FAQ’s
1. What is the average total cost of a public and private college?
According to Collegeboard, for the 2023-2024 academic year, the average price of tuition and fees came to: $41,540 at private colleges, $11,260 at public colleges (in-state residents), and $29,150 at public colleges (out-of-state residents); this figure does not include Room and Board. Fees may support services such as the library, campus transportation, student government, and athletic facilities. Fees charged can also vary widely from college to college. In addition to tuition and fees, there are additional costs to the student for housing, food, books, and supplies.
2. How can we help you?
We determine how much money you, as a family, would be expected to pay. In many cases we can reduce your eventual out of pocket costs. Additionally, if the school does not provide you with an appropriate level of aid, we can discuss the possibility of an appeal. We also provide a thorough merit scholarship search. Finally, we help you develop a game plan to pay for a large portion, if not all, of the college expenses.
3. My child is a senior. What can we do?
There are many things we can do. First, we can put your student through a comprehensive Student Assessment program so that they have the best chance to get to the right college and graduate on time. Second, we can help you put together a plan to pay for college. Third, the searches for merit scholarships can be very fruitful. Finally, if the college will consider an appeal, we will discuss how to navigate that process.
4. I have heard that tax-deferred retirement plans do not count against me when calculating financial need. Is that true?
Starting with the 2024-2025 FAFSA, money contributed to a 401K or 403B will not be used in the FAFSA calculation. However, dollars contributed to an IRA or SEP (as indicated on your federal tax return) will be added into the calculation and may negatively impact your need-based aid.
5. What age is appropriate to start the college planning process?
We recommend starting as soon as possible in order to achieve maximum results. Ideally, the student needs runway ahead of them to accomplish all the tasks. Keep in mind, the college application process opens August 1st of the student’s Senior year of high school.
6. I think I make too much money to receive financial aid. Is there any planning that can help me?
Absolutely! First, graduation rates at four year colleges are approaching 6 years on average. We can help your student choose the right schools to apply to and graduate on-time; this can be the most cost effective tool of your planning. Also, do not assume that you make too much money to receive need-based aid. Additionally, our merit scholarship search is a powerful planning aid. Even if your child is not a straight A student, there may be scholarship dollars available to them based on their academics.
7. I hear that the financial aid forms can be complicated. Is that true?
Yes. In fact, a significant number of individuals tend to make errors on these forms. These errors can cause delays in getting aid offers processed and/or limit the awards received.
8. I own a home. Will that count against me for financial aid?
9. This process sounds expensive. How much will this cost me?
The planning process is much more affordable than you may think. In most cases, the work we do pays for itself many times over. Our plans are customized and each case is evaluated on an individual basis. The first step is to attend a no-cost educational workshop where you can decide if planning with a professional is right for you.
As always, feel free to schedule a no-cost consultation, even if you have not attended a workshop. We’ll walk you through the timeline and process, and discuss your family’s specific situation and cost associated with our services. We look forward to meeting you!