As the calendar nears another school season, parents invariably ask what are the best ways to pay for college without huge debt. In the college funding portion of my financial planning practice, I use all sorts of strategies to reduce potential college education costs. For every family these options will differ. Part of it depends on what age your student is when you start planning, your family ... Read More
Financial Aid
Young Parents Preparing for College Expenses: Part 2
Question for the Boston Money Coach: What should I be doing now to prepare for my children's college expenses? This is the second part of an answer to this question posed by parents of two young children worried about the rising costs of higher education and student loan debts. Confused about where to start, they need help from Boston's Money Coach. Response from Boston Money Coach - Steve ... Read More
Young Parents Preparing for College Expenses: Part 1
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
Ask the Adviser: Paying for College
There are so many choices and ways to pay for college. Let's look at an overview. In general in comes down to this. Find a school and a program that fits your needs and learning style. Do whatever you can to limit the amount of time you need to stay on campus. Take advantage of every opportunity to work, get financial aid or qualify for scholarships. You can reduce the time you're enrolled by ... 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
Paying for College without Breaking Your Retirment Nest Egg
PAYING FOR COLLEGE. Do you own a business (full time or part-time)? Do you own investment real estate or a farm? Would you be interested in learning how to use IRS rules to help you pay for college? If you want to find ways to pay for college without ruining your personal retirement, there is hope (and it's not just the renames tax credit mentioned below). In this series, we'll go ... Read More
