Today’s episode brings Roger Whitney, “The Retirement Answer Man,” to the microphone who will be indeed answering some of our questions on retirement planning with college in sight.

Roger has been a financial planner for 24 years, walking with his clients through the retirement maze. Eventually he developed a podcast and blog on the subject on his website offering tips and guidance along with a free retirement toolkit.

Later, I’ll be answering a question about owning a business and its impact on your success in receiving financial aid. You may have gotten conflicting answers from well-meaning friends, so we’ll break it down for you.

How do you approach college AND building your own nest egg?

Roger sees the college planning process as a balance sheet decision. When he himself was just starting a business with his partners, he had to make a decision on whether to continue to save for college or invest in his business. He opted to channel the cash flow toward the business to structure the funds so that down the road when his kids would be ready for college, he would also.

I also have advised families with small children, let’s say three years of age or so, to focus more on building their net worth and structure themselves financially. A lot can happen in 15 years and to put the money toward college may be a bit premature.

Let’s get more creative

I’ve often heard the adage, “You can borrow for college, but you can’t borrow for retirement.” It’s true, but it’s not always helpful when it comes to facing a tuition bill.

Roger feels we aren’t nearly as creative as we should be when it comes to selecting and paying for college.

“College is a major industry…the availability of financing for college feeds the tuition rate increases that we’ve seen over the past 10 or 15 years,” he says. He’s seen parents fund their students four-year tuition in a major that leaves them jobless and in deep debt.

According to Roger we need to “do college” differently, not just focus on the four-year university experience.

In his own experience, he laid out the balance sheet for his daughter, who as a high school junior was passionate about being a band teacher. She also said she wanted to attend Texas Christian University. When they reviewed the salary of a band teacher (perhaps about $40,000 per year) and the cost of TCU (about $50,000 per year), he was hoping the logic of the numbers would work a little magic.

Not so. She was crushed; however he also later learned that her initial decision was in part based on her own band teacher who had graduated from TCU, and he happened to be “hot.”

So, parents, understand that it’s your role to offer options, but also a framework with limits. Roger explains that it’s a fine line between supporting your kids’ dreams and desires and enabling them.

What is creative college planning?

Roger had a client who had the means to pay for his son’s education at Rice University. In talking with the son, Roger explained that he could go to community college for the first two years to get the basics out of the way, live at home and save about $80,000. He could then transfer to Rice and split the difference.

The idea was not just to get the student thinking in different economic terms, but also the parents, who often see only one option. Roger wishes more people would seriously consider community college to help control costs of college.

However the lure of the “college experience” is strong, and families who want that need to examine whether it’s worth taking on the debt it may require. In addition it’s up to parents to examine their student’s reasons for wanting to attend the school they do. It’s not unheard of for students to pick a school based on its fight song, so a little logic in a college planning discussion is needed. Parents, this is where you come in.

Welcome! We're talking with Grant Baldwin, who is a speaker, author and entrepreneur and his expertise is in helping students choose a major or career path. We hope to benefit from his insights on helping high school and college students take the next step in their own life plan.

Later, I'll be outlining the 5 Main Tax Breaks families can take advantage of when it comes to college. The money you can save through these breaks can then help you pay more toward col-lege.

Follow up on this information with a tax expert to see how your family's situation can possibly reap the benefits of some or all of these tax advantages.

Welcome! We’re talking with Grant Baldwin, who is a speaker, author and entrepreneur and his expertise is in helping students choose a major or career path. We hope to benefit from his insights on helping high school and college students take the next step in their own life plan.

Later, I’ll be outlining the 5 Main Tax Breaks families can take advantage of when it comes to college. The money you can save through these breaks can then help you pay more toward col-lege.

Follow up on this information with a tax expert to see how your family’s situation can possibly reap the benefits of some or all of these tax advantages.

“So, what do you want to do with the rest of your life?”

This is a question most parents ask and possibly dread the answer from their student, but it’s what Grant Baldwin specializes in.

For the past eight years, he’s visited high schools and colleges across the country presenting to students and points out that up until college, students have been told what to do and how to do it. So when graduation approaches the decision to think for themselves about their goals and plans, it can be difficult to take that next step. His website also offers resources, a podcast and blog aimed at helping students get the information they need to make the right decision in picking majors, schools and careers.

Things up to this point have been taken care of, so planning for their future brings on a host of responsibilities that are new to them. While it’s exciting to realize your life is in your hands, the weight of being the person to make it happen can seem abrupt and catch students off guard.

Parents: No helicopters allowed

Parents are wired to care and protect their children, but handing them some responsibility early and often can equip them for taking care of themselves when the time comes to head to college and away from home.

