"I’m always prowling for new, timely and practical advice to help my 50+ readers manage their money better, lower their taxes, invest smarter and secure their financial future. This past weekend, I hit the jackpot," Richard Eisenberg writes for Forbes.
"I attended the Financial Planners Association (FPA) annual Business and Education conference, in Boston, Mass., a gathering of 2,000 Certified Financial Planners (CFPs) featuring workshops with financial professionals and researchers dispensing their tips and findings."
The article includes Eisenberg's five big takeaways from the conference, which includes:
"4. If your kids are going to college within a few years, you can lower your tuition bills by understanding the realities of college pricing. That advice came from Lynn O’Shaughnessy, a smartie who runs TheCollegeSolution.com site.
'The financial industry hasn’t been concerned about late-stage college planning,' she said. 'Their perception is that paying for college is just using a 529 plan.'
Think of colleges like the airlines, O’Shaughnessy advised, where 'everybody pays a different price.' Many parents don’t realize, she said, that 58 percent of students at state schools don’t pay full price and 89 percent of students at private colleges and universities get price breaks — a historic high.
Also a historic high, she said: the average college discount from the tuition sticker price, now 54 percent. The reason (and the exceptions are the highly selective elite schools) is that many admission departments have trouble filling their freshman spots.
'So throw a wider net to get the discounts,' said O’Shaughnessy. Colleges and 'master universities' are more likely to discount than research universities like Berkeley, Northwestern and Michigan 'where rich students want to go.'"
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Publication Date: 10/1/2015