn’t be able to afford in the end anyway. Two otherwise great options both academically and athletically were eliminated in this manner. But both gave comparatively poor aid such that even with the prospect of athletic money (even full scholarships) in later years, they would still have been much more expensive than her other options, which were mostly Ivies.</p>
<p>^^^
So when did you submit those pre-readsand how did you submit them? through the coach? What was the timing of the fin pre-read and the official visists? Did you email or fax the info to the coach/fin aid etc?</p>
<p>For the Ivies, Stanford, Duke and Georgetown, we sent in the financial information in late Aug. or early Sept. I believe we sent most if not all of the forms by snail mail directly to the FA Offices. The only exception to that was Duke I think. We sent the forms to the coach, who took them to FA and then he was the one who called us with the results. Some coaches acted as though the process was completely independent of them (Yale, Harvard, Princeton) but others seemed to have more of a role in it. Columbia, for ex., offered us a pre-read very early and the coach called with the numbers. He also told us outright that once we got Harvard’s offer, they’d match it. So when we got Harvard’s, we e-mailed a scan to the coach and they did alter their original package. For most schools there was only about a week or two turnover time.</p>
<p>My D took four of her official visits were taken in mid Sept. through the end of Oct., and then her final one in January. The latter she wanted to take in the fall with the others, but that school had a different timetable.</p>
<p>To which I would only add, at H the coach gave us the FA office contact info and told us to let him know when we sent it (snail mail) so he could give the FA office a heads up. Otherwise, he said, the documents can sit in the pile for a long time.</p>
<p>Bumping this – since July 1 is a tick tock away…</p>
<p>Since there have been threads about Fin pre reads and how the Fin package then appeared with huge gaps etc etc</p>
<p>Thought a referesher might be due</p>
<p>Seasoned parents–please advise :)</p>
<p>Yes, and seasoned parents, could someone comment on whether they have experience with an athlete being awarded an athletic scholarship because said athlete is not eligible for financial aid? I’m concerned we’ll be asked to fill out the FAFSA form just to be assured we in fact do not qualify for financial aid. Thanks. I apologize in advance if this throws the thread off topic.</p>
<p>^^ I think anyone hoping for scholarship/merit money has to have filed a fafsa/profile–however not 100% on that.</p>
<p>I also understand that to be true, fogfog. And not just for athletic purposes; many (most??) schools require the FAFSA to administer ANY merit money, even when there is no financial aid needed. And if you don’t fill it out for the upcoming school year, you have to wait a long time for the next opportunity to fill it out (months and months…like more than a year it seems to me, but the exact number of months escapes me right now.)</p>
<p>OK
As OVs will be fast approaching…
and yet the FAFSA and CSS Profile etc isn’t online until Jan 1…</p>
<p>What do we gather??
and
what do we need to present to the schools Financial Aid office for FinAid prereads …</p>
<p>Did you go get forms offline and print them?</p>
<p>Timing wise–Sounds like I should get this stuff sent off to the FinAid office before kiddo is on campus for the OVs in the fall?<br>
How do I package that? Does it go with a letter to FinAid saying hey our kiddo will be on an OV on the campus…?</p>
<p>It would be nice to know what to expect … I worry about gaps…</p>
<p>My son had FA pre-reads before 3 OVs last year. Twice the coach asked if we would need FA and sent us forms. For the third, my son had to ask the coach for the forms. Each time, we sent the completed forms and copy of last year’s tax return to the coach, who brought the paperwork to the FA office. Then FA gave the coach the pre-read package info that he then forwarded to us. Not sure if it works that way at each school, but that was our experience at two Ivies and one DI private.</p>
<p>We got the preread form from the coach and required to send last year’s 1040 and W2.
This is before the official visit.</p>
<p>Thanks.
This is all helpful.</p>
<p>Another CCer sent me a link–at a particular school there is a form that must be done …</p>
<p>I am going to see if there is a form at each schools site…</p>
<p>As soon as the OV date is selected–then we can ask about the forms/process.</p>
<p>OK
So our financials are in for a pre-read…
The coach sent us some forms, and I went to profile to fill it out. Sent the profile as well as 2009 back taxes/returns since we dont have 2010 yet. The profile asks for estimates of 2010 and then 2011…Our income took a hit of about 20% …
I am concerned since I am not confident about the FinAid office…except for getting on a plane to see someone face to face and ask direct questions about it line by line (can you tell I am worried!) I dont know what to ask and how aggressive can we be if we feel the package is not calculated correctly…</p>
<p>We just met with a fin aid officer while on a visit and he explained that we use 2009, then estimate as closely as possible what we thingk 2010 will be. He said the initial award package is based on that, then when you send in your actual 2010 tax return, they amend the award accordingly.</p>