Recs for college financing advisor

[Anonymous]

Looking to consult with someone about financing college. Can anyone recommend an advisor in the area for this? I am not looking for someone to get me to invest with them. Just need a one-time appointment to get info on how to juggle retirement savings and paying for college for kids soon to be starting college. Probably should have done this earlier. Thanks.

[Anonymous]

1. You don’t touch retirement money
2. Consider instate public options
3. Don’t fall into dream school and ranking traps
4. Beg, borrow, and/or steal
5. Buy lotto ticket and pray

I will bill you

[Anonymous]

^^ That's actually spot on. We're a family that had "need" but FAFSA and the schools didn't agree. So we are in-state all the way. Don't believe the hype about schools "meeting 100% of need" - that's need defined by FAFSA or other documents and most middle class and UMC families don't qualify - hence the term donut whole.

[Anonymous]

Apply widely. You're looking for a deal. No falling in love until all costs are known.
For many OOS publics/maybe other schools, it's not even necessary to visit until the student gets in and you know final costs.
Merit aid/Final costs can be wildly unpredictable.
Application cost are a drop in the bucket compared to what you're going to be paying. Apply to 10-13 schools is completely reasonable.

Sorry can't help w/more financing related advice.

[Anonymous]

Anonymous wrote:1. You don’t touch retirement money
2. Consider instate public options
3. Don’t fall into dream school and ranking traps
4. Beg, borrow, and/or steal
5. Buy lotto ticket and pray

I will bill you

#1 rule. Do not touch retirement money, do not stop contributing towards retirement in order to finance college.

The rest of the list is spot-on. You really don't need to pay someone to tell you how to do this.

[Anonymous]

Thank you. I have questions about where to allocate savings. Like if we will need a new roof in the next 4 years, should we get it now? We don't have high salaries but we have some savings which I think will hurt financial aid--but want to save to help with later schooling for our kids, like grad school/professional school. If not an advisor, are there good online sources or books that explain educational financial planning?

[Anonymous]

Anonymous wrote:Thank you. I have questions about where to allocate savings. Like if we will need a new roof in the next 4 years, should we get it now? We don't have high salaries but we have some savings which I think will hurt financial aid--but want to save to help with later schooling for our kids, like grad school/professional school. If not an advisor, are there good online sources or books that explain educational financial planning?

If you don't have enough in the bank now to comfortably finance undergrad (no shame, I don't either) do not plan on giving your child any additional resources for graduate school except perhaps allowing them to live with you if they want to attend school in your city/town. Tell them they are on their own for that, and they can choose to borrow, work for a couple years and save, etc. It is far better for them in the long run to finance their own graduate (and part of undergraduate) education than having to support you in your retirement.

The year that will begin to count for any potential financial aid is the tax year from your child's fall junior year (e.g. my kid graduates HS in 2019; we applied for financial aid using our 2017 tax return).

I recommend you do any significant deferred maintenance on your home now -- roof, furnace, AC, water etc -- if your kid is still in 9th or 10th. Use some, not all of your cash savings, keeping some for an emergency. That way, you will not appear to have as much available for tuition, and more important, not have to worry so much about something big coming up after you've paid that year's tuition bill.

Educational financial planning is part of overall financial planning. Consult a general financial advisor if you want personalized advice, otherwise, there are a zillion books out there.

[Anonymous]

Financial aid is primarily based on your income. Schools don't care if you spent your $$ on Disney or your kitchen. Each college website has a link to their Net Price Calculator. Run a few of the calculators for different schools (and change your savings numbers for the heck of it) and see how the school looks at you. Almost always, the state school is the best deal. Even f your child receives #20K in need from a private school, you are still paying $50K per year.

[Anonymous]

swallow your pride and consider community college for 2 years with guaranteed acceptance to the top state schools.

[Anonymous]

My child got into multiple SLAC’s (think rank 50-100). That is the type and size school she wanted (not urban or large public). She got between 20 and $30,000 from almost all (in merit aid—her grades were good but not her SAT, just FYI) . In the end, she is attending her first choice, with no loans and my “share” is about $26K a year. That, I can manage (without cutting into 401K contributions). This is due to savings and ongoing contributions.

I don’t know your family’s situation, but I am disagreeing with the notion that state public’s are the only way to go.

[Anonymous]

Anonymous wrote:My child got into multiple SLAC’s (think rank 50-100). That is the type and size school she wanted (not urban or large public). She got between 20 and $30,000 from almost all (in merit aid—her grades were good but not her SAT, just FYI) . In the end, she is attending her first choice, with no loans and my “share” is about $26K a year. That, I can manage (without cutting into 401K contributions). This is due to savings and ongoing contributions.

I don’t know your family’s situation, but I am disagreeing with the notion that state public’s are the only way to go.

We heard you first 100 times.

[Anonymous]

That poster’s advice to the questioner is just as valid as anyone else who responded. Who made you the forum police?

[Anonymous]

Anonymous wrote:My child got into multiple SLAC’s (think rank 50-100). That is the type and size school she wanted (not urban or large public). She got between 20 and $30,000 from almost all (in merit aid—her grades were good but not her SAT, just FYI) . In the end, she is attending her first choice, with no loans and my “share” is about $26K a year. That, I can manage (without cutting into 401K contributions). This is due to savings and ongoing contributions.

I don’t know your family’s situation, but I am disagreeing with the notion that state public’s are the only way to go.

I appreciate this info.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Thank you. I have questions about where to allocate savings. Like if we will need a new roof in the next 4 years, should we get it now? We don't have high salaries but we have some savings which I think will hurt financial aid--but want to save to help with later schooling for our kids, like grad school/professional school. If not an advisor, are there good online sources or books that explain educational financial planning?

If you don't have enough in the bank now to comfortably finance undergrad (no shame, I don't either) do not plan on giving your child any additional resources for graduate school except perhaps allowing them to live with you if they want to attend school in your city/town. Tell them they are on their own for that, and they can choose to borrow, work for a couple years and save, etc. It is far better for them in the long run to finance their own graduate (and part of undergraduate) education than having to support you in your retirement.

The year that will begin to count for any potential financial aid is the tax year from your child's fall junior year (e.g. my kid graduates HS in 2019; we applied for financial aid using our 2017 tax return).

I recommend you do any significant deferred maintenance on your home now -- roof, furnace, AC, water etc -- if your kid is still in 9th or 10th. Use some, not all of your cash savings, keeping some for an emergency. That way, you will not appear to have as much available for tuition, and more important, not have to worry so much about something big coming up after you've paid that year's tuition bill.

Educational financial planning is part of overall financial planning. Consult a general financial advisor if you want personalized advice, otherwise, there are a zillion books out there.

Thanks. I heard on DCUM that they look at family income from kid's junior year and assets from fall of senior year. Does that sound about right?

[Anonymous]

Yes.