Client Results:

The following are examples of the solutions that My College Planning has provided to our clients. There is an endless combination of problems and solutions parents face in today's complex world of college planning. The following are just some of the more common problems that we address. For a more specific solution to your problems please contact us directly.

Family Example One: Family who would qualify for financial aid

Timeframe: Short-term: Student was entering college in the next year

Family Goals: The family wanted to maximize their child's financial aid at a public university that cost $19,000 per year.

Family Income, Assets and Debt:

  • The parents annual income of $63,000
  • $62,000 in home equity
  • $52,000 in retirement accounts
  • $10,000 in cash/savings
  • They had consumer debt of $21,000
  • The child had $23,000 in a UGMA account
My College Planning Solutions and Results:
  • The student financial aid was increased by $4,600 per year.
  • The total of the financial aid strategies saved the family $18,400.

Family Example Two: Family who would qualify for financial aid when there is more than one child in college.

Timeframe: Short-term: Student was entering college next year with an older sibling in their sophomore college year

Family Goals: The family wanted to pay for a private college (cost $62,000 per year) in the most tax-efficient manner. They wanted to increase their cash flow to meet college cost and were also concerned about their child's chances of acceptance to an elite private college.

Family Income, Assets and Debt:

  • The parents had annual wage income of $250,000
  • $160,000 in home equity
  • $290,000 in retirement accounts
  • $30,000 in stock
  • $120,000 in mutual funds
  • $15,000 in cash/savings
  • They had consumer debt of $25,000
  • The child had $23,000 in 529 plans
My College Planning Solutions and Results:
  • The family implemented a loan consolidation strategy resulting in better cash flow and a lower tax liability.
  • Student consulting helped increase the child's admission chances at an elite private college resulting in his acceptance.
  • There was also a tax strategy that saved the family $2,000 per year. (max seven year savings $7000)
  • The existing college sophomore was awarded $18,700 in financial aid that was not previously received.
  • The college freshman also received $18,700 in financial aid per year.
  • The total of the financial aid and tax strategies saved the family $119,200!


Family Example Three: Business-owner whose child would qualify for financial aid

Timeframe: Short-term: Student was entering college next year

Family Goals: The family wanted to maximize their eligibility for financial aid. They also wanted to maximize their child's chances of acceptance at multiple universities that were both public and private.

Family Income, Assets and Debt:

  • The parents had annual business income of $65,000
  • $90,000 in home equity
  • $110,000 in retirement assets
  • $140,000 in business equity
  • $9,000 in cash/savings
  • They had consumer debt of $15,000
  • The child had $8,000 in CDs
My College Planning Solutions and Results:
  • Certain assets would be repositioned.
  • Student consulting increased the child’s acceptance rate which resulted in the child being accepted to multiple colleges.
  • Tax strategies would be used to lower the business income in order to maximize the child's eligibility for financial aid resulting in a $7,500 per year tax savings.
  • The student's financial aid was increased by $5,500 per year.
  • The total of the financial aid and tax strategies saved the family $52,000!


Family Example Four: Business-owner whose child would not quality for financial aid (before meeting with us)

Timeframe: Short-term:Student was entering college in two years

Family Goals: The family wanted to utilize the business to generate income to pay for college (costs of $30,000 per year) without depleting business assets.

Family Income, Assets and Debt:

  • The parents had annual business income of $140,000
  • $210,000 in home equity
  • $320,000 in retirement assets
  • $380,000 in business assets/equity
  • $40,000 in mutual funds
  • $18,000 in cash/savings
  • They had consumer debt of $26,000
  • The child had $18,000 in a UGMA
My College Planning Solutions and Results:
  • Using a tax professional, they implemented a combination of employment and tax-free benefit strategies, and education tax incentives which were incorporated to help pay for college with pre-tax dollars.
  • The family increased personal cash flow by $925 per month and avoided a reduction in business assets by incorporating a loan consolidation strategy.
  • The family now qualified for financial aid resulting in a $16,300 per year award.
  • The family saved $26,000 in income taxes per year that were used to pay for college.
  • The total of the financial aid and tax strategies saved the family $169,000!


 

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