I’m an Education Consultant: Here’s How To Lower Your Child’s Tuition
Written by
Cara Danielle Brown
Edited by
Gary Dudak
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According to the Education Data Initiative, the average cost of attending college in 2024 is $38,270 per year, with the price of private institutions averaging $58,628. As a result, many parents are turning to education consultants to help them devise strategies for lowering the cost.
We chatted with three of these educational consultants: Jack Wang, a wealth advisor and college financial advisor at Innovative Advisory Group; Ivy Price-Ware, author, education advocate and creator of Ivy’s Dream LLC; and Danilo Umali, founder of Game Theory College Planners. Here are some of their best tips for lowering your child’s tuition.
Graduate in 4 Years
“Whether they realize this or not, parents don’t pay their kids to go to college,” said Umali. “They pay them to graduate.”
Given overcrowding and inadequate support, it’s reported that only 19% of students graduate in four years, leading to increased tuition, extra loans and foregone earnings. With proper research, planning strategies, and ensuring their major is a good fit, on-time graduation and financial savings is feasible for your child.
Understand Institutional Priorities
“Colleges are looking for particular types of students,” stated Wang. And this often goes beyond academic credentials. “Priorities could include building up a major, enrolling more of a particular gender, [or] students from a particular geographic area,” he added.
Consultants visit colleges to determine an institution’s specific needs and relay this information to their clients. Umali added, “Many families think they are the buyers when we show that it’s actually the other way around.” By applying to colleges that are a more personalized fit, your child may also receive acceptances from colleges that compete with each other, which is a key tactic in negotiating more aid.
Leverage Government Aid and Employer Assisted Tuition
Many parents are overwhelmed by knowing where to start. “I support families in finding resources,” stated Price-Ware, who recommends parents and children pursue need-based Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), work-study programs, and (if applicable) the VA’s GI Bill.
Additionally, “parents should explore their employers’ benefits to see if they offer tuition reimbursement programs for employees and their dependents,” stated Price-Ware.
Aim High
On his website, Umali explains that expensive, private colleges can sometimes pay more in scholarships than their state-sponsored counterparts because of large endowments. As a result, he encourages clients to not be discouraged by the sticker price.
Utilize Tax Codes and Debt Strategies
Wang is specifically focused on which colleges will give students the most aid and is further skilled at implementing what he knows. He explained that college is an after-tax expense and he “will work with a family’s CPA to lower their income taxes (that they would have paid anyway) and use the savings to help pay for college.”
This can involve anything from gifting and income sharing to how they file their taxes. And while consultants like Umali prefer cutting costs on the front end, Wang is savvy when it comes to understanding repayment plans.
For instance, while working with a father who was permanently disabled, he encouraged him to borrow using Parent PLUS Loans for his kids and then apply for Total Permanent Disability Discharge after they graduated, effectively wiping out all of their loans.
Appeal for More Money
In business, the adage is that one should never accept the first offer. Why should college be any different?
While not all colleges will entertain an appeal, many do, and education consultants always encourage asking for more money. However, attempting this on your own could mean flying blind. A consultant offers knowledge of past award letters from previous clients and an understanding of what you’re trying to accomplish, making them a valuable asset.
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