Call it tough love, but Grant says that even missing a deadline with college may not be the worst thing if it teaches kids that it’s really up to them (not mom and dad) to take care of business. Students need to own their college experience, by themselves.

Parents mean well, but “helicoptering” in to answer questions and fill out forms for them can end up hobbling their student from learning responsibility.

This doesn’t mean that parents can’t be a part of the process, however. Help them understand the process of applications, deadlines and the like, but realize that this is ultimately your child’s to do.

My junior is undecided: Is it time to panic?

It’s OK to be undecided – it’s currently the #1 college major, according to Grant.

Whether your student has no clue, or seems to be interested in EVERYthing, Grant says its the pressure to know what specific major they want, and what career they want that is common. The myth is thinking that they must stay in a profession after college, when the reality is that most people change careers over their lifetime.

So often being undecided is another way of students saying they don’t want to get it wrong, when realistically, they can change their mind along the way as they go through school because it’s normal. In fact, Grant counsels students that the more specific they get in a niche major, the more likely it’s going to limit that student.

Study wide v. narrow, in other words, to allow yourself the freedom to choose after graduation.

Isn’t ‘undecided’ a red flag to wait on college?

Grant feels it’s better not to go to to college if you are completely undecided or pick a ma-jor you don’t truly feel is a fit. After four years, you’re left with $50,000 in debt and no better idea of what you want to do.

College can also be a way for students to avoid other alternatives like the military or entering the workforce to buy time and not make a decision.

As as financial planner, many families have turned to me to help them plan for their child's college funding, but today we're going to combine those roles as we welcome Joe Saul-Sehy, a financial planner and a father of twins who are in college.

Joe will share his experience with us, as co-founder of the financially-focused podcast, "Stack-ing Benjamins", financial planner as well as a parent. As someone in this unique position, we hope you can benefit from his expertise as he's been in the trenches, too.

Then we tackle a question I get often about when to file your taxes and whether it matters when it comes to providing that information for financial aid forms (the FAFSA).

As as financial planner, many families have turned to me to help them plan for their child’s college funding, but today we’re going to combine those roles as we welcome Joe Saul-Sehy, a financial planner and a father of twins who are in college.

Joe will share his experience with us, as co-founder of the financially-focused podcast, “Stack-ing Benjamins”, financial planner as well as a parent. As someone in this unique position, we hope you can benefit from his expertise as he’s been in the trenches, too.

Then we tackle a question I get often about when to file your taxes and whether it matters when it comes to providing that information for financial aid forms (the FAFSA).

Applying a talent to a passion

Joe had been a financial planner for 16 years, and has worked with about 175 families to help them plan for college and other aspects of their lives. About 14 years into the business, a coworker announced he was leaving the company because he wasn’t sure that working 16 hours a day left him much time to evaluate what he wanted out of life. He subsequently climbed Mt. Everest and some of the highest peaks around the world, and started a travel business.

Call it a reality check, but Joe soon realized that he liked what he did for a living, but didn’t love it, so he too started his own adventure, moving across the country, taking classes to become a teacher. He realized the part he loved about his work with Ameriprise Financial was talking with the media and writing. So he started to develop a column, which led to the formation of “Stack-ing Benjamins” with a partner to produce podcasts.

Planner to Parent

It’s not a given that being a planner for people’s finances will necessarily make you more pre-pared for your own situations, and Joe laughs when he says that no one is ever ready.

However, being a planner did give him an idea of what to expect and he says he knew he had savings in various accounts. So far, with twins – a son at the University of Texas and a daughter at the University of Arkansas – in sophomore year, despite hitting a few walls, he feels he’s go-ing to survive the process.

Lucky for Joe, he lives in Texarkana, TX which views both schools as in-state, saving his family the cost that could be charged for out-of-state students.

Get Started Saving: As much as you can, as early as you can

Joe remembers the moment he realized he was going to be the father of twins early in his ca-reer, his planner side saw 18 years into the future and the costs that would go with it. The goal was to save as much as they could, as soon as they could.

Initially, he started saving into a variable universal life policy, which worked OK, and isn’t something he’d recommend now. However, he realizes that for some this is a good option.

Later on, they added in 529 plans, which are tax-advantaged to encourage saving for tuition, and were an even better device.

Ultimately, Joe says that it’s not the product you use to save money that is good or bad, but how you use it.

Get the Conversation Started Early

Joe and his family always had some expectation that the twins would have some after-high school ambitions, whether vocational or otherwise. So the college conversation started sooner than perhaps most.

* In middle school, Joe and his wife shared stories about their alma mater, Michigan State. Not a heavy discussion, but they explained what classes they took and how the college experience worked.

* The twins also took the PSAT in middle school, and in eighth grade, his son took a version of the ACT to get students used to the type of testing they could expect in their junior year. Both took their first ACT in sophomore year.

