STORY: College Funding

The Perry Family Reduced College Costs & Improved Retirement 

When The Perry's first came to see us, they were resigned to the large looming expense of college for their two students.  They were very frustrated – almost angry at how expensive college had become.  They did not feel prepared and did not believe they would qualify for financial aid.  

Their two children Jason, a high school junior and Mary, a freshman were very different. (Of course!) Jason, a good student but not sure about the direction his life should take, was a bit anxious. So many of his peers seemed to have "figured it out".  Mary was struggling and had some learning differences. They hoped their daughter would eventually get on track and not only have a successful college career, but successful life. The Perry's wanted to give each of them every advantage a good college education provides or some other path, if that was more appropriate.

First we helped them see what their retirement projection looked like to make sure they were on track. Overspending for college without considering the impact it could have on your retirement, may have you working longer than you had anticipated.  Or possibly moving in with your kids in the future. Not a good strategy.  By showing The Perry's where the wealth leaks were in their current plan, they freed up $500 per month for college.

We showed Jason how to get organized with resources to drive the college process in a way that made sense and really get a handle on what his "best-fit" possibilities were.  We surrounded Mary with support systems to help her understand what her success picture might look like.  She needed to believe and hope it was possible and finally discover that it was possible to be successful in life, even though it might look different from her brother's path.

With the correct power tools in their hands, Jason and Mary could find the best fit career options first, select the best majors to support the careers they were considering and ultimately be prepared to identify the colleges that would best support those choices. They learned how to search for scholarships and learned real money for life skills.  Empowering Jason and Mary took some of the pressure off their parents.  The Perry's were comforted knowing their children had access to information to help the entire family make informed decisions for a successful college plan. 
When we showed The Perry's how to also reduce the annual cost of college by $7,500 per year, they were shocked.  That could have been a huge unnecessary wealth leak.  The impact of plugging that wealth leak was significant for their retirement accounts.  With college spending reduced, they may have an extra $65-75,000 in their retirement accounts instead of in the college’s coffers.  They could only imagine how much more they could have saved if they only started this process when their children were much younger.

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