College Planning Analysis
Saving for college can be a daunting prospect. All sorts of wild and scary numbers are thrown around about future college costs and how much you need to save and there is plenty of misinformation regarding which vehicles are best for saving, where and how to save, the role of the FAFSA and CSS forms etc. Your Anglia Advisors CERTIFIED FINANCIAL PLANNER™ professional will present a concise report based on educated assumptions about costs and rates of return to show annualized cash flows, how much of the cost of attendance it may be wise to plan to cover, the timelines involved, and what the correct level of monthly or annual savings is recommended to cover the anticipated required amount given the client's particular, individual circumstances.
While this service is complimentary for clients on the Financial Plan, it can still be accessed by our Hourly-Based Single Sessions and Portfolio Management Only clients for a discounted one-time fee (see below)
The service is also available to anyone who is not otherwise an Anglia Advisors client as a no-obligation standalone project for a one-time fee (see below)
Customized report outlining estimated future costs of attendance (tuition, room/board, books/materials, college activities, personal expenses, including travel etc.) prepared by your dedicated CERTIFIED FINANCIAL PLANNER™ professional, including a time-lined annualized cash flow lasting from now until college graduation.
The amount likely required to be saved on monthly basis to reach (but not exceed) the appropriate level of funds in the future is then calculated using educated assumptions about costs and rates of return, helping families save the correct amount in their own particular circumstances and avoid significant under- or over-funding of college savings accounts
One child or multiple children in the family (up to three) can be factored in to the calculation and the report, all for the same price
Cost of attendance can be calculated for different school types and price points, even specific colleges, and can be used to map out costs and multiple reports created to show a range of possible costs by different colleges
Calculations can take into account varying degrees of parental coverage of college costs (100%, 70%, up to cost of in-state college etc.)
Report includes detailed information concerning use of 529 plans, how they work, how to fund them tax efficiently and possibly get tax deductions, which expenses and colleges are eligible for 529 funding and which are not, how to avoid penalties and unnecessary taxes etc. as well as which types of 529 plans to avoid
Report includes additional information and bonus resources on the subjects of FAFSA, CSS, financial aid and Expected Family Contribution calculations
Important note: As a Registered Investment Advisory firm, Anglia Advisors is not permitted to give direct tax or legal advice, but is permitted to broadly describe the tax or legal landscape in which the client may be operating.