It is completely understandable that you are concerned about paying for college these days. The average cost of a state college for 4 years is over $100,000 and the elite private colleges are pushing $250,000. If your child is young, you can expect that increase by 50% or more in 15 years. If your child is born today, you should expect college to cost a minimum of $160,000.
Many financial advisors assume that saving for college is as simple as opening one type of account or another and putting money in it. Do that and you will likely cost yourself many thousands of dollars per year in financial aid. If you do a good job saving but put the money in the wrong place, you will over pay for college.
A College Financial Planning Service in conjunction with Financial Aid Planning Is Key!
The moral of the story here is that saving money is not enough. You have to save it the right way. That is why our College Financial Planning Service is completely different than simply saving for college. You have to understand the financial aid process to get the best bang for your buck.
An old Chinese Proverb says “The best time to plant a tree was 20 years ago. The second best time is now.” If you haven’t yet started saving for college, the time to start is now. If you’ve started, let’s make sure that you’re using the right savings vehicles. Let’s sit down and talk about what you’re doing and make sure you’re doing it right.
If your child is in high school already, then you are now in Late Stage College Planning mode. Though your concerns are similar to families with younger students, you are now up against the wall. You need to understand this process NOW and you need help with the financial aid process. For this situation, we’ve created a separate company to help with your unique situation. Please visit College Bound Coaching for more information.