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A smarter way to choose a college

Posted by Jill Boynton September 28, 2009 10:35 AM

It’s fall, time for high school seniors to start the college application process. When you and your child are thinking about what colleges your child should apply to it’s important to think in terms of value. A higher cost school doesn’t necessarily translate into a higher income through life. That may be the case initially, but salaries 10 years out of college are determined just as much by the ambition and drive of the student (now an adult) than what college they attended. What is important is to get an education without strapping you or your student with a lot of student loans, and without jeopardizing your retirement by diverting contributions to the college bills.

There are hundreds of good schools out there, but how do you know which ones to apply to? A college counselor can help you find ones that fit your child’s interests, personality and budget. In addition a good counselor can help you find schools that want your student, increasing the possibility of receiving financial aid. Instead of blindly choosing colleges based on name recognition or a neighbor’s recommendation, talk to your high school college counselor or consider a private counselor, who may be worth the cost in what they’ll save you in tuition. Click here for more information about private college counselors.

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ABOUT MANAGING YOUR MONEY
Local finance professionals share insights and advice on issues such as budgeting, managing debt, and retirement planning.

About the contributors

Jill Boynton is co-founder of Cornerstone Financial Planning in Newington, N.H. Along with traditional financial planning services, Boynton provides analysis specifically for divorce.
Andrew Chan is the founder of Integrative Financial Advisors in Framingham. He provides comprehensive financial planning advice and investment management services. He has been an adviser for over 12 years and works with clients to integrate all aspects of their finances including investments, retirement, education funding, and tax planning.
Cheryl Costa is a managing director at AFW Wealth Advisors, which has offices in Natick and Purchase, N.Y. She advises clients on investing, education funding, and estate planning. She holds a master’s in business administration from Boston University.
Jamie Downey has been an accountant for more than 14 years. He's a partner at Downey & Co. in Braintree. Prior to joining the firm, he served as a manager in the audit department of accounting firm KPMG.

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