Thrifty Thinking: RCollege

The new Scholars Choice College Savings Planner app, 4College!™ helps parents prepare a realistic savings plan for themselves or their children. This tool allows parents to access the current cost of over 2,200 universities, find gaps in funding, develop savings goals and plan multiple scenarios for each child.

In addition, the App allows the user to create a practical plan for funding college savings goals.

With this flexible tool from Scholars Choice, parents can can:
•    Search the cost database or use national averages
•    Explore multiple scenarios for one child or several
•    Determine how far targeted savings might stretch
•    Model various savings levels to cover different portions of projected college costs

I had a chance to interview Matt Schiffman, Legg Mason Global Head of Marketing, about the app.

1) What was the rationale behind launching this app?

Saving for college is such an overwhelming, and often insurmountable concept for many parents.  To help ease the concern for parents, children or relatives, Scholars Choice designed the 4College! app to help parents and their Advisors prepare a realistic savings plan.   This tool allows you to access the current cost of over 2,200 universities, find gaps in funding, develop savings goals and plan multiple scenarios for each child.

The simple act of having all this information at your fingertips, allows you to create a practical savings plan, where you monitor, change and adapt anytime, anywhere. 

2) What are some of the key features of the app?

With this flexible tool from Scholars Choice, you can easily:

•             Search our cost database or use national averages.

•             Explore multiple scenarios for one child or several.

•             Determine how far your targeted savings might stretch.

•             Model various savings levels to cover different portions of projected

college costs.

•             Establish the confidence and motivation you need to take action — and if

meeting 100% of the cost appears unrealistic, use the handy slider to set a

more reasonable goal.

•             You can check back often as you build your savings: All data

is conveniently retained across sessions, so you don’t have to re-enter it

each time.

3) How can parents tailor this app to their own situation?

Since the Scholars Choice 529 plans are advisor-sold, the 4College! app is specifically designed to assist Advisors and parents to develop a personalized plan together.   Whether you have one child or more, the simple app saves each child’s name.  From there, you can continue to create a practical, yet attainable individual plan for funding your college savings goals.  

4) What OS is this app available on?

Currently the 4College! app is only available on iTunes and is compatible with the iPhone, iPod touch, and the iPad.   We may consider making it available on the Android platform in the future.