Going off to college can be an exciting and emotionally charged period for parents and child alike. However, it may be financially exhaustive for the proud parents. Your child’s transition to college life will be smoother if you are financially prepared and plan ahead. College preparedness is important!
Parents Get Ready To Take On the Challenge
Planning and saving for college takes time therefore, it’s important that you begin the process as early as possible. With the help of your financial planner, start a college prepaid savings plan so that you can pay for certain expenses when the time comes for your child to attend college. Starting early and including your child in the process will help them to learn the value of money and how to save.
Encourage your high school student to enroll in the financial literacy class offered by their school because it will improve how they manage their money while in college. Early involvement in saving and planning will help them later on in life and improve their ability to manage their own family’s finances.
More information that you and your college student may find helpful:
College Preparedness – Scholarships
Scholarships are a great way to pay for college but applying for many of them takes a lot of work. Inorder to help your child choose and construct a list of scholarships that they might be interested in, suggest that their guidance counselor add you to the scholarship mailing list throughout their junior and senior years of high school. Due to the amount of work that is involved, your assistance and support is necessary throughout the process. In the end, it will be well worth it. Hey, If I can do it, you can too!
Service clubs are another great way to earn scholarships so encourage your child to get involved in community service clubs such as Key Club (Kiwanis), JROTC (Civic Leadership) and Interact (Rotary). Service helps to build confidence and encourages greater community participation.
Additionally, there are colleges that may offer “full ride” scholarships to high school students who have a qualifying Grade Point Average (GPA) and a proven financial need.
College Preparedness -Employee Benefit
There are businesses that offer their employees education assistance. So, check with your human resources department for dependent education benefits.
College Preparedness – Loans And Grants
Grants or “free money” is a great way to pay for college because it doesn’t have to be repaid. Loans ought to be your last resort but if you have to, stick with the government-backed grants and student loans. Choose the subsidized student loan because it has a lower interest rate. Although it is easy to obtain money through student loans, it is challenging to repay them. You don’t want your child to live a life consumed by student loan debt.
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Living a modest lifestyle, to save money can be very challenging for college preparations.
Preparation is the key word when planning for college.