Financial Planning Strategies for College
How can we afford to send our children to college is a question that we hear all the time. Many families are attempting to go through this massive financial undertaking without any guidance. If you feel confused about the maze of savings plans, grants, scholarships, and expenses, you are not alone, and we help you by building a customized strategy that works for your family.
Paying for college is one of the biggest financial decisions that families face. This is where the power of a financial advisor, specifically a CFSLA (College Funding and Student Loan Advisor) financial planner, can help you make the right decisions at every stage.
Our college education planning services include discussing topics such as:
- What are the projected tuition and housing costs for specific schools?
- How much should you save based on the desired degrees?
- What are the best accounts to use when saving for school?
- How to maximize savings, scholarships, grants, and loans during college
- Evaluating student loan repayment options after college
Consult on loan forgiveness strategies
- How to best structure debt in the context of your financial plan
Our customized services will focus on strategies in whatever stage of college planning you are in:
Before College
- Review life goals (retirement, education, home purchase)
- Develop a budget
- Assess the pros and cons of different account types such as 529’s
- Create a college-specific savings plan
The College Years
- Guide you through the FAFSA process
- Review tax filing status
- Understand the cost of attendance
- Budget for a four-year plan
- Review student loan options and strategies
- Plan how to best structure debt
Post Grad
- Evaluate debt repayment methods
- Explore loan forgiveness options such as Public Service Loan Forgiveness (PSLF)
- Consult on loan consolidation and refinancing
- Review the impact of tax filing status on loan repayment
Thomas J. Mullen, CFP®, CFSLA
Tom has been a Certified Financial Planner, CFP® since 2005 and also attained the College Funding & Student Loan Advisor, (CFSLA). The CFP is foundational to the broad based planning that Tom and Breakwater Capital Group provide. The CFSLA allows Tom to specialize in an area that proves to be a financial challenge for many families and young professionals.
