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“Wicked Hard” Financial Leveraging for Middle Income Families Rakin Hall, M.Ed

“Wicked Hard” Financial Leveraging for Middle Income Families Rakin Hall, M.Ed University of Southern California. The Evolution of Degree A ttainment Why be so smart?. Paper Chase A brief history of wealth acquisition. Conquering Land acquisition Slavery Free labor

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“Wicked Hard” Financial Leveraging for Middle Income Families Rakin Hall, M.Ed

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  1. “Wicked Hard” Financial Leveraging for Middle Income Families Rakin Hall, M.Ed University of Southern California

  2. The Evolution of Degree Attainment Why be so smart? • Paper Chase • A brief history of wealth acquisition. • Conquering • Land acquisition • Slavery • Free labor • Industrial revolution • Wealth creation • Information age • Exchange of knowledge/technology

  3. Altruism Building a university • Keepers of the gate • College was never intended for mass consumption. • The three pillars of building a university • Qualify/Quantify/Diversify • Scholarship money • Qualify • Student Migration • Quantify/Diversify

  4. Paper Chase • A brief history of wealth acquisition. • Conquering • Acquiring lands • Slavery • Free labor • Industrial revolution • Wealth creation • Information age • Exchange of knowledge/technology

  5. What’s the disconnect? Mean v. Standard Deviation • CSS Profile • Who does this benefit • The rich, the poor, the middle class, or the colleges? • $25 to complete profile • Current year’s (2012) federal income tax return(s), if completed • Prior year’s (2011) federal income tax return(s) • W-2 forms and other records of money earned in 2012 • Records of untaxed income and benefits for 2011 and 2012 • Current bank statements • Current mortgage information • Records of savings, stocks, bonds, trusts, and other investments

  6. Why Are We Here? What’s the cost? • $902 billion and $1 trillion in total outstanding student loan debt in the United States. (Source: American Student Assistance) • Nearly 20 million attend college each year. (Source: Chronicle of Higher Education) Americans • Of that 20 million, close to 12 million – or 60% - borrow annually to help cover costs. (Source: Chronicle of Higher Education) • There are approximately 37 million student loan borrowers with outstanding student loans today. (Source: Federal Reserve Board of New York)

  7. Options? What Can Middle Income Families Do? • Tactics • Savings • Generational v. Liquid Wealth • Home Equity • Housing bubble burst • Loans/Parent Plus Loans • Zombie debt • Income Based Repayment (IBR) • 10% of income • Loan forgiveness

  8. “Wicked Hard” Financial Leveraging for Middle Income Families Rakin Hall, M.Ed University of Southern California

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