The increasing costs of higher education have made education planning a very important aspect of personal financial planning. Education planning does not receive proper attention because many times scholarships are relied on to cover the cost. Many times Education Planning is procrastinated, because the actual expenditure may not be incurred for many years and is a low priority. When the tuition bills start to arrive little planning has been done, and you are left scratching your head as what to do next. Postponing the issue may eliminate several education planning strategies that offer opportunities for financial gain when implemented early.
Financial Aid Planning may be overlooked, because the potential opportunities are not recognized. In today's high-cost college climate, it should not be assumed that medium and high-income clients are not eligible for financial aid. For example, a family of five with two in college and income of $150,000 may be eligible for aid at some private colleges. Thus, assuming that you don't qualify may cost you financial aid that you need, and could even be malpractice.
In general there are five basic methods of paying for a child's high education:
We will help identify the specific education goals so that we can determine what funds should be estimated to create a a financially prudent strategy. With the information we gather we will be able to help you create a education plan that you can easily understand and begin. The following procedures are what we will go over and discuss in order to create a personalized education plan for you and your family: