If you’re a parent of young children, you might feel a bit anxious about helping your child face the costs of college. What can you do now?
In addition to starting to build college education savings, it’s also important to consider options to maximize college aid—and learn about the other options that could be available down the road.
Learn how to start saving for your child’s future education needs while they’re still young. The sooner you start, the sooner you can take advantage of programs, accounts, and other education savings vehicles to help maximize college savings.
Visit helpful websites like College Board, Fastweb, or FinAid to get an idea of the type of scholarships and aid available today. This will help you make better decisions about saving for your child’s future education.
Some colleges offer private scholarships to children or even grandchildren of alumni. Look into the scholarships of your alma mater, as well as your spouse’s. Also, talk to your parents and in-laws about the colleges they attended.
Check out your local community for scholarship opportunities. Many community businesses and organizations strive to support local students by providing scholarships to help them attend their college of choice.
Depending on your profession and employer, your child might qualify for scholarships based on your career. Do you belong to a professional or service organization? If so, look into college scholarships for children of members.
What about your employer? Ask if they provide scholarships for children of staff. Keep in mind that these could depend on the area of study.
For example, a chemical company might offer a scholarship to a staff member’s child if they pursue a degree in chemistry or chemical engineering.
Include your child in their own education planning. You can begin discussing the importance of saving and setting future financial goals early.
Teach your child about financial literacy by showing them how money management and financial responsibilities work firsthand. There are several great resources to help get this conversation started.
As your children get older, encourage them to set aside a portion of the money earned through chores or a part-time job to use towards their college expenses.
Although we can’t control future tuition costs, we can help you get started with planning for funding your child’s college education.
Click here to meet with a Duncan Financial Group personal advisor that’s right for you.