Andrew Schwartz, Vice President of Madison Planning Group was recently quoted on SavingForCollege.com

He provided tips on how to help clients solve three common issues with college planning.

Case 1: New parents without a plan to save for college

Financial Planning Issues for New Parents

What is it?

As you prepare for life with your new child, it's time to prepare a new financial plan for your family or make any necessary changes to your existing plan.

How much money should a family borrow for college?

There is no magic formula to determine how much you or your child should borrow to pay for college. But there is such a thing as borrowing too much. How much is too much?

How can families trim college costs?

Trimming college costs up front can help families avoid excessive college borrowing and the burdensome student loan payments that come with it. Here are some ideas.

Five Common Financial Aid Myths

With some private colleges now crossing the once unthinkable $70,000-per-year mark in the 2017/2018 school year, and higher costs at public colleges, too, financial aid is essential for many families. How much do you know about this important piece of the college financing puzzle? Consider these financial aid myths.

It's no secret that today's college graduates face record amounts of debt. Approximately 68% of the graduating class of 2015 had student loan debt, with an average debt of $30,100 per borrower — a 4% increase from 2014 graduates.1

TABLE: Federal Student Loans For College

Many families rely on federal student loans to help pay for college. This table describes features of the most common federal loans.

What does it mean to enhance your financial aid eligibility?

If you qualify for federal financial aid, there are a number of strategies you can try to implement to enhance the amount of aid your child will receive when you apply for financial aid. The idea is to lower your expected family contribution (EFC), which in turn raises your child's aid eligibility.