The Benefits of a College Planner by Karla Hopkins

As a parent of a high school junior, I faced the sudden question, "Have I planned for my child's college education costs adequately?"

Even though I have been an accountant for over 20 years, I still questioned whether or not I had the right information and tools to get me through the college years without permanent financial scars. Knowledge is power and college financial planning is daunting without the right tools. I realized that even with my extensive accounting and tax expertise, there were many areas of college planning that I was unaware of; so I turned to a professional college planner for advice.

It is projected that the average four year college education could cost between $90,513 and $181,025. If your student hopes to attend an Ivy League institution, that number could be north of $200,000 or more!

Professionals in the college planning business offered me the following:

• How my assets and income can count against me when applying for financial aid, and what I can do about it.
• What it will take to position my student to be the best candidate for more gift aid (Free Money) and fewer loans.
• Which assets are considered when the US Department of Education calculates my Expected Family Contribution (EFC) – (the absolute minimum colleges will expect a family to pay for one year of school).
• How preparing the financial aid applications the right way can maximize financial assistance and minimize out of pocket expenses.
• How I can get ahead by developing a customized college plan for all of the college costs I will incur.

As your accountant, I am able to work closely with a college planner to assist you in implementing a college financing plan. Even though you may feel overwhelmed by the process, you should not avoid digging into the details. Knowledge is power and with that comes success. It is never too early to start a college plan, but you could face the situation where it is too late. My recommendation is to do some research on your own to familiarize yourself with a college's financial requirements, visit the federal and state college financial aid websites, and value the expertise of a college planner.