How to pay for college without going bankrupt

A few tips to think about regarding how to help pay for college for your son or daughter from a professional college planner in Minnesota.
 
Jan. 30, 2013 - PRLog -- How to pay for college

By Rick Wagner (Legacybuilders:  www.123collegeplan.com)

1/29/13
Here are a few ideas to think about regarding how you think you might pay for the ridiculous tuition bills that are being asked by our American universities. If you’ve googled this question already, then…it’s already on your mind and there probably is a problem in knowing that your son or daughter is going to be facing HUGE costs in the next few years. Did you know that college costs have gone up 78% over the last 7 years?!!!  

So, the question is, what can I do to make this opportunity for my boy/girl without bankrupting me?  Well, first off, one of the misconceptions that public university is always cheaper than a private one is a misnomer. You need to understand what “gift aid” versus “self help aid” is, and know before your child has been accepted to a school. Free money is better!

Secondly, your child has a 75% better chance of graduating on time at a private university, rather than going 5 or 6 years to a public university. Consider that cost because that extra 1 or 2 years going to school and not working will definitely even up the score for cost (considering especially that your student could be in a job instead of in school). Also that the costs are always increasing through the years and are the most expensive the last years of school. I know that  a public or state school might be the better selection for some, but I want to get the record straight that you shouldn’t be alarmed by the “sticker price” of the school.

You should also know that it should be the “total out of pocket expense” and not the “sticker price” that you should be concerned about. So yes, school selection is BIG.

Applying for financial aid should be a given for everyone, regardless of what you think you may get or not get. Everyone does get some sort of “free money”, but schools expect your child to get into huge debt to get there…but it doesn’t have to be this way. This is what I tell my clients all the time…it’s all about POSITIONING your finances and becoming more CASH FLOW EFFICIENT. After all, this is going to be the most expensive time of your life(for parents) and cannot afford to waste money. You can deplete your assets, but this is always the last thing you do. There are better options out there for loans and there is one way to empower yourself to get a HUGE advantage by creating your own “self bank”. This is one way of getting the best leverage for your dollars. More of this is talked about on my video at http://youtu.be/3lprqBfEUJI



EFC (Expected Family Contribution) is another strong component in determining how much you will pay, and more precisely, what the schools and government think you should pay. This is another area that is specialized in the college planning process that can be worked out if you go to the right resources.  

One can “self help” your way there, but how many of you really goes online and YouTube “how to fix a busted furnace”?  Most people realize that it’s way out of their pay scale and call on a specialist. A true college planner will help with things such as: Cash flow positioning, better financial aid eligibility, lowering your cost of attendance, lower you’re out of pocket expenses, school selection, FAFSA applications and much more! A few hundred dollars in a fee can mean savings in the thousands or ten thousands in the long run. More information can be checked out at 123collegeplan.com
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Tags:College Planning, Fafsa, College Grants, College Loans, Saving For College
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