Your Custom Plan
So, how exactly are we going to help you more effectively and efficiently prepare and pay for college costs - whether your income is $50,000 or $500,000? It starts with a correct diagnosis of your situation. Therefore, just as a doctor asks a patient questions in order to formulate a diagnosis and prescribe a remedy, your responses to the online data form will help College Specialists to diagnose your situation.
With the help of specialized college planning software as well as our expertise and experience, your responses are used to develop your customized college funding plan.
Your customized college funding plan will help us to develop an action plan. It takes into account many variables such as the years till college, your financial situation, the schools you would like to consider and other important variables. Read on for details about your custom college funding plan based on your particular circumstances.
If your student is in high school and you are likely a candidate for need-based financial aid at the school you are evaluating, the contents and corresponding benefits of your custom plan are:
| Plan Contents | Benefit: How this helps you become an informed buyer of a college education and save money in the process |
| Estimate of your Expected Family Contribution (EFC). | This is what you will be expected to pay toward the cost of college at the school selected before qualifying for any financial aid assistance at that school. This is the all-important starting point for becoming an informed buyer of a college education. By starting with your EFC, you'll have a much better idea as to which schools are REALLY affordable for you! |
| The EFC formula used by the school | There are two different formulas for determining your EFC. The method used by the school you are evaluating can make a big difference in how much you will be expected to pay at the school as well as strategies for increasing your financial aid eligibility at that school. |
| Strategies for maximizing education tax credits. | Tax credits can help you significantly reduce the cost of college. Every tax dollar saved is like a “scholarship dollar” so you need to know the strategies for maximizing them. |
| Strategies for increasing your financial aid at the school selected. | This is a one of the most valuable aspects of your customized college funding plan. College Specialists will suggest strategies that you can implement - based on your particular circumstances - to help maximize your financial aid and minimize your out-of-pocket college costs. These strategies are based on an in-depth understanding of how financial aid works and may save you thousands of dollars on your college costs. |
| Comprehensive financial aid analysis at the school selected. | This is a realistic projection of the amount and type of financial aid you can expect at the school in question as well as how much you'll likely have to pay out-of-pocket, after accounting for financial aid. You’ll be amazed to learn that at many of the higher priced schools - particularly private colleges - your actual out-of-pocket costs will be less than many public schools with a lower sticker price. Many schools that you think are not affordable may be very affordable to you when you factor in financial aid! This information can be very helpful in determining what school to apply to in the first place! Don't give up on the school of your student's dreams just because you don't think you can afford it. You may be very pleasantly surprised to learn that you can! |
| Savings strategies | From the myriad of options, College Specialists will help you decide which savings option is best suited for you. College Specialists will evaluate savings options on critically important categories such as whether the option is good for a financial aid candidate or disastrous, is it a good option if you don’t use it for college but for retirement instead, etc. Choosing the wrong option can cost you thousands of dollars in lost financial aid! |
| Loan strategies for meeting shortfalls | Most families will need loans to help cover the total cost of college. Knowing which options to choose can be very confusing. Choosing the wrong option can cost you thousands of additional dollars on your college costs! College Specialists can help you choose loan strategies - based on your particular circumstances - for covering any shortfalls not covered by your resources or financial aid. |
If you are NOT a candidate for financial aid OR your student is not yet in high school, your custom plan will include the following:
| Plan Contents | Benefit: How this helps you become an informed buyer of a college education and save money in the process |
| Estimate of your Expected Family Contribution (EFC). | This is what you will be expected to pay toward the cost of college at the school selected before qualifying for any financial aid assistance at that school. This is the all-important starting point for becoming an informed buyer of a college education. By starting with your EFC, you'll have a much better idea as to which schools are REALLY affordable for you! For a parent with younger students, knowing your EFC is important to developing an effective college funding plan and is used by College Specialists in its analysis to make suggestions to you. |
| The EFC formula used by the school | There are two different formulas for determining your EFC. The method used by the school you are evaluating can make a big difference in how much you will be expected to pay at the school. This is particularly helpful for families with younger children that may end up being candidates for financial aid because it can help them to plan for maximizing financial aid opportunities. |
| Projected four-year college costs | The projected four-year college costs based on the latest data. College Specialists can adjust the college inflation rate to see the effect on projected costs. |
| Analysis | Based on your EFC, the cost of the college selected and the amount of lead time till your student begins college, College Specialists will provide practical recommendations for an overall gameplan for planning for and paying college costs |
| Planning and Funding Strategies | Many of these college planning strategies can help increase cash flow which can help pay education expenses (or be reallocated) or reduce taxes. Every dollar saved on taxes through a college planning strategy is like a "scholarship" that you give to yourself! Areas covered include:
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| Savings strategies | What is the best savings option for you, based on your circumstances? College Specialists will help you evaluate the options and assess critically important categories such as whether the option is tax favored for college use, rate of return versus college inflation, and use of the option for college and/or retirement. Choosing the wrong option can cost you dearly! College Specialists will help you decide wisely. |
| Strategic use of 529 savings plan for college savings and funding. | There has been alot of buzz about 529 plans over the last few years but the fact is they can be confusing and many families don't consider them because they don't understand how they work and the benefits for their particular situation. College Specialists will help you assess the merits of using a 529 savings plan as the cornerstone of your college savings and funding plan. We'll look at:
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| Loan strategies for meeting shortfalls | Most families will need loans to help cover the total cost of college. Knowing which options to choose can be very confusing. Choosing the wrong option can cost you thousands of additional dollars on your college costs! College Specialists can help you choose loan strategies - based on your particular circumstances - for covering any shortfalls not covered by your resources. |
