Most people aren’t aware of the actual amount of knowledge and experience it takes to really plan and pay for college. As a result, they likely end up paying far more for it than they need to. Yet even despite these financial obstacles, the lure of college is still strong: According to a report from the Bureau of Labor Statistics, approximately two-thirds of high school graduates enroll in college the fall following graduation. Still, a 2011 Pew Research poll reported that more than 75% of Americans think a college education has become too expensive to afford.
Most of this is caused by the process of college planning and funding— which in general is far too complex. Information is power, and applying appropriate strategies requires knowledge relating to many different topics, often inter-related, to pursue the best outcome. Because paying too much for college means added costs that can have a significant negative effect on a retirement plan if more money than necessary is being channeled toward educational purposes.
The good news is that Mooney Lyons Financial Services can help you pursue the best outcome with confidence in the process, by offer you many strategies for reducing your out-of-pocket college costs regardless of your financial situation. We can help you:
Discover ways to become eligible for financial aid, grants, and discounts on tuition
Determine which savings option is best for you at different colleges and suggest the most effective strategies to make up any shortfalls
Reveal merit scholarships your student qualifies for and the requirements to get this free money
Provide you with guidance throughout the process, from admissions and aid to advice that gets your student to the right college at the right price for all the right reasons.
With appropriate strategies determined from the right information, you can help to avoid the mistakes and missteps that can drive up costs and hurt you in others areas of your life, like your retirement planning. For more information on the many savings opportunities, you can take advantage of for college, visit Mooney Lyon’s college savings site at: collegiatefundingsolutions.com.
Lewis, Michael. 7 Ways to Reduce the Cost of a College Education. Money Crashers.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. No strategy assures success or protects against loss.