Most parents want their children to go to college. Whether they themselves graduated with a four-year degree, most parents believe that going to college will enhance their children’s chances of finding the job of their dreams or at least something that will financially support them. However, what most parents do not want is for their children to come out of school with the heavy burden of student loan debt. The average student loan debt for the class of 2017 was $39,400, up 6% from last year. Those loans become due the minute a student graduates from college. Sure, there is the option to defer the loans until your child finds a job, but as parents know, all that is actually happening is that the interest is compounding and being added to the principal balance creating more debt. No parent wants this for his or her 22-year old child.
The good news for parents is that there are many ways to reduce the overall cost of college, how much parents have to pay out of pocket, and in turn, how much students have to borrow in loans. However, most parents are oblivious to the strategies and resources that are available to have their kids' education paid for. When I speak with parents, they mistakenly assume that:
The truth is:
However, with strategic coaching, mentoring and college planning, families can:
For example, in one particular situation, I was able to save a family $48K over four years of college. Recently, I helped a family organize their finances in a way that lowered their expected family contribution by $4000, making them eligible to apply for more scholarships.
Every parent wants to afford college and prevent their children from starting their career with crushing debt. There are ways to accomplish paying wholesale rather than retail for college. Parents just have to be willing to find those strategies and take the necessary steps.
If you would like to learn how to get your children’s college education drastically reduced and/or funded, feel free to message me on LinkedIn, call me directly at 858.334.3998 or email me at email@example.com.
As most of you know, we are in the middle of college planning season -- applications and financial aid paperwork are everywhere. The first financial aid paperwork hurdle is the FAFSA, which everyone should file, regardless of whether they think they will receive any aid. Here are a some things to keep in mind when filling out the FAFSA:
Filing the FAFSA is just the first step, but an important one. If you want to avoid paying retail for college like so many other families, give me a call at 858.334.3998 or email me at firstname.lastname@example.org to book a complimentary strategy session. Don’t wait -- November is filling up!