College is a far cry from the financial commitment it used to be. According to data provided by the Education Data Initiative, college tuition for a four-year program has increased 197.4% since 1963, and that’s accounting for inflation! I’m a big proponent of higher education, but we can’t pretend that a 16,17, or 18-year-old college-bound kid understands the type of financial commitment they’re getting themselves into. To that same point, parents who help their children pay for college are not necessarily entirely informed either.
For most students and their parents today, picking a college is a buying decision, one of the biggest ones a family will make. Like all financial decisions, those who find themselves in the best position are informed, not uninformed, about the process.
College Financial Planning – Where Do We Start!?
I’m a parent of four, and though I have some time before my little ones head off for college, I understand how daunting it can feel when considering the costs of your child’s college education. The rising expenses of tuition, room, board, and other fees can seem overwhelming, leaving many worried about taking on significant debt and delaying retirement.
As a family financial planner, I’m here to help you save for college, reduce the costs wherever possible, and make the most informed decision you can regarding your child(‘s) college commitments.
Here are some ways I can help you and your soon-to-be student collect yourselves and approach the college planning process.
Tools for Insights and Cost Cutting
I work with families to uncover ways to reduce out-of-pocket expenses at certain colleges. No matter your current financial situation, whether you already have substantial savings or are just beginning to plan, my goal is to help make college more affordable. I have access to financial planning and forecasting tools that will paint the picture of the variables and show how choosing one school over the other can make huge differences in the long term.
Maximizing Financial Aid and Scholarship Opportunities
There are often untapped ways to increase your eligibility for financial aid, grants, and scholarships. I work to identify opportunities that many families may miss. By guiding you through the often confusing financial aid process, I help you position yourself to receive more financial support.
Picking The Correct College Savings Plan
Not all college savings accounts/plans are created equal, so I take the time to help you determine which plan best suits your family’s needs. Whether it’s a 529 plan, a Roth IRA, or other savings vehicles, I’ll walk you through each and provide strategies for covering potential funding gaps.
Make Informed College Decisions
Sending your child to college isn’t just about finding the prettiest campus, the coolest frat house, and the best dining hall; it’s about making a smart financial decision that won’t leave your family buried in debt. The good news is that with proper planning, you can help your child go to the school of their dreams without destroying your dreams of retirement!
My college funding tools will provide you with the insights and data you need to become an informed consumer of higher education, not an uninformed mark.
Don’t Fall Into The Bear Traps of Last-Minute Planning
I’m passionate about helping families like yours navigate the complexities of college planning so you can focus on what really matters—your child’s future. I take pride in empowering parents to send their children to the college of their dreams without sacrificing their financial well-being. The best action to take is early action. Planning for college last minute is like shopping for family gifts on Christmas Eve; you’ll be motivated by desperation, and no one wants that.
You can begin today! I can help you get an idea of what financial commitments you’ll be making with your child and form a plan to set you on the preferred path!
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Prior to investing in a 529 Plan, investors should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s qualified tuition program. Withdrawals used for qualified expenses are federally tax-free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing. (19-LPL)
