Question for the Boston Money Coach: What should I be doing now to prepare for my children's college expenses? 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. Response from Boston Money Coach - Steve Stanganelli: You should talk with a financial planner who can ... Read More
Expected Family Contribution
Ask the Money Coach: Paying for Children’s College
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
College Financial Aid Insider
Too many parents find out after the fact that they could have qualified for financial aid but didn't. Why? They didn't know how to properly value their home and rental properties or investment assets. When it comes to determining eligibility for financial aid, income counts for quite a bit, but your assets are a big part of the formula, too. Now is not the time to allow your ego for a big net ... Read More
Financial Aid Myths Versus Reality
College Financial Aid Myths versus Reality Some may say that it doesn't matter. They say that they make too much money or have too many assets to qualify for aid. It’s a myth that families earning more than $50,000 will not get aid. Even families earning well into the six-figures may qualify for financial aid. Other myths I come across in my college financial planning practice ... Read More
Diplomas at a Discount
Lower the Cost of College without Breaking the Bank or Your Retirement Nest Egg School season begins once again. It’s hard to imagine but here we are at the end of another summer. Yellow buses roll. Marching bands practice. And it’s time for some high school football. While it’s hard enough to stay focused on all the classwork, homework and after-school activities at hand, there’s ... Read More
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 Without Going Broke – Part of a Series
If you have two years before your student enters college … Test Prep Every tenth of a point added to a student’s GPA may save thousands of dollars in loans that won’t have to be paid back later because colleges will give preferential aid to good students. So now’s the time to consider test prep courses for the SAT. Business Interest Financial aid is based on the parents’ tax return from ... 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
