How to Pay for College: Tax Savvy Tips for Parents
Tax Briefings 2018 (4:00 - 5:45 p.m.)
Once upon a time, a college degree was a true bargain: Four years of tuition cost about the same amount as a fancy new automobile, and pretty much set you up for life.
Today, the price of that same college degree has sky-rocketed: The full-in cost of a college degree is now closer to the cost of a new house, and the size of the student loan has grown from a car loan to a mortgage.
Every parent still wants to send a child to college, but the affordability factor is daunting and getting worse. Fortunately, there are smart, savvy ways to manage the looming costs of college – but they are not necessarily intuitive or easy to identify.
This seminar offered an opportunity to educate yourself about the ins and outs of sending your children to college – from selecting the right college, to getting your child into the school of choice, to paying for it. This program gave the full scoop on what for many people is becoming the biggest financial decision of their lives.
Topics discussed include the following:
- Gaining entry to elite colleges — statistics on recent admission rates, differences between early admission versus early decision programs, a discussion on the importance of SAT subject tests, a review of essay submissions and strategies, and a discussion of how parental legacy can play a positive role
- Putting together a strategy for admissions
- Athletic Scholarships — points of emphasis on how to prepare and then apply for this important form of college aid
- Projecting college costs and corresponding saving patterns – including a live demonstration of quality tools that the audience can use for their own family and clients
- How to use college as a springboard to develop financial literacy for your teenager
- The effective use of student loans for children when post-graduate work is likely and the loans are not necessarily needed
- A discussion of the public service loan forgiveness provision and income based repayments — medical school example to be discussed
- The importance of creating a Power of Attorney and Health Care Proxy for your college student.