Last thoughts on this topic. pfg1 correctly notes that the main factor in calculating the EFC is income, not non-retirement assets; this is true for the vast majority of parents of college-bound students. Once combined parental incomes top $90,000 (speaking in general), public colleges won't offer much financial aid other than loans. Private colleges can be a very different story.
Which brings up a crucial point in the college planning process: students who are seriously considering even one private college can likely benefit from genuine, professional college planning. Private colleges have a much higher sticker price, but they are able to offer significant discounts, and will do so....if they want a student. The stronger the student is academically - GPA and ACT/SAT score - the bigger the discount (on average) that the college will offer. A good college planning firm with a long track record will have data that gives them a good idea of how much of a discount a given college should offer based on recent history and on the student's academic and financial profile. They can help parents appeal a financial aid offer, using information that parents simply won't have on their own. Doing appeals themselves, a parent might get another $3000 in free money (not loans), where a professional college planner could get $10,000 more.
The bottom line to all this is that using a professional college planner is almost always worth it if a student is seriously considering a private school(s). For public colleges, the value of a college planner isn't as clearcut, and depends very much on individual circumstances. In both situations, a student wants to present as strong a record to colleges as possible.
In any case, succeeding at college planning is a very risky proposition - few people succeed, although many try. Forgive my cynicism, but the people who most profit from college planning are the firms who make money off insurance agents who try college planning, pay a fair amount of money, but fail at it. It's a very tough business.
Which brings up a crucial point in the college planning process: students who are seriously considering even one private college can likely benefit from genuine, professional college planning. Private colleges have a much higher sticker price, but they are able to offer significant discounts, and will do so....if they want a student. The stronger the student is academically - GPA and ACT/SAT score - the bigger the discount (on average) that the college will offer. A good college planning firm with a long track record will have data that gives them a good idea of how much of a discount a given college should offer based on recent history and on the student's academic and financial profile. They can help parents appeal a financial aid offer, using information that parents simply won't have on their own. Doing appeals themselves, a parent might get another $3000 in free money (not loans), where a professional college planner could get $10,000 more.
The bottom line to all this is that using a professional college planner is almost always worth it if a student is seriously considering a private school(s). For public colleges, the value of a college planner isn't as clearcut, and depends very much on individual circumstances. In both situations, a student wants to present as strong a record to colleges as possible.
In any case, succeeding at college planning is a very risky proposition - few people succeed, although many try. Forgive my cynicism, but the people who most profit from college planning are the firms who make money off insurance agents who try college planning, pay a fair amount of money, but fail at it. It's a very tough business.
