Beyond the obvious decisions of what school to attend and what to major in, there are also the tremendous financial decisions that surround a college education.  Parents and students need to decide how much debt they should take on, what is the best way to start saving for college, and what student aid options are available.  Planning for college is not easy, and for that reason, there are many college planning companies out there that are willing to help.  Sometimes, it is worth the extra effort and expense to hire a college planning consultant to help you work through all the details.

Help Planning for College Expenses

Even if your children are young, these college planning companies can help you prepare for the future.  They are able to educate parents about the options they have for saving for their children’s college.  They can also help parents project what the potential costs for college will be, so they know how much they should save. 

Often a consultant will help the parents develop a savings plan or budget that will help them save what they need, while still keep the options for financial aid open for the future college students.  For example, parents who save for their children’s education in the wrong way often eliminate their children’s chance to apply for aid because they create a situation where their family has a high net worth.  College planning consultants know how to help these families continue to save without closing the doors to financial aid.  When choosing a consultant, remember that it is important that the family find a consultant that is willing to consider other financial goals, such as retirement savings, in the overall budget. 

Helping Parents of High Schoolers

Once children enter high school, parents face a new set of concerns and considerations.  Beyond the obvious question of how they are going to help pay for the college education, parents are now considering what financial aid to apply for.  They also have to figure out how to help their children apply for the chosen school.  Sometimes, the school they choose can affect their ability to apply for student financial aid.  College planning companies know all the rules and regulations in the industry and can come alongside parents and their children to help them through this process.

Services for Students

Planning for college does not just involve the parents, although they may have the largest financial investment in the process.  College planning companies can help students apply for school as well.  They can also help students apply for and file all the applications necessary for financial aid.  They will teach students how the different financial aid options work, helping them understand that not all financial aid options are “free money” for school.  Together, parents, students, and consultants can create a cash flow strategy to help students manage the loans they may need to pay back after they finish school.

Non-Financial Services

Beyond the financial services offered to those planning for college, many college planning companies also help students make other important decisions.  For instance, if a student is having a difficult time deciding on a school or a major, one of these consultants can help.  They can help students know which standardized tests they need to take to get into the school they have chosen.  They can provide detailed research into the different benefits of schools on a student’s list.  Some of these companies will even help the student prepare for the admissions interview and written essay that are both necessary steps in applying for a college education.

The Cost for Consultants

At this point, you are probably thinking that hiring a college planning consultant is a good idea.  However, before making this decision, you need to count the cost.  The typical price tag for full service college consultation services is around $3,000.  Now, this seems like a very high price to pay for these services, but when you stop to consider that in 2007 the average four-year college education cost around $250,000, spending a few thousand dollars to avoid having to pay the entire cost of a college education makes sense.

The people who most benefit from the college planning services of these types of programs are those in families that make too much money to qualify for financial aid.  Upper middle class and high-income families, or those families with a high net worth, can avoid having to pay the entire cost of college with the help of these planners.  These professionals know how to get around the income requirements to get these students the financial aid that is essential to pay for college in today’s society.  If you fear that you will have to pay out of pocket for your child’s entire college education, consider hiring the college planning services of one of these consulting companies.