When it comes to paying for college parents and students are faced with making some difficult financial decisions. With the cost of one year of college ranging anywhere from $25,000 to $70,000+, it’s nearly impossible for many families to afford college.  At Statera Financial we help parents and students understand the financial aid process, how much they can afford and how to make college as affordable as possible.

Financial aid consists of merit-based scholarships and need-based aid.  Merit-based scholarships are usually based on grades and SAT/ACT test scores in combination with a student’s extracurricular activities.  Need-based aid consists of loans, grants, and work-study jobs.

In order to figure how much college will cost your family, you need to know what your Expected Family Contribution (EFC) will be. The EFC is the minimum the government and college expect a family to pay per year for college. It is calculated based on the family’s income and assets. Once a family knows what their EFC is, it becomes easier to understand how much they can afford. At Statera Financial part of our college planning process is to work with our clients to calculate their current EFC and propose strategies to lower their EFC where possible.

No matter what stage you are in for college planning, we can help you formulate a plan that best fits your financial situation.  If you are in the saving stage, we will review what savings options that are available to you and the pros and cons of each.  If your student is already in high school, we will review your current financial situation and help you implement a plan that will help you pay for college without affecting your retirement.


Need help planning for the increasing cost of college? Give us a call at (774) 210-0119.