Paying For It: Minimizing College Costs
There's no way around it - college is expensive! Of course, you already knew that or you wouldn't be here.
What you might not know is that there are ways for students of all walks of life to receive the education they deserve at a price parents can afford. Colleges, universities, governments and private individuals provide a bounty of resources that can help parents and students to make college affordable.
Complete College Solutions' multifaceted approach toward college funding addresses the core issues of college funding - assets, income and aid. We help our families to develop a dynamic plan that considers all aspects of the college process from selecting the right schools for your child to maximizing your eligibility for financial aid and finally, developing a plan to handle those costs using your current income and assets.
The first step of the process is your free consultation. At this meeting your College Planning Counselor will review some information about your student's interests, including schools he or she may be considering, and information regarding your family's finances. Then, based on the information you've provided we'll calculate how much the schools and government expect your family to contribute towards the student's education. This figure, called the Expected Family Contribution (EFC), is based upon the current income and assets for both the parents and the student.
Once we've calculated your EFC we'll provide you with a Strategy Report, a detailed look at not only how much each college should cost, but also the amount of aid you can expect (such as grants or scholarships) based on the financial aid history of each institution. The report will also show the student's likelihood of admission at each school on a scale of "Likely" to "Far Reach," so you and your student can get an early read on the admissions process. Many so-called college planners charge as much as $500 for this information. We provide this report free to every family that comes in.
During the consultation, your College Planning Counselor will review your finances to determine if there are any legal and ethical ways to decrease your EFC. For example, many financial advisors recommend that families open Uniform Gift (or Trust) to Minors Act accounts - but having assets in these accounts can significantly decrease the amount of aid your student might receive. However, 529 College Savings Plans are considered a parental asset, meaning the value will be assessed at a much lower amount - if at all. If the sole purpose of the account was to pay for college costs, it may make sense to roll over the account.
Please know this is only an example. There are many legal and financial considerations to be reviewed before transferring funds from a custodial account. Be sure to discuss legal and tax issues with a qualified advisor before making any changes to your accounts.
Complete College Solutions, Inc. is proud to be a BBB Accredited Business since September 4, 2002.
