Concerned, even worried, about paying for college?
Are your assets or income too high to qualify for "need-based" financial aid?
Sadly, nearly 43% of all U.S. college students are forced to drop out – the majority due to a lack of money. As it’s been said, these families didn’t plan to fail, they failed to plan. If your family falls into one of the higher tax brackets you may have to earn almost double the actual cost of college to pay your expenses. And, as we’re sure you know by now, colleges are obscenely expensive.
State schools today can easily cost between $15,000 and $30,000 a year. And, if your child is considering attending one of the more prestigious private universities, that could mean an after-tax outlay of over $250,000. For example, four years at a private university, at only $40,000 per year, will cost a family in a 35% federal and 5% state income tax bracket $266,667. And some schools are now over $50,000 a year … and that’s if you have only ONE CHILD.
But, no matter what a families’ income level, surveys routinely find that most parents are unaware or underestimate how much cash they will need during their children’s college years. Very few families have set aside enough money to pay for four years of a college education for their child – and what if they have more than one? What if their children each take 5 years?
Even if they can afford to pay for educational expenses out of savings or monthly cash flow, many parents will pay for college without even considering how it will affect their retirement goals. Does sending your children to college mean you can no longer retire? The colleges are strangely silent on this point, but then ask you about all your funding resources.
Even if you have started to think, or worry, about paying for the college years, how do you go about selecting the best colleges, majors and careers, and still contend with deadlines, for applications and financial aid? The list just seems to go on and on.
You may have been told that there is not much you can do to reduce your college expenses. You may even believe that, but it’s not true. In fact, nothing could be further from the truth.
So what DO you do?
If you are looking for answers, and would you like to save a lot of time, eliminate the stress, and be certain that you are making the best decisions for you and your children, we have the answer!
Through extensive experience and years of research, past and ongoing, we at Impact College Planning have developed strategies that have proven successful for thousands of families. Some just like yours, and some not. Every family situation is unique and no one solution works for everyone.
It should not come as a great surprise that the families who pay the least for college are the ones who take the time to understand the college funding process …. and then take steps to control their college costs. Ironically, in many cases, higher income families can lower their college expenses even more than families who qualify for financial aid … if they know the strategies.
Impact College Planning helps families take control of the process … stay on track … weed through the stacks of school and government paperwork … secure funding … and relieve many of the headaches and worries associated with sending a child off to college. But more than that, our programs helps high school students explore career options … find the perfect college … improve their odds of being admitted … and get the best education for the money..
Impact College Planning provides customized planning to reduce your family’s college expenses, and help you fund college costs in the most efficient and tax-favored manner and still enable you to save for retirement and meet your other financial priorities. Unlike many other firms however, our planning helps you maximize your eligibility for aid and helps provide you with unique tax reduction and cash flow strategies to pay your share, but also includes academic strategies that can dramatically lower your college costs and give your child a more focused target.
Don't wait - get started today! Call our office or attend one of our free 90-minute workshops. Remember, students are competing for admission spots and funding dollars as early as the 9th grade, so if you’ve already waited 15 or 16 years to address the problem, you can’t afford to procrastinate any more … you and your child will both pay the price!