By Maureen Werther
At a time when the cost of a college education is rising at the rate of eight to ten percent each year and the economy is still struggling, there is help available for students and families. College Assistance Plus began in the suburbs outside of Rochester about seven years ago. The company’s founders were retired senior executives who saw a need to help families navigate the college selection and financial aid process. To date, they have helped over 3,000 students and families find the right college at the right cost. In the process, the families have saved millions of dollars.
Dan Gorney, a longtime resident of Queensbury, became involved with College Assistance Plus in February 2012 after a 25 year career in the financial services industry. Having learned of CAP during his time as an executive for Met Life, he decided that he would like to help the company expand across New York State. Gorney put four of his own children through college and he understands full well how daunting it can be to find the right fit for the student – academically, culturally, and geographically – while also matching that fit to the parents’ wallets. As he notes, “I’ve already made many of the mistakes that I’m hoping to help others avoid.”
He points out that, these days, the average student remains in college between five and five and a half years. Thirty three percent extend their stay as a result of transferring or changing their majors. Less than forty percent of students actually graduate in four years. “These are factual statistics,” says Gorney, “which many families do not know.” Gorney goes on to explain exactly how College Assistance Plus works. It operates as a one-time fee-based program that families can enroll in as early as the student’s sophomore year in high school, continuing through their senior year in college. Other programs help the families and students all the way through graduate school, provided the student remain in the same undergraduate program and maintain a B average. Beginning in high school, CAP will work with the student and family to research and narrow down college choices to fit their combined academic and financial capabilities. CAP services include helping families find loans, scholarships, and other financial tools that will save them money. Gorney provides a few examples.
“We just had a local family whose daughter applied and was accepted early decision to a Rochester college and was also given a small merit scholarship. Because of CAPS’s extensive knowledge of the system, we were able to get the family an additional $3,000 for each of the next four years!” The initial CAP expenditure of $2,500 netted the family a return on investment of $12,500.
Gorney goes on to explain that saving money on education is a yearly process. Families and students must file the Federal Student Aid (FAFSA) report each and every year the student is enrolled. “CAP’s job is to make sure the family gets the most money that they deserve, based on the cost of the school and the family’s financial position.” He continues to say, “More than fifty percent of FAFSA submissions contain errors that cost the family money; they often fail to read the fine print, or they don’t always understand what assets need to be included or could be repositioned within the FAFSA report to obtain the best financial result.”
Very often, CAP has been able to help families who didn’t think they would even qualify for financial help. “We help families at all income levels,” remarks Gorney, “from $40K up to $250K, and our focus is primarily on private four-year colleges like Siena, RIT, and Lemoyne, to name a few.”
Gorney intends to hold a series of 45-minute educational workshops across the region throughout the fall, where families can attend and learn more about the services that he and CAP offer. For more information about the upcoming workshops, visit their website at www.collegeassistanceplus.com or contact Dan Gorney at (518) 307-6136.