* Between sophomore and junior year, the family started taking their first college tours,

Happy Thanksgiving! – What better opportunity for me to say thank you to our listeners! We hope these podcasts have made a positive difference in your college planning. If you have found these helpful please share this podcast with others in the planning process.

I’m “going solo” in this podcast, and I’m covering the six types of colleges out there and how they have an impact on your bottom line.

I’ve developed a classification of colleges, and based on your student’s or your family’s profile, you may see a perfect fit among these classes.

I know some families have already made a decision to stick with state schools because they feel they offer the lowest cost for the value, and it’s simply what they can afford. Others can get a similar if not better deal by going a different route, so let’s break this down.

Elite Private Schools

Harvard, Yale, Stanford and the like fall into this category. All of these are highly selective, with some only accepting 10 percent of the total applicants.

However, these schools have large endowments, and for students who gain acceptance, substantial aid packages could be offered. This can mean a net cost to the student that’s far less than if they were to attend a state school.

The typical cost of attendance for these schools is generally around $60,000 per year, and families that show a high need, that cost could be lowered to $10-$15,000 per year, and even a “full ride.”

Granted, the biggest challenge is in getting accepted, and to be accepted, your student needs to put up a top-notch resume, including the grades and experiences to go with it.

Private Schools that pursue your student

These may offer substantial aid packages, either need-based or merit-based depending on the family’s status or students resume.

Private Schools that may not be in pursuit, but that will accept your student

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Acceptance at these schools is based on test scores, grades, class rank, involvement and other experience.

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For example let’s say your student has an ACT score of 32, which is pretty strong, placing him in the top 10 percent of test takers. At some schools however, that’s just average, so they may accept you, but not consider you for any sort of aid.

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Take that same test score to a college where the average applicant has a score of 25, and the picture changes. Your student becomes a much stronger asset and those schools will open their purse strings to get your student to attend.

This isn’t an exact science, each school offers aid differently, and this isn’t necessarily an all-or-nothing proposition. Schools can still provide some aid, placing students and the respective aid packages from the strongest down to students who have decent, but not as strong resumes.

Competitions also exist in most schools for that sought-after “full ride” scholarship, but again, many, many students will apply with only a handful of these types of scholarships awarded. Ongoing scholarships may be offered as well, which provides any student who qualifies a discount per year on their tuition.

Most private schools leave something on the bill for families to cover – it’s rare to have no net costs. However, they are aware they are in competition with other schools, including those state flagship schools, and will try to align their aid packages to woo strong students.

When costs may be so close in comparison, it’s really up to the family to decide which school is the best fit.

In-State State Schools

Generally the ‘all-in’ costs for some of the large flagship schools runs about $25,000; total cost of attendance at the lowest cost in-state schools comes in around $15 – $20,000 (with a base tuition of $6 – $8,000). If you’re in a higher cost state, that number averages $35,000.

Happy Thanksgiving! – What better opportunity for me to say thank you to our listeners! We hope these podcasts have made a positive difference in your college planning. If you have found these helpful please share this podcast with others in the planning process.

I'm "going solo" in this podcast, and I'm covering the six types of colleges out there and how they have an impact on your bottom line.

I've developed a classification of colleges, and based on your student's or your family's profile, you may see a perfect fit among these classes.

I know some families have already made a decision to stick with state schools because they feel they offer the lowest cost for the value, and it's simply what they can afford. Others can get a similar if not better deal by going a different route, so let's break this down.

It may be a bit fearsome to consider, but taking a year off after high school or during your college career can be a huge benefit for students.

Holly Bull was a student who did just that and she now counsels students on how they too can do the same, effectively, as President of the Center for Interim Programs. More than just "taking a break," Holly tells us how this year (or even just a semester) spent away from the formal college environment can help students be more prepared to enter college or a career.

And our question of the day is closely related to this topic, as we will be answering the challenge of what to do if you're undecided and college application deadlines begin to loom.

The landscape for getting into college has become markedly more competitive, and the scores a student submits from the ACT or SAT can make or break admissions into their chosen college. So test prep be-comes equally important.

We're fortunate to talk with Josh Stephens, who counsels students around the world to navigate through the process of preparing and taking these exams. Josh also explains how students who are living around the globe, either as expatriates or foreign nationals, may have additional hurdles to clear v. their stateside counterparts.

It's becoming more popular to opt-out of traditional education and homeschooling has been one such option for parents seeking to help their kids get an education. However, how does that change things when it comes to planning for college?

Beverly Burgess is a homeschool mom of three, and is the state coordinator for ENRICHri in Rhode Island, and she joins the podcast today to answer those questions.

Afterward, we tackle a question about how students can get help if they're in an upper middle income family but won't have financial support from their parents.