It’s every parent’s dream to be able to send their children to a reputable college where they can earn a degree to prepare them for their futures. Though planning for their college education might be among the most expensive investments you’ll make, you may be able to decrease these costs by making these smart choices and decisions that begin with proper planning. To achieve this, college financial planning experts share these common mistakes most parents are still doing that prove to be costly in the end.
Not Saving Early
College costs have steadily increased in the past few years, rising by as much as 100 percent in just a span of 10 years. This can also be traced back to the effects of inflation, which contributes to the increase of college costs by as much as 5 or 6 percent annually; hence, the earlier you start depositing into your 529 college plan, the bigger growth your money will see over time.
Financial aid can help much when you’re putting your child through college. With rising college fees and costs, however, it is progressively becoming harder. Seven years ago, the average cost of a year’s stay at a four-year institution was $19,362. The costs now would be even higher, and that’s why you’ll need the help of experienced college funding advisors to ensure that you get the most out of the available financial aid out there.
The most basic financial aid program that you can apply to is the Free Application for Student Aid (FAFSA) program. It also forms the basis of how much financial aid various colleges award their students. Some colleges even make it a requirement when you’re applying for financial aid; for some scholarship programs, a rejection for financial aid is even a requirement. This is why it’s important to get your FAFSA application out of the way as quickly as possible.
College nowadays is an expensive undertaking; depending on your child’s choice of college, you may end up paying hundreds of thousands of dollars. You won’t even be able to depend on the college fund that you saved up, since increasing fees mean the fund might not even be enough to cover the customary four years. This is why you and your child should consult expert college financial advisors to help you both with paying for college.
Experienced college planning advisors will help you focus on the main source of a lot of financial aid: the Free Application for Federal Student Aid (FAFSA) Program. Groups like The Studemont Group College Funding Solutions, LLC can help ensure that your application for FAFSA will be approved and you can get as much financial aid as possible.
College costs are not getting any cheaper and the rising amount of student debt is still a concern among many. This is why families with children who are bound for college should get help from providers of reliable college funding services like The Studemont Group College Funding Solutions, LLC and apply for the Free Application for Federal Student Aid (FAFSA) to get them the best chance for financial help.
Tuition fees are still rising, and according to The College Board, “the average 2014-2015 tuition increase was 3.7 percent at private colleges and 2.9 percent at public universities.” This is why it has become more important and worth it to apply for the FAFSA—and this goes for families from all income brackets.
As long as the college or university provides everything a student—healthy or with a preexisting condition—needs, location and cost should be secondary. For such items, there are qualified college financial planning consultants like John McDonough of the Studemont Group College Funding Solutions, LLC who can draw up a sound college plan, from finances to admission.
Whether or not to live an independent life come college is the call of the incoming freshman. Don’t let the stereotypes of college life affect your decision. Be prepared for the things to come the moment you step into a new chapter in your life. Proper financial planning for college goes a long way.
Nevertheless, many college financial advisors like John McDonough believe the flat-rate tuition system makes college planning a whole lot easier. With added transparency and flexibility, the beleaguered college student can plan more effectively without the risk of hidden costs. Financial aid or none, it’s a step in the right direction.
Before choosing a college, however, students should take time to assess their financial standing with the help of professional college planning advisors such as the Studemont Group College Funding Solutions, LLC. They gather information regarding a student’s finances and propose the best possible approach to getting a college degree.
Sending children to college is something parents both want and dread at the same time. Sure, your kids have a better chance of finding a career in the future, but the cost for higher education is something that can make you think about crippling debt. A typical college education is worth thousands and thousands of dollars and that is only for one child. Multiply that by the number of your children and you’ll find yourself in a pretty pickle. Thankfully, trusted advisors such as John McDonough of The Studemont Group have some college funding services can help your kids go to their dream schools without breaking the bank.