If you are like most parents, you had great intentions but poor execution in terms of saving for your child's college education. But that's water under the bridge… Understand that there are "late stage" planning strategies that can dramatically lower your total college expenses. Regardless of your income level, you need to determine the most efficient and effective way to pay for college. Once your child is in high school, you need to familiarize yourself with the college finding and college funding process and develop a comprehensive, multi year plan that will take into account career path planning, majors matching, admissions application management, cash flow and financial aid strategies, and tax and debt leveraging techniques. Using the services of a college funding coach who specializes in late-stage planning is highly recommended. Most families don't even realize this type of consulting exists. For a reasonable fee, a certified college planning specialist may be able to save your family tens of thousands of dollars in college related expenses. The key here is NOT to wait until your student is about to leave for college. This planning should be done before your child is a junior in high school. Planning in advance may very well be one of the BEST financial decisions you ever make and will enable you to pay for college while still being able to save for retirement and other financial priorities.

Many parents assume they can just "wing it" when college rolls around. After all, how hard was it for your parents to handle your college funding? But this is NOT your father's (or mother's) college education. The rate of inflation related to the cost of higher education dwarfs that of medical care and we can all see how that's turned out! Don't be like the majority of families who make the mistake of thinking they can easily navigate this expensive process themselves. Parents routinely find themselves stressed out and underfunded, resigning themselves to working longer and living with less to get their kids through school. It doesn't have to be that way! You must be proactive when it comes to finding and funding college. Working with a consultant that has expertise in this area to develop a strategic plan specifically for your family and your financial circumstances can save you 25% - 50% of the overall cost of attendance. The financial aid rules related to college are over 2100 pages and weighs in over 5 lbs.; Are you confident you would take advantage of every tax deduction or tax credit if you prepared your own tax return? Do you think you will instantly master the financial aid system? If you don't take advantage of tuition discounts and education tax credits, you will end up paying more for college than necessary. Make sure you learn the "rules" related to lowering your college costs before you complete the paperwork.

Too many successful professionals assume that their child's high school is busy doing those things necessary for the student to be admitted to the college of choice and earn scholarships in the process. You will be sadly disappointed by the outcome if you do not intervene and take action now. Don't leave your son or daughter's future to chance. High school counselors can be a good resource for basic college information. But it is not unusual for one counselor to work with several hundred students each year. Counselors routinely spend 90% of their time with 10% of their students – and it's not because those are the kids who are doing things right. Take advantage of every tool, workshop, and meeting offered by your student's school; but commit to supplementing those with outside expertise focused on providing you with a customized solution to your family's unique college finding and funding needs.

Bill Gates kids would qualify for certain benefits of the financial aid system if he filled out the paperwork so it's unlikely you couldn't benefit from a system you've been paying into your entire taxpaying life! First, understand that there are three different types of financial aid – need-based, merit-based, and lending-based. Need-based aid is based on the financial resources (or lack thereof) of the parents and the student. Most of you will never qualify for this category. Merit-based aid is related to academic or talent-based (athletic, musical, artistic, etc.) performance. Many of you will have kids that qualify for this category. Lending-based aid is available for all families that complete the financial aid paperwork. And herein lies opportunity that many successful parents simply don't use due to a lack of understanding related to how the system works and who can benefit. Most parents think they just have to "pay retail" for college. The fact is, proper planning can result in money coming from the school of choice, the IRS (creating "tax scholarships"), and from the financial aid system – all resulting in better cash flow during the college years and a retirement plan that accelerates as you near that magic date!

The years your child spends in college is like life on training wheels… it can really help them transition into the responsibilities of adulthood. Too many of today's college graduates are not financially literate and find themselves deep in the hole called debt and have no tools or strategies for digging themselves out. You can play a key role in your child's overall education by helping them develop healthy financial habits and attitudes that will serve them well long after graduation. Research proves again and again that people demonstrate greater appreciation and tend to be better stewards of those things in which they have a vested interest. Having your son or daughter take on the responsibility for paying part of their college expenses can provide a valuable lesson in fiscal responsibility. At a minimum, we recommend a student be responsible for earning their spending money by working during the summer or part-time during the school year. Studies have shown that students who work 15 hours per week during the school year tend to achieve higher grades – they are forced to focus and prioritize, using better time management than their counterparts who do not work. In addition, students who must earn or borrow rather than those that are just given their college expenses tend to think a lot harder about how they are using those resources. They tend to make more mature spending decisions and demonstrate better budgeting skills. Having your student be responsible for a portion of their college expenses can help them learn, in a small way, what it's going to be like after college when the training wheels come off.