What should I be doing now to prepare for my children's college expenses? Question:) I have two young children and am worried about the rising costs of higher education and student loan debts. I've read about college-savings plans but don't know where to start. Money Coach's Answer: You should talk with a financial planner who can outline your options. There is more to paying for ... Read More
EFC
Top Financial Mistakes of Divorce in Boston, Massachusetts: Part 3
3. USING YOUR BOSTON DIVORCE LAWYER AS YOUR FINANCIAL PLANNER (3rd in a Series) While your Boston divorce attorney may be an expert in the LAW, don't expect them to be an expert in TAXES, INSURANCE, CREDIT, or RETIREMENT. And when you think about it, once you get beyond child custody issues mostly everything else in a divorce is all about money - how much, who gets what, how to split it ... Read More
Ask the Adviser: Appealing College Financial Aid Packages
Is it possible to get a college to reconsider their financial aid package? My son was accepted into his top choice and then a few of his lesser choices. The only problem is that School #1 presented us with a financial aid package that is about 1/3 less than what some of the other schools offered. Is there anything that we can do? Do schools ever reconsider their financial aid packages? Boston ... Read More
Paying for College: Myths About Financial Aid That May Blow Your Retirement
For most families, paying for college for their kids rivals buying a home as the largest investment that they will ever make. College is viewed - and rightfully so - as a key to a better future. Even as the cost of college continues to escalate at a pace almost double the inflation rate (nearly 5% per year compared to the historic average of nearly 3% for CPI), there is still a high and ... Read More
Pay for College without Going Broke
Growing up in a middle class family with parents who worked on the production lines of local factories, it was instilled in me from a very young age that education was the ticket to a better life. While times have changed parents still want to see a better life for their kids and education is still the key. American Dream: Worth Believing? As a new parent myself (my other identity is as ... Read More
Ask the Adviser: Paying for College by Shifting Assets – Worth the Trouble?
As noted in previous articles and posts, whether or not your student qualifies for federal financial aid for college will depend on the Expected Family Contribution (EFC) calculation. Typically, almost all assets and income are included in this calculation by financial aid officers. There are exceptions to all rules and in this case, federal aid formulas (under the "Federal Methodology") exclude ... Read More
Improve Your Odds for Student Financial Aid
It’s never too early or even too late to start planning for ways to pay for college or post-graduate school. Myths There are a number of myths out there that can adversely impact your planning efforts: 1.) There’s not enough aid available; 2.) Only students with good grades get aid; 3.) My family makes too much money to qualify. Reality In reality, both “self-help” aid like loans and “gift” ... Read More
Skip the Allowance and Employ Your Kid
Do you own investment real estate or a business? Have you been considering buying a rental property or starting a business? Have kids going to college in a few years? If you already plan on your kids going to college, it's never too late to start planning effective and efficient ways to increase savings, lower your taxes and improve your odds for receiving student financial aid. Let's say you ... Read More
Increasing Your Chances for Student Financial Aid
In the initial article of this series, I mentioned ten specific ways to lower college costs. These included such ideas as taking Advanced Placement exams to earn college credit, considering an in-state college, using the American Opportunity Tax Credit formerly known as the Hope Education Credit, employing your child in your business or investment real estate business and encouraging your child ... Read More
