What if I told you that preparing for college doesn’t have to be stressful and paying for it doesn’t have to be costly? It has been said that people don’t plan to fail they just simply fail to plan. When it comes to preparing for college and paying for it not having a plan  doesn’t always equate to success or failure as much as it does to lost TIME, increased stress and anxiety, and more money out of pocket. Colleges are not in business to save you money and they know that sending your children to college  is something most parents will just figure out regardless if they have plan or not. The ultimate parent goal is to spend as little as possible for the best education available. I understand that planning for college is not all about the cost but as costs continue to rise we as parents must stay educated and informed about ways to pay less for quality education. The average cost of a four-year college is $80,000-$180,000 depending on if it’s a private or public institution….and that’s just for 1 child!! Not to mention, statistics show that 4 year undergraduate programs are becoming nonexistent for most students. Five plus years to graduate is becoming the new norm.

If high school parents knew that creating a plan for college would save them headache, time, and loads of money I believe more would be proactive and do it. I think most families don’t plan for college not because they don’t want to, but simply because they don’t know how big of impact it can have and they don’t have the slightest idea about where to start. Here are some basics to know:

• What is late stage college planning?-College Planning is NOT just about saving for college. Its also about saving on how much you pay for college regardless of what you saved over the years. It’s understanding and implementing a variety of college cost reducing strategies. It is about finding the right school, for the right reasons and at the right price.
• Why is it necessary?– Other than your home, higher education costs could be the greatest expense you or your children incur in your lifetimes. Every dollar you spend on college is a dollar not going towards your retirement goals. Most people who have not created a payment plan tend to incur more cost through debt and lost opportunity.
• When do I start?-The best time to start a plan (doesn’t need to be perfect) is NOW! Deferring planning will just increase your potential costs later. Very similar to a plumbing issue, the longer you wait to fix it the greater the damage and the higher the potential cost. Even a small leak can cause a flood.

There are many parents who never create a plan for college and they do fairly well. If your child goes off to school and graduates within 5 years, you’re a success! However planning for college is not only about selecting the right school and graduating within a timely manner. It also means affording it wisely. If you were the parent of that student and could’ve shaved $5,000-$10,000, or $15,000 off your education bill to invest elsewhere or to help buy your student’s first home wouldn’t that be a great thing?  These are the potential possibilities that planning provides. Planning doesn’t always mean you will save thousands of dollars but it could provide you with peace of mind and with confidence knowing you are putting your best foot forward. I always tell parents that planning can not always save you money on college costs, but it’s really tough to save on college cost without a plan. Think about it, for any large expenditure you’d probably look for ways to reduce your cost (home, car, vacations, etc.) through a variety of ideas and strategies. The same approach should be applied to paying for college.

There are two prices for college: one for the INFORMED and another for the UNINFORMED. Which price would you rather pay?

What did you do for your son or daughter’s higher education? Please share your tips and experience.

If your have questions or need more information please visit us at AgradeAboveCP.com or dial 951.691.9304