**SPONSORED CONTENT BY FINANCIAL PLANNING CENTER**
By Dave Perez
School is back in session, which means college planning is on the horizon for some families. Financial Planning Center, LLP, tackles the three most prevalent myths regarding college planning and funding:
1. I can do it on my own and get the same results.
It is true you can do it on your own. And that is exactly what the colleges are telling many families to do. However, this process can be overwhelming. There are so many deadlines, tests, applications, government forms, preparations and pitfalls involved it can break down even the most prepared family. Think about it. How many kids have you put through college? One, maybe two? Do you really think this is a do-it-yourself kind of job when it involves the rest of your student’s life?
This is our business! Don’t let a “we can do it ourselves” mentality mislead you into making bad decisions. You can file your own taxes, too, but most people recognize the value of hiring professionals because of their expertise. The Financial Planning Center is dedicated to seeing your student succeed in the college years. Let our firm help you in one of the most important times in your (and your student’s) life!
2. We make too much money (or have too many assets) to qualify for financial assistance.
Many of the families we talk to think they won’t get financial aid because of their retirement savings or income. The reality is that most people have no real understanding of how financial aid actually works.
While it is true there are some high-income families that may not qualify for financial assistance, many families in the six-figure income range could, in fact, get financial aid – with proper planning. A fairly common oversight is not just considering financial aid based on the “financial need” of the student, but also the possibility of receiving merit aid. Even wealthy families can qualify for merit aid, as it generally has nothing to do with the financial situation of the family. The Financial Planning Center focuses on not only financial aid, but also on merit aid.
3. State schools cost less than private schools.
Have you looked at the cost of colleges lately? Look up four colleges in your area. Look at two private and two public colleges … now get up off the floor and finish reading this. Many people will make a decision based upon the “sticker” price of a given college and eliminate a school based solely on this perceived price tag.
It is true that the “sticker” price is generally higher at private colleges than public ones. However, private colleges generally have much larger endowment funds. That generally means much larger grants and/or scholarships are awarded. That is the best kind, because it’s free and does not have to be repaid! Many public colleges offer more loans than grant money. The Financial Planning Center helps families determine which colleges generally offer the best overall aid packages. We can help you determine whether or not you are getting a good aid award at that college, based on the extensive databases we have access to. Let Dave Perez at the Financial Planning Center help you get the best education at the best price!
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http://clarksvillefpc.com/college-planning.html