Education Funding Specialists, INC
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Success Story 3

What does a new bathroom have to do with college?

The Family: The family has a student graduating high school in June and will continue to live without doing home improvements. He is a very good student interested in becoming a teacher with a minor in music.

The issue: The family has an expected family contribution (EFC) that excludes them from any need based aid. With that in mind, the family does not have the assets or cash flow to fully pay for all the college costs. The family wants their son to have a great college experience but didn’t know how to plan for college. In addition, the family had a great deal of credit card debt that was chewing up monthly cash flow.

The Process: The parents attended one of our classes held at a local library (you’ve heard this from the previous Success Stories). We went through the student positioning process with their son to begin to identify colleges that are both an academic and financial fit. In addition, due to the competitiveness of the admissions process, we also felt that the quality of the college essay was extremely important. We recommended the best essay coach in the country to the family. Fortunately for our families, the essay coach lives in the Capital District of New York

The Outcome: After going through the two phases of the student positioning process (academic and financial), the student applied to a group of well suited colleges and the parents re-arranged their family finances liberating over $5,000 per month in cash flow. We set aside $25,000 per year for each of the next eleven years for the college plan as well as a lump sum of $57,000. The student just received his acceptance (January 2008) from his first choice with a merit award of $7,500 for each of four years. The family now has a 25% reduction in college costs off the bat and they have a plan to pay for the rest. Now, let’s get to the bathroom….it’s not just bathrooms, but also back porches, kitchens or basements. Because of this process, the family is able to have tangible results of their own in the form of home upgrades or something similar. This family never thought they would have the financial ability in the foreseeable future to afford anything beyond college costs, college loan re-payments or increases in mortgage payments. In addition, they were able to stay on track for retirement purposes.