Focus on Family: Right College, Right Price author Frank Palmasani
To purchase a copy of the book:
Right College, Right Price: The New System for Discovering the Best College Fit at the Best Price
How do you get to $1 trillion in student loan debt?
Waiting until award letters arrive in March/April of senior year leaves your family little choice if the cost is higher than expected. Avoid sticker shock by using the each school’s net price calculator to get a good estimate and compare that to what you can afford.
There is more to savings than savings
There are 10 factors that go into what you can afford to pay for college, including traditional savings and pre-paid tuition plans. Parents should also consider payments that will be eliminated when their child goes to college, lifestyle changes that could add to cash flow, and other available funds such as a bonus, inheritance or planned gift.
Filing for financial aid-Families with college-bound students started filing FAFSA (Free Application for Federal Student Aid) forms this week. Palmasani shares application tips on what assets parents should not list, using income estimates, and when to record the value of your savings and investments.
Common myths and misconceptions about paying for college
The key to getting financial aid is “hiding” your savings. (False). Your expected family contribution (EFC) is what you’ll pay. (False). The best colleges cost the most. (False). Affordable options exist, you just need to know how to look for them!
Talk to Your Child about College Costs
The biggest mistake parents make is not discussing paying for college with their children. Talk with them about how their student loans will impact their lives after college. For example, most graduates can effectively manage a monthly payment of up to $300. Any amount beyond that could lead to a delay in getting their own apartment or car, or even getting married and starting a family.
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