College Planning as part of Financial Planning
The cost of a college diploma today can range from $60,000 to close to $200,000. These costs have been increasing at a pace twice the rate of inflation. Today's parents are facing education expenses higher than any previous generation.
Unfortunately, understanding what you should pay for college is a lot like understanding how the airlines price a ticket: even though everyone is heading in the same direction nobody seems to be paying the same price. Why does it cost some families less to get a college education? Will your family be subsidizing someone else's education?
The difference is found in how you PLAN for college!
College planning is not just opening a 529 plan. It's not only depositing money in a custodial account, completing the FAFSA form or borrowing from a retirement account. College planning requires understanding the opportunities to create aid eligibility, managing cash flow, and in using the rules created by Congress to make your savings buy more college. It means using all the various elements that impact what you will pay for a college diploma.
Everyone wants higher gas mileage for their car. Think of what we do as improving the gas mileage of your college savings.
"Who do you work with?"
We help families with college bound children regardless of income level. There are unique strategies for self-employed individuals but also opportunities for almost every family to reduce this cost. It is never too early - or late - for parents to start planning for this event.
We work exlusively in the financial aspects of paying for college. We recommend clients and prospects to College Admissions Strategies for the personalized services they offer that are outside the scope of college financial planning.
"But we make too much to qualify for financial aid."
A big misconception is that most families don't qualify for financial aid. This assumption is why many families end up paying more than they need to. Financial aid is NOT limited to tuition grants.
"What can I expect?
We will work with clients to help increase their financial aid eligibility, save efficiently, and create tax strategies that keep more of their top-line income. In essence, we help clients create "scholarships" that were being overlooked without planning.
There are many moving parts behind getting a student to college (grades, tests, screening and applying to colleges, etc.). We help reduce this area of stress. Families use our service because it lightens their work load, reduces their costs, and brings an experienced professional into the process.
"What will this cost?"
First and foremost, our goal is to save your family money. This can only be accomplished if the benefits of this process exceed our fee.
During the initial free consultation, we will determine how we can best help and if we are a good fit. Any fees associated with our advise will be a fraction of your family's savings.
This unique pricing ensures that there is no net expense to families using our college planning services. We have tried to remove any reasonable barrier that might keep you from exploring how your family can save money!
Drew Waterbury is a Certified Financial Planner Certificant and a Certified College Planning Specialist (CCPS) awarded through National Institute of Certified College Planning Specialists.
