Michael Rappa is known as the college funding magician throughout the nation, having been featured on numerous broadcasting programs such as ABC, NBC, CBS and FOX. Throughout his career, he has carefully studied the financial industry and the rising college costs plaguing families of all demographics living in the United States. He was witnessed numerous families forfeiting their savings and retirement goals in order to afford higher education for their children. As the advocate for a college education that he is, Michael believes there is a way for young adults to pursue this professional goal without going broke in the process.
This passion of Michael’s is what motivated him to begin Ivy League College Planning Strategies, an advisory firm that has since helped hundreds of parents become informed college buyers, saving thousands on tuition while simultaneously preparing for retirement. Michael is a firm believer that individuals of any background or financial situation can send their children to college at the right price, even if they do not qualify for financial aid. Over the years, Michael has become the go-to wizard of college funding advice, helping families reduce their out-of-pocket costs and support their children in this goal.
Through this career endeavor, he has also given additional college planning advice to both parents and students. Between choosing the right fit, landing on a major, picking courses and more, students can easily grow overwhelmed by the number of decisions before them in their newfound independence. Michael gives tailored advice to these situations and enables students to become forward-thinking individuals.
Michael has grown a relevant presence in this niche, becoming a highly sought-after speaker and media favorite with his Piggy Bank Busting Mistakes that every parent must avoid so they do not go broke trying to send their child to college. He is also the recipient of the Innovative College Planner award presented to him at The Business Experts Forum at Harvard Business School.
Michael Rappa Shares What Parents of High Schoolers Should Be Doing Now to Prepare for College Costs
Most parents dream of being able to provide for their children’s college expenses and set them up for a debt-free future. However, with college costs easily exceeding $250k for just one child, it can quickly fall into the hands of their children to come up with a way to fund their education.
Parents of high schoolers might feel an overwhelming burden on their shoulders, feeling conflicted between wanting to pay for their children’s education and wanting to save for retirement. With college tuition quickly approaching, it is imperative that parents of high schoolers apply some practices to their lives to prepare for these costs.
Tour Colleges and Meet With Financial Counselors
With your child still being in high school, they may not have decided which college they feel called to yet. Taking the time to tour a few of your child’s top school choices can help narrow down their search and allow you to meet with the college’s financial team to discuss your money situation and possibly become aware of some money-saving techniques. As you meet with these individuals, take note of their names so that you can converse with them later down the road. Being able to gain a bigger picture of the financial requirements will help you in the planning process.
Review Your Budget
Preparing to pay for your child’s college education also means taking a deeper look into your finances to see if there are any areas you can scale back on or revise. You may already have a portion of money set aside for your child’s tuition, but revising your budget can help you determine additional ways to contribute to these bills without having to take out of your retirement savings. In doing so, you can include your children in the process. While you might not want to divulge all of your financial information to your kids, you can allow them to assist in the brainstorming process and gain solid experience in making sound financial decisions.
Partner With a Professional
As much as one might think they understand the ins and outs of paying for college, there are actually various hidden legal ways to reduce these overhead costs and save thousands on a college education, many of which require more than a quick Google search to uncover. While your children are in high school, you can partner with a consulting service like Ivy League College Planning Strategies to receive proven strategies towards shaving off thousands and reducing the stress you face as a paying parent. You can learn how to become an informed college buyer and keep yourself and your children out of crippling debt.
Preparing for college costs begins well before your child has even narrowed down which academic establishment they’d like to attend. It is natural to feel overwhelmed in this process, but implementing these strategies can help make the process less stressful and prepare you for the upcoming costs of college.