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Lecture Personal financial planning – Chapter 13: Educational planning

Lecture Personal financial planning – Chapter 13: Educational planning. The goals of this chapter are: Create an educational planning policy, calculate the amount of educational savings needed annually, establish the relevance of educational planning to overall needs,. | Chapter 13 Educational Planning Chapter Goals Create an educational planning policy. Calculate the amount of educational savings needed annually. Establish the relevance of educational planning to overall needs. Select the proper educational structure for savings. Differentiate the educational investment policy from others. Identify the financial literacy problem and what can be done about it. Overview Educational planning: The programming of direct financial and time resources that enables household members to improve their capabilities, typically through enrolling at a college or university. We can estimate educational cost and savings needed to fund education well before the actual event, best reflected in an education policy statement. Overview, cont. The steps in the educational policy statement process are as follows: Establish educational goals. Calculate the cost of education. Project the potential for financial aid. Estimate the total cost for parents. Determine best savings structures. Establish investment policy. Estimate the amount of annual funding needed. Establish Educational Goal and Calculate the Cost of Education Establish Educational Goal: The overall goal is to provide a quality education that enables the recipient to receive a high return on investment. Calculate the Cost of Education: Will vary depending on the type of school, region of the country, and whether the student lives at home or at school. Expenses include tuition, books, rent, food, entertainment and transportation costs. In projecting college costs, a figure in excess of the overall inflation rate is generally called for. Project the Potential for Financial Aid All government aid applied for through Free Application for Federal Student Aid (FAFSA) which is offered by U.S. Department of Education. Early application for those eligible for aid increase chance of receiving aid. Grants: Pell grants for undergraduates (maximum of $4,000). Federal Supplementary Education | Chapter 13 Educational Planning Chapter Goals Create an educational planning policy. Calculate the amount of educational savings needed annually. Establish the relevance of educational planning to overall needs. Select the proper educational structure for savings. Differentiate the educational investment policy from others. Identify the financial literacy problem and what can be done about it. Overview Educational planning: The programming of direct financial and time resources that enables household members to improve their capabilities, typically through enrolling at a college or university. We can estimate educational cost and savings needed to fund education well before the actual event, best reflected in an education policy statement. Overview, cont. The steps in the educational policy statement process are as follows: Establish educational goals. Calculate the cost of education. Project the potential for financial aid. Estimate the total cost for parents. Determine best