AboutFelicia Gopaul Expertise Paying for college can be challenging for parents. I can offer advice on different approaches involved in navigating the financial aid system both for parents who don't expect to qualify for any need-based aid and those that do.
Experience Over 10 years working with parents to determine the best way to pay for college, including the last 3 years specializing in college funding consulting.
Past/Present Clients Parents of college bound students currently in high school and the first few years of college who want to provide the best education possible and still have money for other financial goals.
Expert: Felicia Gopaul Date: 4/25/2008 Subject: Financial Aid Award
Question Our college bound daughter has been offered financial aid packages from several colleges, and the expected family contribution for each is more than 20k, based on the fafsa report of our combined 2007 income of 99k. We are only able to meet a portion of this amount due to a combination of poor planning and savings along with having to assist my elderly parents financially.
As parents we want our daughter to have a good education and college experience. Please offer any advice and recommendations that may help.
Answer Dear Harold,
Many people think paying for college is about applying for and getting financial aid. However, as your finding, paying for college when you are a middle income family, is really about cash flow management so that you can pay for your expected family contribution.
My best advice would be to visit National Institute of Certified College Planners website (www.niccp.com). Look for an advisor in your area and interview at least 3.
You may find individuals who call themselves college planners but all they are suggesting is that you strip the equity out of your home or shift assets around. Run from those types of college planners.
You want someone who will put together a multi-year cash flow plan. In my opinion, such an advisor is looking out for your best interests and can show you how to pay for college affordably without strangling your finances. In addition, if you have other children who will follow your daughter, this type of advisor will also take that into consideration and give you options and recommendations that are specific to your situation.
Finally, you may know of (or have) a financial advisor who says that can help you. I'm biased, but I believe that most "regular" financial advisors have not had the extensive training and gone through a certification course that provides them the level of knowledge I have as a Certified College Planning Specialist.
Currently, there are less than 500 people with the CCPS designation in the United States. For your needs, I would stick with someone who specializes in this area of planning rather than a generalist that knows enough to be dangerous to your finances.
I wish you and your daughter much success,
Felicia Gopaul
College Funding Resource
