College Planning

College Financial Planning for Business Owners

College tuition has increased more than 440% over the last 20 years. Few people realize that the college financial aid process offers business owners ways to secure strong financial aid packages.

We’d love to help you:

  • Learn how a student attended an Ivy League school for less than $5K per year with his family’s business that earned $200k annually.
  • Discover why and how business owners are perfectly positioned to access financial aid money for college.
  • Receive strategic tax planning advice your business can implement to lower both taxes and college fees concurrently.

So, how does this work?

Many families make costly assumptions when it comes to college financial planning and how the financial aid process works. Few people realize that:

  • A family’s income is just one of 74 elements that factor into financial aid decisions.
  • Your primary residence is not considered an asset by the Federal Methodology.
  • Your debt is not a factor in the consideration process.
  • The deadline for financial aid may precede timelines for acceptance letters.
  • Grades have no baring with regard to need-based financial aid at most schools.
  • Your situation may well change, and it could occur too late for financial aid support to go into effect.

As we work exclusively with small business owners to support their strategic tax planning, we’ve encountered many clients facing looming college tuition bills and seeking advice on how to pay for college. Many mistakenly believe that they “make too much money” to qualify for financial aid or that their business loans and lines of credit debt will help them “receive” financial aid. It’s confusing, at best.

Increasing your financial aid eligibility

In looking at financial aid, funds are available that are need based and merit based. The formula to determine how much you will pay (the “expected family contribution” or EFC) and the options for financial aid vary based on the type of school your student attends, such as Ivy League, Private School, or Public University.

Even the forms and methods used for financial aid differ with all schools requiring a Federal Method (FM), which is weighted heavily towards income, and approximately 400 elite schools using an Institutional Method (IM), which is weighted heavily towards assets.

At Walters CPA, we help business owners understand the options and timelines as well as determine your expected family contribution. We’ll walk you through the steps to:

  1. Determine your EFC as it stands today.
  2. Estimate your EFC for each year and each student you may have in college.
  3. Identify options to increase your financial aid eligibility, including what you cannot control, what you may be able to control, and what you can control.

As a business owner, you’ll be able to take advantage of many options within your control in terms of your entity structure, retirement accounts, and various income formats. We’ll help you map out the best, strongest plan for your family. We charge a $500 one-time fee for the consultation.

Please contact us to schedule your College Planning Consultation today.

Partners for Success

To help clients throughout the process, we team with two strategic partners who provided companion services focused on the academic, social, and financial considerations from the application process through acceptance. Both work with individuals as well as business owners.

Elizabeth Hartley
Scholarship Gold Consulting

Elizabeth Hartley scholarship gold consulting college planning

Stefan Belhomme
College Plan Today

stefan belhomme college plan today college planning

We invite you to join us for an upcoming event or contact us for a personal consultation.

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124 Floyd Smith Office Park Drive, Suite 100 Charlotte, NC 28262