Financial Specialist Shares Ways to Help Your Child
While Protecting Your Retirement

From $20,000 to $65,000 a year - that's the tuition cost for one year of college, says John McDonough, a money expert who helps retirees and parents plan for their families' futures.

"For the 2012-2013 academic year, the average cost for an in-state public college is $22,261. A moderate budget for a private college averaged $43,289," says McDonough, CEO of Studemont Group College Funding Solutions, www.studemontgroup.com. "But for elite schools, we're talking about three times the cost of your local state school. Either way, your kid's higher education can easily shoot into six figures after four years."

Along with worrying about rising tuition prices, parents also fear for their own futures if their retirement savings are drained by children's college costs, McDonough says. Only 14 percent, for example, are very confident they'll have the money to live comfortably in retirement, he says, citing a 2012 survey by the Employee Benefit Research Institute.

"Families feel they're faced with conflicting goals, but there are numerous ways to pay for college while investing in your future retirement," says McDonough, who offers insights for parents to keep in mind while planning for their child's education:

• The ROI of a college education: At a time when so many American families are financially strapped, college is an especially stressful topic because parents know higher learning will help their kids succeed. College graduates earn 84 percent than those with only a high school diploma, according to Georgetown's Center on Education and the Workforce. Here is how earning breaks down over one's life time, based on education: a doctoral degree-holder will earn $3.3 million over a lifetime; $2.3 million is estimated for a college graduate; those with only a high school diploma can expect $1.3 million.

• Move retirement assets to qualify for grants: Most parents know about the 529 savings account, but that's not necessarily the best or only option. Reallocating your retirement assets, such as 401(k)s, can better position a child to qualify for grants and scholarships. This legal and ethical maneuvering may be the single most important factor when considering how to pay for college.

• Know your student's strengths and weaknesses: Consider independent and objective analysis of your future college student. Assessment might include a personality profile and a detailed search for a future career. Also think about a more nuts-and-bolts approach, including scholarship eligibility, SAT and ACT prep courses, review of admissions essays and an in-depth analysis of chances for enrollment in a student's top four choices of colleges.

• Make a checklist of financial aid forms: In order to maximize a fair price of higher education, remember there is plenty of data to review. McDonough recommends a checklist with a timeline and notable deadlines. Be ready to troubleshoot the "alphabet soup" of data forms: FAFSA - Free Application For Federal Student Aid; CSS profile - College Scholarship Service; SAR - Student Aid Report; and more. Think about this process as a second job, or find professional help you can trust.

About John McDonough

John McDonough is the managing member at Studemont Group, which is primarily focused on helping retirees gain peace of mind with unique market rescue and recovery programs. He is also founder, president and CEO of Studemont Group College Funding Solutions. His experience in the financial services industry includes managing partner at Granite Harbor Advisors in Houston and divisional vice president of AXA Equitable/AXA Advisors, the third largest insurance company in the world. McDonough is a member of the prestigious Forum 400, a qualifier at the Court of the Table qualifier for Million Dollar Round Table, an active member in National Association of Insurance and Financial Advisors and Society of Financial Service Professionals, as well as American Association of Life Underwriters. He has completed the course work to sit for the Certified Financial Planner® professional designation exam from Rice University.

DAYTON, TN (05/13/2013)(readMedia)-- Lia Johnson of Davenport, IA, was among 187 graduates who received their diplomas in commencement exercises May 11 at Bryan College.

During the services the college awarded 19 Master's degrees, 60 Bachelor of Arts degrees, 107 Bachelor of Science degrees, and one Associate's degree. In addition, 13 members of the Bryan College Class of 1963 were presented Golden Anniversary diplomas in recognition of 50 years since their graduation.

Lia, daughter of Howard and Susan Johnson, received the Bachelor of Arts degree, with honors, in liberal arts: arts and humanities option.

Bryan is a Christian liberal arts college offering two Master's degrees and Bachelor's degrees in 20 areas. The college has been recognized by U.S. News & World Report for 17 consecutive years as being among the Top Tier of Southern comprehensive colleges.

SIOUX CENTER, IA (05/10/2013)(readMedia)-- Dordt College awarded 307 diplomas at the 2013 commencement ceremony on Friday, May 10, in the B.J. Haan Auditorium. Among them were the following local students.

Erin Conley of West Liberty, Iowa, graduated with a bachelor of science in engineering degree in engineering.

Abigail Davis of Davenport, Iowa, graduated with a bachelor of arts degree in environmental science.

Among this year's graduates, 288 earned baccalaureate degrees, 13 associate of arts degrees, and six master of education degrees. The baccalaureate degrees presented included bachelor of arts, bachelor of science, bachelor of science in engineering, bachelor of science in nursing, and bachelor of social work degrees.

Dordt College President Dr. Erik Hoekstra will give the commencement address, "Building for the King." Hoekstra began his term as the fourth president of Dordt College at the start of the academic year.

Dordt College in Sioux Center, Iowa, is a comprehensive Christian college rooted in the Reformed tradition. U.S. News & World Report, Forbes.com, Washington Monthly, and Princeton Review all list Dordt on their best colleges lists. Dordt is home to approximately 1,400 students. To learn more about Dordt College, visit www.dordt.edu.

Washington, D.C. - Congressman Dave Loebsack recently introduced legislation to address the importance of increasing access to critical services in schools to address the non-academic factors that affect students' ability to learn.  His legislation, the Reducing Barriers to Learning Act, would increase student access to school counselors, nurses, psychologists, social workers, specialized teachers, and community partners such as mental and physical health providers. Loebsack spoke about his legislation during an Education and the Workforce Committee hearing earlier this week.  Video can be found here.

"As a former educator, I recognize the importance of focusing on all of the factors that contribute to student success in order to promote learning and safe and supportive school environments.  Knowing who is available to help struggling students and those in need of more specialized supports is critical," said Loebsack.  "The Reducing Barriers to Learning Act will increase student access to critical services so that we can better address the non-academic needs of students and help them learn in the classroom by addressing issues such as depression, low-self esteem, and speech and language disorders.  This will not only set our children up for success both in school and in their future college and career pursuits, but will also support our teachers' efforts in the classroom."

Loebsack's bill would improve specialized instructional support services in schools and clarify the roles of specialized personnel to ensure they are able to best serve students' needs. It would also create a grant program to develop programs and train personnel dedicated to removing barriers to learning.

The Reducing Barriers to Learning Act is endorsed by the following organizations:

American Federation of Teachers

National Association of Social Workers

American Counseling Association

National Association of School Psychologists

School Social Work Association of America

American Council for School Social Work

National Association of Pupil Services Administrators

American Art Therapy Association

National Association of School Nurses

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