The other day, I ran into a client while I was out running errands. We started talking about the usual—life, family, and of course, the big topic on every parent’s mind: college. My client mentioned a friend who was already knee-deep in preparations for their kid’s college journey—even though college was still a few years away. When I asked who this super-prepared parent was, it turned out they were also one of my clients—small world, right?
This got me thinking about how crucial it is to start early. And no, that doesn’t mean taking a pay cut or making drastic changes. It’s about understanding the bigger picture and knowing what options are out there. For example, did you know that your Adjusted Gross Income (AGI) plays a huge role in determining financial aid? And that there are strategies—like contributing to retirement accounts or looking at different types of savings plans—that can help you position yourself more favorably?
If you think other families aren’t prepping for this, think again. I’ve seen too many families caught off guard when they realize that, despite a solid income, they’re not getting any need-based aid. Imagine a family of five in Boston, making $150,000 a year, with a mortgage on a $700,000 home, finding out they don’t qualify for aid. By that point, options can be limited, and sometimes that means tough choices, like a gap year.
Let’s avoid that stress together. Curious about what steps you can take right now? Reach out, and let’s make a plan that sets your family up for success. It’s all about making smart moves now for a brighter future!