You’ve been saving for your kid’s college education for years. An account is sitting at the ready waiting for that acceptance letter to arrive.
Everything seems in order. But did you consider that tuition has risen nearly 80% in the last 10 years?
Did you include funds for your eager student’s housing, books, clothes, or medical care when you carefully put money away every month?
The point here, if you didn’t get it yet, is your child is probably going to need a bit more than you saved up.
Even the deepest pockets and flushest bank accounts can’t plan for every contingency. Don’t misunderstand. Most kids are looking for ways to pay for their own college education because their parents simply can’t help out. You are providing a rare opportunity for your student.
College students rely on financial aid. But you’ll make it easier on your child. Think smart about financial aid so your child can make the most of the gift you give as he or she embarks on a college journey.
Consider The Options
Contrary to popular belief, your kid doesn’t have to be destitute, the valedictorian, or a super-athlete to get financial aid or scholarships. Even with your significant contribution, your child can still get financial aid.
Grants, loans, scholarships, and work-study are all great options. Strategically planning for each of these will help your student get the most out of the financial aid available to him or her.
If your child does have an exceptional ability—a sport, theater, music, community service, debate, etc.—there are endless scholarships that fit your situation.
Even without special abilities, there are plenty of optinos. Check your federal or state government, the university, the program your child will major in, your employer, or a host of other organizations for financial opportunity.
Start Now
Whether your kid’s college education is hovering over you in the next few months, or it’s still years away, get started now.
Scholarships and other financial aid can go quickly, almost at a first-come-first-served rate.
Don’t wait until you know which school you student will attend or program he’ll enter. Get in line now while the options are still wide open.
Most schools will have you start with the FAFSA no matter what type of aid you apply for. You or your student can fill it out quickly online and submit it to several prospective schools.
Because you are contributing to your kid’s educational costs, you will be required to provide some information on the FAFSA.
Get Help
We know that starting college is a huge step and can be overwhelming. It’s enough to have to worry about the influence of your kid’s future dorm roommates or how she’ll find the testing center. Financial aid adds a whole new level of worry.
College Planning Source would love to help you navigate your way to success with financial planning for your child’s educational experience.
Schedule a consultation with one of our expert planners today.
