Paying for college costs should not just involve saving money. It should include implementing a variety of college cost reducing strategies. If you have college-bound children and plan to play any role in funding their education, here is some exciting information for you concerning our ability to help you prepare and pay for college costs.
Why is comprehensive college cost planning important?
Other than possibly your home, college costs could be the greatest expenses you’ll incur. The average cost1 of a four-year college education is $80,000 – $180,000 – for one child! Every dollar spent on college is a dollar that is not going toward your retirement or your financial freedom. Think about it: for any large expenditure, you’ll probably look for ways to reduce your cost (home, car, vacations, etc.) through a variety of cost-reducing strategies. The same approach SHOULD be applied to college costs – or you may end up paying more than you need to.
Planning does not necessarily mean immediate saving. It does mean creating a plan of attack. Deferring college planning will just increase your college costs later, potentially diminishing funds set aside for retirement and wealth accumulation.
Planning for college costs is not just for middle-income earners. The higher your income, the more important effective college planning might be since college is often paid for with after-tax dollars.
What makes our approach different?
Beyond just savings strategies, we focus on identifying strategies that leverage your unique situation to help you save on college costs. We help you become an informed buyer of a college education:
- By implementing strategic tax and cash flow planning
- By maximizing opportunities for financial aid
- By leveraging financial aid awards – both current and future ones
The practical benefits to you and your future college-bound student include:
- Limiting of parent and student debt
- Redirecting money that would have been spent on college toward retirement or other financial goals
- Helping to ensure that your student attends the right college for the right reasons
Today, you should expect more than just simplistic, one-size-fits-all savings strategies from an advisors not focused on college planning. No matter, if your children are Pre-K, entering high school or even post-graduation with student loan debt, we have cost saving strategies. Contact us to see if our save on the cost approach is right for you.
- College Board, 2012 Trends in College Pricing. Future college costs estimated to inflate 5% per year