Many factors play into the planning process for college. Scholarships, loans, tuition-payments, are just some of the things you think about. Depending on what you are looking for, a financial advisor may be incredibly beneficial to you.
Should you get a financial advisor for college?
First and foremost, you need to identify what you want. You can’t solve a problem if you don’t know what the problem is. If you plans are straightforward enough, you may not need a financial advisor at all. For example, if you already clearly know what college your child will be attending and already have the amount in full set aside, then you might be able to go it on your own.
You’d also be incredibly lucky and a rare college planner indeed, but it can happen!
There are other resources you can use other than a financial advisor as well, the College Financial Aid Advisors (CFFA) is an example. This firm assists students in applying for scholarships and grants that they could be eligible for. Social media is also a resource you can use to help you in your research. Some high schools also have guidance councilors that are trained to help with the college selection process.
However, if you’re in the dark about how college financing works, a financial advisor will help you significantly. Most people also do not have every detail of college worked out, let alone the full amount waiting and ready to go. Especially if you haven’t gone to college or were a first generation student, the process might be very daunting and hard to navigate on your own.
Or, your child may be very young (or not even born yet) and you’re trying to figure out how to set up a college plan. Or perhaps you have multiple children that you’ll need to plan for.
In these cases, a financial advisor will sit down with you to look at your current finances, your future plans and help you create realistic goals and a game plan. Planning ahead is the key to giving your child or grandchild the best educational opportunities. Make their future dreams a reality by setting up a plan early so you have plenty of time to save.
A financial advisor will help you plan based on the future cost of education, then identify avenues that minimize parental and student costs while maximizing your financial aid, tax credits, deductions and scholarships.
Need more help figuring out your college plan? Greater Midwest Financial Group can help. Our financial advisors can help you develop a customized financial plan that fits your budget, lifestyle and individual needs, whether you’re able to fund monthly or annually.
Greater Midwest Financial Group is a financial advisor firm serving St. Paul, Minneapolis and the wider Twin Cities area. We specialize in wealth management, retirement planning, asset management and other personal finance needs.