Five Myths Parents May Follow

Myth One

I don’t make much money, so I won’t have to pay as much as others.

Without proper preparation you may end up paying substantially more than you should. From my experience, schools WANT a diversity of economic background and may work hard to help your child attend.

Myth Two

I make a lot of money, so I will have to pay more than others.

There are completely legal and ethical ways to position your financial picture to schools that may work to your advantage. The issue here may not be how much you have, but where you have it.

Myth Three

I have wealthy relatives who will help, and that will keep the cost to us down.

Tread carefully here! A gift of money can impact other potential financial aid streams to the overall detriment of your total cost to attend.

Myth Four

My kids are really smart or have an athletic, music or other talent that will get them a great scholarship.

A scholarship is a godsend, no doubt about it. However, like myth #3, the way aid is counted by the school could result in less of an advantage than you think.

Myth Five

It’s OK, my child will take out a loan and easily pay it back with a great job.

Hold on, this should be your last resort! The burden of loans can impact your child’sability to buy a home, get married or have kids. The idea is to AVOID debt as much as possible.

Myth Six

Bonus Myth- We will have more than one child in school at a time, we are financially doomed!

Not so! There are some great strategies that may greatly reduce your overall cost with multiple children in school.

So, where does this leave you and your college bound children on their quest for a first class education? Learn more by attending one of my seminars, "Smart Strategies to Plan and Pay for College."

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