college planning
Ask any parent who has filled out a FAFSA form, and they’ll tell you that college planning and funding is a complex task. Unfortunately, the forms are just the beginning. Most people aren’t aware of the actual amount of knowledge and experience it takes to really plan for college, and as a result, end up paying far more for it than they need to. Applying the appropriate strategies requires knowledge relating to many different topics, often inter-related, to work towards a positive outcome.

Depending on your circumstances, there are many different strategies you can take to develop a cost-effective plan that the financial advisors of Mooney Lyons Financial Services would evaluate and suggest. These include:

▪ Strategies for parents with young children
▪ Strategies for parents with high-school students – especially high school juniors/seniors
▪ Strategies for middle-income families – $50,000 – $150,000
▪ Strategies for high-income families – $150,000+
▪ Strategies for business owners
▪ Strategies for grandparents that want to help with college funding
▪ Strategies for qualifying for financial aid
▪ Strategies for funding shortfalls
▪ And many more!

Just as knowing and applying the appropriate strategies can help you better prepare and pay for college and reduce your out-of-pocket college costs, NOT knowing strategies available to you will likely mean you’ll pay more for college than you had to and may prevent you from pursuing your retirement savings goals.

The good news is that you pursue a positive outcome with confidence in the process by using a formula that is the starting point for effective planning. The formula is:

 

Cost of Attendance (COA)

Expected Family Contribution (EFC)

=

Financial Need

 

We will talk more about the financial formula listed above in our next blog to help you develop an appropriate strategy for college planning and funding. Call Mooney Lyons Financial Services at 847-382-2600 for more information or visit http://mooneylyonscollegeplanning.com/.

No strategy can assure success or protect against loss.Investing e-book

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