Learn The Right Way to Plan For the Costs of Higher Education

The Financial Planning Association of Massachusetts will hold a seminar Monday at the Bedford Free Public Library at 7 p.m. entitled "How to Plan for the Costs of Education."

Leading the seminar will be Peter Hoffman, a member of the Massachusetts FPA, and a certified financial planner at Orion Wealth Advisors.

Hoffman said the information that will be provided during his seminar is pertinent for Bedford residents who are considering sending their children to college or for those who are considering going back to school themselves.

"The majority of people in Bedford are sending their kids to college," Hoffman said. "The fact remains that college expenses have grown faster than the rate of inflation for many years now."

Part of the seminar will address the numbers that parents will face when helping their children apply for college and subsequently for financial aid, Hoffman said.

"These are huge numbers that are really out of reach for many people," Hoffman said. "Even more, how you manage these expenses is so important."

Hoffman said the cost of college often suprises families who are considering sending a young adult to school.

"People often have this idea that there is a lot of money out there and colleges will make it easy to go to school," Hoffman said. "I hope to give people a better idea of what colleges will expect them to contribute."

Spending enough time choosing what colleges to apply to is just as crucial as how parents handle the financial aid application process, Hoffman said.

"Where you are going to apply will impact how much aid you get," Hoffman said. 

Hoffman said lately he has heard more parents who are considering sending their children to college ask the question "Is college worth it, and if it is worth it how do we meet the costs?"

"I will address this question and give reasons in favor of going to college," Hoffman said. "I hope people will come away with a better sense of how the whole application and financial aid process works."