Issue link: http://read.dmtmag.com/i/267325
22 BRAVA MAGAZINE | MARCH 2014 THRIVE DELVE IN ASK MOST PARENTS about hopes for their children, and you'll probably hear happiness and success somewhere in the mix. Geoff and Lisa Wilkins are no different—and college presently tops their list of dreams. "I think it's a priority in our family," says Lisa. "My husband and I attended college. I was able to pay for most of my schooling, and my husband got a lot of help from his parents. But cost is a whole different discussion these days." ŀ E.ˬDISONCOUPLEKNOWSˬBOUTTHIS TˬLKǠRSTHˬND0NESON+ORDˬNISˬ COLLEGESOPHOMOREˬNDˬSECOND+ˬKE will go next year. "We started saving years ago, but didn't put away enough, probably didn't even start soon enough," explains Lisa. "We've been very realistic with them about the costs. We're also requiring our boys to help pay for school, believing some ownership would help them want to do well." MAXIMIZE COLLEGE VALUE +USTHOWMUCHWILLCOLLEGECOST ŀ EES timated price tag for one year at a public college is currently $22,000, and $42,000 at a private institution, according to the $OLLEGE#OˬRD"SSOCIˬTIONŀ ESEˬVER ages are based on data from schools, sur- veys, the Bureau of Labor Statistics, and includes books and supplies, room and board, day-to-day expenses, transporta- tion, tuition and fees. Add it up, and four years at a university can cost $100,000 to $200,000. nŀ ESIGNIǠCˬNTCOSTCˬNBEˬCHˬLLENGE to consider," says Financial Aid Adviser Will Pena of Madison College. Pena offers a three-prong approach: plan, prepare and compare. "Plan ahead by researching the career choice, employability and earnings," he PLANNING FOR COLLEGE MANAGING THE FINANCIAL PINCH BY TERI BARR SˬYSnŀ ENPREPˬREFORWHˬTITCOULD cost to make it happen." Pena advises you develop a budget, save as much as your circumstances allow and also compare COLLEGESmPROGRˬMOFFERINGSǠNˬNCIˬLˬID packages and assistance before commit- ting to any school. 5IMOTHY1EDERSONˬǠNˬNCIˬLPLˬNNER INTHE7ERONˬOǝCEOFŀ RIVENT'INˬNCIˬL agrees this strategy can pay off. nŀ E MOST COMMON FUNDING SOURCES ˬRETHEUSEOFFEDERˬLˬNDSTˬTEǠNˬNCIˬL aids in the form of grants, loans and work STUDY#UTTHˬTˬIDMˬYNOTBESUǝCIENT ENOUGHTOCOVERˬLLTHECOSTSŀ EPRO grams can also change in terms of eligi- bility and money available. Scholarships aren't given to everyone so it makes sense to save whatever you can, whenever you CˬNoSˬYS1EDERSONŀ EBESTWˬYTOFUND an education, he says, may include hav- ing your student balance some employ- ment along with classes. Pederson's list of worst-case scenarios to avoid include taking out a loan be- yond what's needed for education pur- poses, using a home equity loan, dipping into retirement savings, or taking loans against life insurance policies. "I suggest a big picture approach to paying for college that includes everyone in the choices and value decisions, along with answering the question of how to make it happen," says Pederson. GUIDED PROCESS Many families take time to meet with a high school guidance counselor about the search and application process. But a new study by the National Asso- ciation for College Admission Counseling reveals public high school students get just 38 minutes of college advice per year, with many counselors claiming they spend "IT CAN NO LONGER BE ABOUT THE COLLEGE YOUR CHILD IS IN LOVE WITH, OR WHERE THEIR FRIENDS ARE GOING." –TOM KLEESE, ONCAMPUS COLLEGE PLANNING